Cosmeceuticals Market is Estimated to Witness High Growth Owing to Opportunity to Improve Aesthetic

Author : Purvaja Jadhao | Published On : 14 Jan 2024

Cosmeceuticals are skincare cosmetic products that contain biologically active ingredients with medicinal properties that have benefits on the skin and overall health. Such products consist of antioxidants, vitamins, peptides and other functional active ingredients that help improve skin conditions like acne, ageing signs, pigmentation and overall health of the skin. The growing awareness about the anti-ageing benefits of cosmeceuticals and the desire to maintain youthful looks is propelling the demand for such products. The global Cosmeceuticals Market is estimated to be valued at US$ 8180.03 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The opportunity to improve aesthetic appeal and overall skin health is estimated to fuel the growth of the cosmeceuticals market during the forecast period. Rising consumer awareness about the advantages of using cosmeceuticals to obtain healthy, young and glowing skin will drive the adoption of these products. Furthermore, increasing expenditures on personal care and growing influence of social media in highlighting the benefits of cosmeceutical ingredients is also expected to boost the market growth. Manufacturers are continuously focusing on developing innovative products infused with active ingredients that can provide solutions for multiple skin issues like pigmentation, acne scars and dark circles, thus catering to multifunctional product demand.

Porter's Analysis
Threat of new entrants: The cosmeceuticals market has high threat of new entrants due to its growing demand among customers. However, new players need huge capital investment and strategic partnerships to match the product quality of established brands.
Bargaining power of buyers: Buyers have moderate bargaining power as they can compare prices of different brands available in the market. However, brand loyalty restricts switching between well recognized brands.
Bargaining power of suppliers: Major suppliers like active ingredients and packaging material providers have low to moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Low threat exists from new substitutes due to stringent regulatory norms for product approval and need for specialized research to replace existing products.
Competitive rivalry: Intense competition exists among major players to gain market share and sustain through continuous innovation.

SWOT Analysis
Strength: Wide product portfolio and global brand presence of leading players. Growing middle-class population boosting product demand.
Weakness: High R&D investment and stringent regulations increase cost of operations. Lack of awareness in rural markets.
Opportunity: Growing aging population and increasing spending on personal care present new opportunities. Expanding e-commerce industry offers new sales channels.
Threats: Entry of private label brands and inconsistencies in regulatory framework across regions pose threats. Economic slowdowns affecting consumer spending.

Key Takeaways
The Global Cosmeceuticals Market Demand is expected to witness high growth driven by increasing health and wellness trend among customers.

Regional Analysis: North America dominates currently due to high consumer expenditure and early adoption of advanced products in the region. The market is growing most rapidly in Asia Pacific due to rising living standards and expanding middle-class population in countries like India and China.

Key players operating in the cosmeceuticals market are ACOME, Allied Wire & Cable Inc., Coficab Tunisie SA, Delphi Automotive PLC, and Lear Corporation.

For more insights, Read- https://www.ukwebwire.com/cosmeceuticals-market-growth-market-size-share-analysis/

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