Albany NY, United States: The global cosmeceuticals market is anticipated to witness strong growth during the forecast period between 2021 and 2031.
Albany NY, United States: The global cosmeceuticals market is anticipated to witness strong growth during the forecast period between 2021 and 2031.
Cosmeceutical products help in improving appearance and provide nutrients that are beneficial to the skin. They also help cure damaged skin cells.
Cosmeceuticals are cosmetic products with biological ingredients, which offer medical benefits. Some of these ingredients include antioxidants, peptides and proteins, exfoliants, and retinoids.
The COVID-19 outbreak negatively impacted the overall cosmeceuticals market owing to stringent guidelines issued by governments regarding the import and export of cosmeceutical products.
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However, with the easing of restrictions and the availability of vaccines, the cosmeceuticals market is anticipated to witness steady growth in the coming years.
Cosmeceuticals Market - Trends and Opportunities
Increasing desire to maintain a youthful appearance among large population groups is a key growth driver for the global cosmeceuticals market. In addition, increased demand for natural beauty products is anticipated to propel the cosmeceuticals market in the coming years.
The increasing use of cosmeceutical products in developing economies such as India and Indonesia is also expected to help grow the cosmeceuticals market in the upcoming years.
Other factors such as increasing disposable income among families, particularly in developing countries, could also positively impact the cosmeceuticals market, in future.
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Cosmeceuticals Market - Competitive Landscape
The global cosmeceuticals market is highly competitive, with the presence of several well-established players. It is expected that many of these players will hold a major share in the global cosmeceuticals market in future.
Leading market players could integrate nanotechnology into their production process in a bid to produce technologically advanced products, which could fuel product demand and help in the growth of the overall cosmeceuticals market.
Market players could also establish production facilities in different parts of the world that would function exclusively to manufacture products, using nanotechnology.
The R&D undertakings are expected to present lucrative opportunities for the cosmeceutical market players, in the coming years. Prominent players may establish R&D centers which would work exclusively on producing improved quality of products.
Well-established players could also collaborate with smaller players in a bid to expand their market presence and improve their revenue share.
Some of the leading players in the cosmeceuticals market include Proctor&Gamble, L'Oreal, Avon, Croda International PLC, Allergan, Elementis, and BASF SE.
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Cosmeceuticals Market - Regional Assessment
The global cosmeceuticals market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
Asia Pacific is anticipated to witness maximum growth in the global cosmeceuticals market in future. Increasing awareness about cosmeceutical and cosmetic products in countries such as India and Japan is expected to be a key growth driver for the cosmeceuticals market.
Market players could also look to establish production facilities in countries such as India, in future, owing to the availability of inexpensive land in certain parts of the country.
In addition to this, a rise in disposable income in families in this region is expected to fuel the growth in the cosmeceuticals market, as well.
Europe is expected to stand second behind Asia Pacific in the overall cosmeceuticals market due to an expected increase in demand for cosmeceutical products in countries such as Germany and U.K.
North America, despite the presence of several leading market players, is anticipated to witness moderate growth in the cosmeceuticals market.
Other regions such as Latin America and Middle East and Africa are expected to witness slow growth in the cosmeceuticals market, in the coming years.
This is owing to low disposable income among the population residing in these regions and lack of awareness regarding cosmeceutical products, as well.
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