A study on the cosmeceutical market conducted by Scientia Advisors reported some interesting findings, among them the need for more ingredient launches.
According to the company, the market for cosmeceuticals is growing nearly twice as fast as the overall personal care market. To fit the ongoing need for cosmeceutical products, manufacturers and brand owners reportedly must continue to roll out new ingredient concepts in a context of changing government regulations, market dynamics and cultural trends.
The study found that skin care is the largest and fastest growing cosmeceutical segment, driven mainly by antiaging products. In addition, the leaders in the cosmeceutical market, accounting for over 70% of sales, are Europe and Asia-Pacific. However, the study found large growth in cosmeceutical purchases in China, Latin America, Russia and India due to new launches, increasing wealth and an aging population.
The review reportedly was based on extensive primary and secondary research and proprietary analytic methods.