COSMECEUTICALS MARKET ANALYSIS

Cosmeceuticals MarketSize and Trends

The global cosmeceutical market was valued at US$ 76,875.0 Mn in 2022 and is forecast to reach a value of US$ 153,318.7 Mn by 2030 at a CAGR of 9.02% between 2023 and 2030.

Global Cosmeceutical Market Trends:

Increase in awareness among people is a recent trend

With the increase in awareness among people about cosmeceuticals and its benefits, the demand for cosmeceuticals is also increasing rapidly, worldwide. Cosmeceuticals have both cosmetic and therapeutic effects, and are intended to have a beneficial effect on skin health. Moreover, the term 'cosmeceuticals' started gaining momentum across the globe, becoming one of the most preferred product categories. This trend is expected to continue over the forecast period, driving the growth of the global cosmeceutical market.

High demand for multifunctional products is another trend

With a diverse range of products having multi-purpose benefits like SPF content and anti-ageing properties in a single product, the market is growing rapidly, worldwide. Multi-benefit products is one of the key criteria a consumer seek out, while deciding on a product. Premium cosmetic brands have products (such as skin and hair care products) with active ingredients specifically for sensitive skin or scalp, and thus, there is an increase in demand for multifunctional products globally. This trend is also expected to continue during the forecast period.