Cosmeceuticals Market Size, Share and Growth

The global cosmeceuticals market size was at USD 50.75 billion in 2021. The market is projected to grow from USD 54.57 billion in 2022 to USD 96.23 billion by 2029, exhibiting a CAGR of 8.4% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Cosmeceuticals Market, 2022-2029.”

COVID-19 Impacts:

Declined Dermatology-related Appointments to Reduce Demand amid COVID-19 Pandemic

 

The advent of COVID-19 noticeably obstructed the demand for cosmeceuticals across the globe. Moreover, a significant drop in the number of patient appointments recorded by pioneering dermatologists combined with closing down of shops involved in distribution of these products amid the lockdown announced by governments is among the few primary reasons for impacting the market unfavorably. Furthermore, there were termination of elective procedures comprising medical aesthetic processes to avoid the spread of COVID-19 and declined patient crowding at specialty clinics involved in the beautification treatment.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:

Drivers and Restraints:

Surging Consciousness Regarding Cosmeceutical Products to Boost the Market Growth

Strong focus on programs by government establishments pooled with market players toward surging the alertness concerning skin and hair health among the common population has resulted in a greater number of people utilizing these products across the globe. Additionally, the advancement of active constituents by market players is among the prime aspects fueling the implementation of these products in developing as well as established countries.

The obtainability of low quality alternatives, owing to the absence of strict guidelines is a chief constraining factor for the cosmeceuticals market growth. Moreover, the scarcity of insurance reimbursement for these products is hindering the demand for these products in emerging nations during the forecast period.

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