Market Size of Cosmeceuticals Industry
| Study Period | 2017-2027 |
| Market Size (2023) | USD 169.48 Billion |
| Market Size (2028) | USD 233.30 Billion |
| CAGR (2023 - 2028) | 6.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cosmeceuticals Market Analysis
The Cosmeceuticals Market size is expected to grow from USD 169.48 billion in 2023 to USD 233.30 billion by 2028, at a CAGR of 6.60% during the forecast period (2023-2028).
The market is expected to grow as consumers become more conscious of their physical appearance. The introduction of cosmeceuticals transformed the cosmetic and personal care industries. Unlike makeup products, these products can resolve the imperfections' origin rather than just covering them. This quality significantly increased product demand and market share in the cosmetic and personal care industries.
Due to the increasing prevalence of skin and hair disorders, the aging population, and the increased awareness of dermatological treatment, the demand for cosmeceutical products is rising globally. Furthermore, Cosmeceuticals are expected to continue to benefit from the increased preference for natural products among the general population worldwide. Natural ingredients are becoming more popular than traditional ingredients, including those with lesser side effects like skin cracking and hair thinning. Introducing new products with bio-active ingredients is crucial in driving the demand for cosmeceutical products worldwide.
Countries such as the United States, Canada, United Kingdom, Germany, and other European countries held a prominent share in the global cosmeceuticals market. China, India, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Moreover, the leading companies are eyeing e-commerce as an opportunistic market segment as consumers are preferring online channels to purchase these products due to convenience and ease of purchase.
