Cosmeceutical Market Size, Share, Growth Analysis, By Product(Skin Care, Hair Care, and Oral Care), By Distribution Channel(Supermarkets & Specialty Stores, and Online Platform), By Region - Industry Forecast 2024-2031

Global Cosmeceutical Market size was valued at USD 60.40 billion in 2022 and is poised to grow from USD 63.48 billion in 2023 to USD 94.51 billion by 2031, growing at a CAGR of 5.10% during the forecast period (2024-2031).

The global cosmeceutical market is expected to grow due to customers' growing concern about their physical appearance. The rise of cosmetic products changed the beauty and personal care industry. Unlike makeup, these solutions can address the source of the defects rather than simply covering them up. This quality has resulted in a significant growth in product demand and expanded its market share in the personal care and cosmetics sectors.

The rise in awareness about the harmful side effects of the synthetic ingredients in these cosmetic items has resulted in a significant increase in the demand for organic and natural commodities. Manufacturers have been observed taking advantage of this trend. Companies including Only Naturals of England and LoveLula in the United Kingdom, for example, generate the majority of their earnings from natural skincare products. Furthermore, because most Asian and American women have sensitive skin, they are looking for cosmetic items that have anti-inflammatory, antiseptic, anti-bacterial, and moisturizing effects.

Furthermore, it is discovered there is a strong demand among persons aged 30-45 over the last few decades, the declining mortality rate has resulted in an aging population all across the globe. People living longer lives and seeking to maintain their young appearance are driving global market growth. Anti-aging solutions to prevent damage to hair, premature aging, inconsistent skin tone, dry skin, and wrinkles are in high demand. As a result, chances for new launches and breakthroughs in the cosmetic business have arisen, prompting producers to focus on proactive anti-aging-based skincare treatments.

Furthermore, women are constantly juggling sedentary and stressful job schedules, leaving little time for everyday make-up application. This has driven them to purchase cosmetic items with medical properties in order to avoid wearing make-up. Furthermore, customers all over the globe are aware of the benefits of antioxidants, organic components, and peptides in skin care products. As a result of increased health and beauty awareness among wealthy and intelligent consumers, market growth has increased. However, the rise of counterfeit and low-cost cosmetics may stymie this expansion. These items endanger reputable original brands, as they lose market share to subpar and low-quality products. This is primarily found in underdeveloped countries.

US Cosmeceutical Market is poised to grow at a sustainable CAGR for the next forecast year.