Two recent researches focusing on cosmeceuticals - cosmetic products with drug-like benefits - highlight strong growth perspective in the coming years.
Global market to reach USD 31.84 billion by 2016
Expanding at a rapid compound annual growth rate of 7.7 percent between 2012 and 2016, the global cosmeceuticals market should reach US$31.84 billion by 2016, says a research by RNCOS [1].
According to the market research firm, cosmeceuticals have become one of the fastest growing segments of the Cosmetics and Personal Care Industry. The global cosmeceutical market offers huge potential among the Asian countries, such as Japan, China, and India, which are set to attract major players in future. Though the market is at nascent stage in the developing countries, such as India and China, there remains a large untapped population, with the desire to look young and fair.
The report also finds that within the skin care and hair care, major segments in the global cosmeceuticals market, tooth whitening and lip protection are emerging as key segments for significant growth. New ingredients, such as stem cell and peptides for skincare-based cosmetics, are anticipated to alter the market landscape in the near future.
Cosmeceuticals market to 2018
In parallel, a second report by GBI Research [2] forecasts the cosmeceuticals market in seven leading countries (US, UK, France, Germany, Italy, Spain, and Japan) will reach USD 42.4 billion by 2018.
According to GBI, with an aging population and increasing consumer awareness, demand for high-quality, innovative and premium-priced cosmeceutical products is increasing in the top seven global markets. Demand is further boosted by increasing urbanization and affordability in emerging markets such as Latin America, China and India. The per-capita disposable income is steadily increasing in these economies, making it a lucrative growth target for the cosmetics industry.
