The global cosmeceuticals market size is projected to reach USD 73.73 billion by the end of 2026. Increasing awareness among consumers regarding the advantages of cosmeceuticals over ordinary cosmetics will lead to a wider product adoption.
According to a report published by Fortune Business Insights, titled “Cosmeceuticals Market Size, Share & Industry Analysis, By Product (Skin Care, Hair Care, Injectables and Others), By Distribution Channels (Pharmacy/Drug Stores, Online Stores, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 37.41 billion in 2018 and will exhibit a CAGR of 8.9% during the forecast period, 2019-2026.
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Cosmeceuticals are a combination of cosmetic product and pharmaceuticals. They are mainly used in enhancing the physical appearance of the body and enhance skin health. Cosmeceuticals are inclusive of several antioxidants that are responsible for enhancing the surface on which they are applied. The demand for visually appealing lifestyle and changing habits will lead to a wider adoption of cosmeceuticals across the world. The presence of several large scale vendors will emerge in favor of the growth of the overall cosmeceuticals market. The growing demand for natural products with minimum side effects will open up a huge potential for the companies operating in the market. The availability of cosmeceuticals at a low cost will contribute to market growth.
Little Optimism for SMEs; Extended Lockdowns Doing More Damage than Earlier Predictions
As Covid-19 cases continue to rise, businesses are doing their best to adopt strategies that will help them run through online platforms, be it marketing or even distribution of the product. It is evident that large scale firms can shake off the impact of the pandemic. The negativities of the coronavirus will prove a bit much for the small and medium enterprises and it is likely that most of the small enterprises may not even be able to recover from this. Although this is bad for SMEs, the coast will be clear for large scale businesses as well as manufacturers as less competition will bring more opportunities. Although e-commerce trading is active in most of the countries, there is hesitancy among people to buy cosmetic products; let alone using them on sensitive body parts such as skin.