Kenneth Research, in its repository of market research reports, have recently added a report on Cosmeceuticals Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cosmeceuticals Market products.
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By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Cosmeceuticals Market was valued at USD 44 Billion in the year 2017. Global Cosmeceuticals Market is further estimated to grow at a CAGR of 6.90% from 2019 to reach USD 74.64 Billion by the year 2025. The North America region holds the highest Market share in 2019 and the Asia Pacific is considered as the fastest growing Market in the forecasted period. At a country level, US, China, and the U.S. are projected to grow strongly in the coming years due to increasing density of population and funding through Research and Development.
Major market players in Cosmeceuticals Market are Procter and Gamble, L’Oreal SA, Unilever, Active Organics, Allergan, Arch Chemicals Inc., BASF SE, Bayer AG, Symrise AG., Croda International, and brief overview of 10 companies is also provided in the report. Rising research and development expenses are catering to changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
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SWOT analysis of Cosmeceuticals Market:
Strength:
Consumer consciousness regarding the appearance
Used for varied applications
Weakness:
Quite expensive
Opportunities:
Introduction of innovative products
Threats:
Increasing competition due to alternative treatments
The Global Cosmeceuticals Market is segmented as By Product, Ingredient, and Region. The Product segment is divided into haircare, skincare, lip care, tooth whitening, injectable and others of which skin care accounts for the highest Market share due to increasing skin concerns of people. The Ingredient segment is divided into antioxidants, proteins, peptides, botanicals, moisturizers, and others in which the antioxidants segment contribute to the highest Market share.
Cosmeceuticals Market Segmentation:
By Ingredient
*Antioxidants
*Proteins
*Peptides
*Botanicals
*Moisturizers
*Others
By Product
*Haircare
*Skincare
*Lip care
*Tooth whitening
*Injectable
*Others
By Region
*North America
o USA
o Canada
*Europe
o Germany
o U.K.
o France
o Italy
o Rest of Europe
*APAC
o China
o India
o Japan
o Rest of Asia-Pacific
*RoW
o Latin America
o Middle East & Africa
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