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Growing Demand for Safe and Natural Cosmetics Drives Cosmeceutical Ingredients Global Revenues
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Cosmeceutical ingredients in Western Europe was €1.09 billion in 2017 and forecasted to be €2.13 billion by 2024 with a compound annual growth rate (CAGR) of 10.1% during the said period. High health awareness amongst consumers in Western Europe and other regions are encouraging more cosmetic product manufacturers to introduce cosmeceutical ingredients into their branded products. Also, rising purchasing power parity has led to a strong drive for products with high value cosmeceutical ingredients. This research service identifies the major market drivers and restraints and regulatory, product, market, customer, and technology trends in the Western Europe cosmeceutical ingredients market. The study focuses on different end-application segments such as skin care, hair care, injectables, and others. The ingredient types considered in the study include moisturizing, UV filters, antioxidants, botanicals, retinoids, exfoliants, proteins and peptides and others. The study also encompasses in-depth regional demand for the Western Europe and competitive analyses. Cosmeceuticals are cosmetic products containing active ingredients such as moisturizers, UV filters, antioxidants, botanical actives, retinoids, exfoliants, proteins and peptides, and others such as anti-inflammatory, slimming agents, and melanin activating agents. They are expected to have medicinal properties (structure-function relationship) land be healing, anti-aging, anti-oxidant, exfoliating, etc., rather than merely “cosmetic”. Formulations with cosmeceutical ingredients are developed for skin care, hair care, and others such as lip care and oral care. Cosmeceutical ingredients exhibit medical or drug-like benefits. Growth in cosmeceuticals is being driven by an ageing population who nurture desires to stay healthy and look young. Cosmeceuticals has found a new segment of customers in mid-income groups, in addition to existing premium customers. Despite economic turmoil, the cosmetic industry witnesses significant growth opportunities with new markets opening up. High health awareness amongst consumers in Western Europe and other regions are encouraging more cosmetic product manufacturers to introduce cosmeceutical ingredients into their branded products. Also, rising purchasing power parity, has led to a strong drive for products with high value cosmeceutical ingredients. Recognition of high consumer awareness and increasing purchasing power parity has encouraged manufacturers to invest in product innovation efforts and introduce newer cosmeceutical ingredients with wider application spectrums.
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