Global Cosmeceuticals market to reach $31.84 billion by 2016
Cosmetic products with drug-like benefits have become the fastest growing segment within the cosmetics and personal care industry, according to the market analyst who estimates the sector to expand at a rapid annual rate of 7.7 percent between 2012 and 2016.
"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."
Asia in the forefront of the segment
The latest report 'Global Cosmeceuticals Market Outlook 2016', provides an in-depth analysis in all the major segments and their sub-segments with key developments at the global level and indicates that the market although at a blossoming stage in the developing countries, particularly in India and China, remains a large untapped population, with the desire to look young and fair.
“Japan has already made a niche mark in the global cosmetics market and its position in the cosmeceutical segment is effectively improving.”
The market researcher also finds that within 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. Whilst new ingredients, such as stem cell and peptides for skincare-based cosmetics, are also anticipated to alter the market landscape in the near future.
Emerging markets
The emerging markets seem to symbolize the best opportunity, as per the research findings, the cosmeceutical market in Brazil witnessed tremendous changes over the past few years.
Among the global cosmeceutical industry, skin care is the most important segment and is expected to grow significantly in the years to come as increasing number of people entering the middle stage of life will create more demand for cosmeceutical products.
