BANGALORE, India, March 30, 2021 /PRNewswire/ -- The Cosmeceuticals Market is Segmented by Type (Skin Care, Hair Care, Injectables, Others), by Application (Specialty Stores, Hypermarkets, Supermarkets, and Convenience Stores, Drugstores, Others). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on Valuates Reports in the Face & Body Care Category.
The global Cosmeceuticals market size is projected to reach USD 781.8 Million by 2026, from USD 533.9 Million in 2019, at a CAGR of 5.6% during the forecast period 2021-2026.
Cosmeceuticals are cosmetic products claimed to have medicinal or drug-like benefits. It is marketed as cosmetics but reputedly contains biologically active ingredients.
Major factors driving the growth of cosmeceuticals market size are:
Advancement in technology, Increase in disposable income and growth in demand of cosmeceuticals from the urban and middle-aged population.
Increase in customer consciousness regarding physical appearance and rise in aging populations.
TRENDS INFLUENCING THE GROWTH OF COSMECEUTICALS MARKET SIZE
The rise in the aging population and increasing consumer consciousness about appearance is driving the growth of cosmeceuticals Market size. The market for cosmeceuticals items has increased significantly as a result of the rise in consumer fascination with maintaining a youthful appearance. Drug manufacturers are focusing on preventing premature aging early on by developing better anti-aging drugs and thereby expanding their consumer base.
Technological advancements have led to the development of new active cosmeceuticals ingredients, which is expected to fuel the growth of the cosmeceuticals market size. Nanotechnology and plant stem cell technology is expected to be adopted by manufacturers for the development of new active ingredients. Nanotechnology-based cosmeceuticals provide improved bioavailability of active ingredients.
The growth of the cosmeceuticals market size is expected to be fueled by rising disposable income in developing economies. Furthermore, MNCs are developing masstige Cosmeceutical products to ensure that customers with small disposable incomes can buy into the trend.
Based on type, the skin care segment is expected to provide lucrative growth opportunities during the forecast period. UV radiation causes premature aging of the skin and can also lead to skin cancer. This awareness has increased consumers' focus on preserving their skin by using preventive skincare products.
Based on region, the Asia-Pacific region is expected to be the most lucrative segment. Due to rapidly expanding economies, the demand for cosmeceuticals in this region is gaining momentum. This has successfully paved the way for manufacturers to establish branches in the region's densely populated countries.
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