LONDON--(BUSINESS WIRE)--Technavio estimates the global cosmeceuticals market to grow by USD 17.97 billion, progressing at a CAGR of over 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by the growing premium BPC products industry. However, factors such as product compliance, safety, toxicity, and efficacy might challenge growth.
Cosmeceuticals Market: Product Landscape
Based on the product, the market saw maximum growth in the skincare cosmeceuticals segment in 2019. The segment is driven by the rising consumer demand for anti-aging cosmeceutical products. The market growth in the segment will be significant over the forecast period.
Cosmeceuticals Market: Geography Landscape
38% of the market’s growth originated from North America in 2019. The rising consumer awareness of the benefits of cosmeceutical products, increasing sales of premium skincare products, and the growing demand for natural and organic cosmetics are crucial in driving the growth of the cosmeceuticals market in North America.
The US is the key market for cosmeceuticals in North America. Market growth in this region will be slower than the growth of the market in APAC and South America.
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Major Three Cosmeceuticals Market Vendors:
Amway Corp. operates its business through segments such as Nutrition, Beauty, Home, and Energy and Sport. The company offers a wide range of cosmeceuticals products through brands such as ARTISTRY, ARTISTRY Intensive Skincare, ARTISTRY Hydra-V, and SATINIQUE.
Beiersdorf AG operates its business through segments such as Consumer and Tesa. The company offers a wide range of cosmeceuticals products through brands atrix, Eucerin, Florena, HIDROFUGAL, La Prairie, Labello, NIVEA, and SLEK.
Burberry Group Plc
Burberry Group Plc operates its business through segments such as Retail/wholesale and Licensing. The company offers a wide range of cosmeceuticals products through the brand Coty.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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