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The cosmeceuticals market share is expected to increase by USD 15.99 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.55%.
This cosmeceuticals market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cosmeceuticals market segmentations by product (skincare cosmeceuticals, haircare cosmeceuticals, oral care cosmeceuticals, make-up cosmeceuticals, and other cosmeceuticals), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and MEA). The cosmeceuticals market report also offers information on several market vendors, including Amway Corp., Beiersdorf AG, Burberry Group Plc, Johnson & Johnson, Kao Corp., LOreal SA, LVMH Moet Hennessy - Louis Vuitton, Shiseido Co. Ltd., The Procter & Gamble Co., and Unilever Group among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing premium bpc products industry is notably driving the cosmeceuticals market growth, although factors such as the short lifecycle of products may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cosmeceuticals industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cosmeceuticals Market Driver
The growing premium bpc products industry is notably driving the cosmeceuticals market growth. The global BPC products market is set to almost double in size in the next 10-15 years, with the US, China, Brazil, Japan, and India expected to become the top markets. Most consumers now prefer high-end cosmeceutical products and are more open to new technology and new retail distribution models. Therefore, global BPC product manufacturers are finding greater opportunities to innovate and launch premium products under the skincare, haircare, fragrances, makeup, bath, male grooming, and sun care categories. Most of the premium and niche categories of these products have some sort of health and medicinal benefits, and these products are considered cosmeceuticals. During the review period, face serums, face oils, hair serums, hair spray, hair and body mist, anti-aging skincare products, and hair styling products under the premium skincare and haircare product categories have grown significantly.
Key Cosmeceuticals Market Trend
The rising preference for physician-recommended products over non-prescription products is the key market trend for cosmeceuticals market growth. With the growing demand for skincare products from the aging population, the sales of physician-recommended (i.e., recommended by dermatologists, skincare specialists, and trichologists) cosmeceutical products are expected to increase in the coming years. The physician-recommended cosmeceuticals segment features well-known brand names, especially in the skincare products space. In line with the growing demand for physician-recommended products, vendors are focusing more on product differentiation to enhance the marketability of their products. Not only the global players but even local and small- and mid-size vendors have started focusing on the development of advanced cosmeceutical products.
Key Cosmeceuticals Market Challenge
The major challenge impeding the cosmeceuticals market growth is the short lifecycle of products. Most cosmeceutical products have short lifecycles. The existence and exit of these products from the market are determined by their shelf life, which is generally two years or less. If a product fails to penetrate the market and attain a sizable share, some new products replace it. In addition, the market gets saturated if a wide range of products has high adoption rates. Therefore, to maintain their profit margins, vendors need to continuously innovate and develop new products and marketing strategies. This might act as a challenge for the market's growth in the long run.
This cosmeceuticals market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global cosmeceuticals market as a part of the global personal products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cosmeceuticals market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the cosmeceuticals market encompasses successful business strategies deployed by the key vendors. The cosmeceuticals market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cosmeceuticals market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the cosmeceuticals market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Distribution channel
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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