As per the Coherent Market Industry, the global cosmecutical industry is projected to expand at a CAGR of 9.02% between 2023 and 2030. By 2030, revenue is poised to reach at a total of US$ 153,318.7 Million from US$ 83,736.1 million in 2023. Rising skin and hair disorders is expected to drive demand in the global industry. High burden of skin and hair disorder lead to increase in demand for cosmeceutical products in the global industry.
Moreover, rising aging population is another factor driving growth in the global industry. Aging population is looking for the ways to look young and enhance their appearance to look young and beautiful. Additionally, growing number of millennials around the world who are spending more on cosmetic products will boost demand in the industry.
Europe is poised to hold highest share in the global industry during the forecast period. This is owing to rising prevalence of skin and hair disorders. Additionally, growing genetic population will drive demand for cosmeceutical in the region. Growth is attributed by growing aging population and desire to stay health and fit.
Moreover, Asia Pacific is projected to witness robust growth in the global industry during the forecast period. This is owing to rising demand for skincare and hair care products. People are no aware about the cosmeceutical and its benefits that will increase demand during the forecast period.
Growing demand for multi-purpose products such as SPF content and anti-aging properties in a single product will boost demand in the global industry. Premium cosmetic brand offering products having active ingredients that are sensitive to skin and scalp and lead to increase demand.
