According to our new research study on “Global Cosmeceuticals Market Forecast to 2028 – COVID-19 Impact and Analysis – by Active Ingredient, Distribution Channel, and Product” the cosmeceuticals market is expected to reach US$ 81.75 billion by 2028 from US$ 45.91 billion in 2021; it is estimated to grow at a CAGR of 8.6% from 2021 to 2028. The report highlights trends prevailing in the market and factors governing its growth. The elevating demand for antiaging cosmeceuticals and increased adoption of online retail are fuelling the cosmeceuticals market growth. However, the adverse effects of the COVID-19 pandemic restrict the market growth.
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Impact of COVID-19 Pandemic on Cosmeceuticals Market
The COVID-19 pandemic has adversely affected the manufacturing and healthcare sectors, among others. The pandemic has put pressure on the demand and supply chain of beauty and cosmetics products worldwide. Moreover, the lowering of customer purchasing power and willingness to buy nonessential products hampered the demand for cosmeceuticals. According to the Office for National Statistics, in Great Britain, the total retail sales volume in the cosmetic industry fell by 11.9% in 2020 compared to 2019. The shift in consumer focus from beauty products to hygiene also restrained the demand for cosmeceuticals. However, the cosmeceuticals market is expected to experience solid growth during the forecast period despite the economic uncertainties faced in 2020 and 2021. This projected growth is mainly attributed to the augmentation of retail operations, characterized by a growing focus on premium products and an increased presence of domestic players.
L’Oréal S.A., Beiersdorf Global, Croda International, Amway Corp., Allergan, Unilever plc, Johnson & Johnson, Procter & Gamble, Avon Products Inc., and BASF SE are among the leading companies operating in the cosmeceuticals market.
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Based on active ingredient, the cosmeceuticals market is segmented into antioxidants, peptides and proteins, exfoliants, retinoids, botanicals, and others. The antioxidants segment held the largest share of the market in 2021. Antioxidants can counter “free radicals” that damage DNA, lipids, and proteins through the oxidation process. Damaged skin cells can speed up aging, causing wrinkles, dry skin, dark circles (under the eyes), dull skin, and lowered elasticity and pliability. Antioxidants neutralize free radicals, which are produced by exposure to sunlight, polluted air, and industrial environments, among others. Antioxidant-based products are as important as sunscreen-containing products in battling aging and skin cancer. They create a barrier on the skin to protect it from the abovementioned factors. The addition of antioxidants can also be used to preserve the formulations and enlarge their shelf lives. Antioxidants can be lipid-soluble, water-soluble, or both.
The growing awareness about personal care products among all genders and the increase in disposable income of commoners have propelled the demand for antioxidants in cosmeceuticals. A surge in concerns about premature aging has encouraged the application of antiaging products to a great extent. Broad-spectrum UV radiation is known to be a human carcinogen. UVA radiation is reasonably anticipated to be a human carcinogen. Cosmeceutical antioxidants work against these UV radiation to reduce adverse effects on the skin.
The report segments the cosmeceuticals market as follows:
The cosmeceuticals market is segmented on the basis of active ingredient, distribution channel, product, and end user. Based on active ingredient, the market is segmented into antioxidants, peptides and proteins, exfoliants, retinoids, botanicals, and others. Based on distribution channel, the cosmeceuticals market is segmented into supermarkets/hypermarkets, online retail stores, convenience stores, specialist stores, and other distribution channels. Based on product, the cosmeceuticals market is segmented into skincare, haircare, oral care, and others.
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