With innovations in anti-ageing segment driving sales, the global cosmeceuticals market slated to post a strong 9.38 percent growth, states Orbis Research.
The worldwide cosmeceuticals business stood at $46.93 billion in the year 2017 and is predicted to touch $80.36 billion by 2023, growing at 9.38% annually, according to a report published by Orbis Research. The health consciousness of the senior population, i.e. people of 40 years and above, will drive innovation in the cosmeceuticals space, the report mentions.
A few demographic changes are expected to drive growth in the cosmeceuticals market over the next 32 years. The advancements in healthcare, modern diagnostics, new drug discovery and improved treatments have led to a measurable drop in mortality rates worldwide. Past one decade—till 2017—exhibited a high rise in global population, especially in the age-group of 40 years and above.
By 2050, while the total global population is likely to touch 10.5 billion, the life expectancy of women will be at 86.3 years (growing from 82.8 years in 2005) and of males, it will be 83.6 years (2005: 78.4 years). With people living longer, their desire to look young will continue to fuel strong growth in cosmeceutical products targeted at the ‘seniors’ category. Some of these include products aimed at arresting the growth of wrinkles, age spots, dry skin, uneven skin tone and hair damages.
Fuelling innovation
The demand growth in anti-ageing products is leading to a corresponding rise in innovative products by cosmeceutical manufacturers. For instance, as working women are challenged with the availability of time for makeup, cosmetic manufacturers are mending their strategies to introduce products and designs that suit these new-age consumers.
UV absorption techniques and the emergence of multi-functional products can be seen as other significant innovations driving demand for cosmeceuticals products as health-conscious and price-conscious consumers looking for products to provide adequate hydration and skin protection.
As the developing countries demonstrate a distinct variation in needs of urban and rural consumers, the personal care product marketers are rolling out region-specific products to meet the specific user requirements.
Natural and organic is the answer
The incorporation of natural and organic ingredients has played a major role in driving the demand for cosmeceutical products. The use of antioxidants in anti-ageing products and plant stem cell ingredients in skincare products are some of the innovations successfully boosting sales for cosmeceuticals manufacturers across the world.
Natural ingredients are considered useful in hair care products, especially for anti-ageing requirements. With youngest baby boomers turning 50, cosmetics manufacturers in the USA and Europe can be seen launching hair care products that combine organic and inorganic ingredients for improved protection from sun exposure.
With knowledgeable, well-to-do and beauty-conscious consumers looking for products with health advantages, the use of organic ingredients, antioxidants, peptides in skin-care, and hair-care products, can be seen as the emerging trends in the cosmeceuticals business.
Lastly, the growing availability of spurious, low-quality products has emerged as a serious threat in the cosmeceuticals sector. Fakes are a big menace especially in the developing economies due to challenges in the strict implementation of regulations. Vendors are looking at countering the menace by offering branded products at low prices while educating the consumers about disadvantages of counterfeits, at the same time.