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The global cosmeceuticals market size is projected to reach USD 73.73 billion by the end of 2026. The growing demand for skin-friendly products will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Cosmeceuticals Market Size, Share & Industry Analysis, By Product (Skin Care, Hair Care, Injectables and Others), By Distribution Channels (Pharmacy/Drug Stores, Online Stores, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 37.41 billion and will exhibit a CAGR of 8.9% during the forecast period, 2019-2026.
Cosmeceuticals are a combination of cosmetics and pharmaceuticals. They contain antioxidant substances that are beneficial to the human body in several ways. The high emphasis on the research and development of skin-friendly cosmeceuticals will emerge in favour of the companies operating in the cosmeceuticals market. The demand for cosmeceuticals has risen dramatically in recent years, driven by the trends of visually appealing lifestyle. Accounting to the high demand, several companies are making massive investments in these products, with a bid to establishing a stronghold in the market. Additionally, the increasing number of regulatory approvals has boded well for the market in recent years and will continue to have a positive impact on the market in the coming years.
L’Oreal’s Acquisition of Modiface Will Have a Massive Global Impact
The report includes a few of the major industry developments of recent times and states their impact on the market in recent years. With a bid to establishing a stronghold in the market, several large scale companies are looking to adopt standout strategies. Over the past few years, it has been observed that mergers and acquisitions has been a leading strategy among major companies. In March 2018, L’Oreal announced that it has completed the acquisition of Modiface. The company is a creator of several augmented reality-driven beauty apps. Through this acquisition, the company plans will look to build on its formidable stand across the globe.
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Affordability of the Product in Emerging Economies to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing product affordability in emerging countries will bode well for the market in the coming years. The increasing disposable income, coupled with thee growing demand for aesthetically appealing lifestyle, will add to the subsequently growing demand for the product across the world. Besides this, the growing aging population and the demand for skin enhancing products among people in this age group will contribute to the growth of the market in the coming years.
Product Innovations are a Growing Trend Among Major Companies
The report highlights a few of the leading companies that are currently operating in the market. Accounting to healthy market competition, large scale companies are now looking to introduce innovative products in the market. The increasing investments in product innovations will help companies generate substantial cosmeceuticals market revenue in the coming years. Some of the companies that are operating in the market include:
Further Report Findings:
The global cosmeceuticals market is segmented on the basis of:
Value (USD billion)
By Product Type
By Distribution Channel