Cosmeceutical Market Continues Strong Rise, May Double by 2030

Advances in technology, an aging population, and increasing interest in natural and organic products are among the trends driving growth in the global cosmeceutical market, according to data from a recent consumer report from SNS Insider, a market research company.

The global cosmeceutical market was valued approximately 56.80 billion US dollars in 2022, and is projected to reach 114.34 billion USD by 2030, according to the report.

Factors affecting the growth of cosmeceuticals worldwide include increased awareness by consumers, who are seeking skincare products that offer targeted solutions for specific problems, such as acne and aging. Research shows that consumers are better informed about cosmeceutical products and consider factors including quality, brand, price, advertising, history of past use, and packaging, the report stated.

For example, the new Seed Phytonutrients product line from L’Oreal is aimed at consumers who care about the environment and are made with organic ingredients and sustainable packaging, according to the report. However, the high cost of products from many known brands has resulted in the proliferation of counterfeit products, which may erode consumer interest in some of these brands, according to the report. In addition, the lack of an accepted consensus definition of “cosmeceutical” can confuse consumers and make product comparisons difficult.

Anti-aging is the largest key skin care segment of the cosmeceutical industry, followed by anti-acne and sun protection products, according to the report. In the North American market in particular, the increase in the number of patients with conditions such as eczema and melanoma, and a projected increase in non-surgical cosmetic procedures will likely increase the demand for cosmeceutical products.