Artificial Intelligence
Functional Cosmetic Market is Expected to Cross USD 5.5 Billion by 2028 at a CAGR of 6.2% from 2022-2028; Demand for Cosmetic Products Enhancing Personal Appearance along with Health and Wellness Benefits to Boost Market Growth
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Westford USA, March 03, 2023 (GLOBE NEWSWIRE) — The functional cosmetic market has seen Europe emerge as the dominant player, closely followed by Asia Pacific. This can be attributed to a growing awareness of the benefits of ageless beauty, male grooming, and the growing pattern towards natural and organic products. The rise of digitalization has also played a significant role in boosting revenue across the market, from advertising to online sales. Organic products have particularly gained popularity due to their lack of side effects, resulting in a rapid increase in demand. This has opened up numerous opportunities for the market to expand and diversify its product offerings, catering to a wider range of consumers.
As per SkyQuest’s analysis, the organic skincare industry is forecasted to exhibit substantial growth in the coming years, with an estimated market value of more than USD 17.57 billion by 2028. This growth in the organic skincare industry is anticipated to impact the functional cosmetics market positively. In addition, the increasing consumer preference for organic and natural skincare products will likely fuel demand for functional cosmetics in the coming years.
Browse in-depth TOC on the “Functional Cosmetic Market”
- Pages – 278
- Tables – 107
- Figures – 72
Functional cosmetics refer to skincare and beauty products that provide both aesthetic and functional benefits to improve skin health and address specific skin concerns. Unlike traditional cosmetics that cover up imperfections, functional cosmetics are designed to work on a deeper level, targeting specific skin concerns such as dryness, wrinkles, acne, and hyperpigmentation.
Prominent Players in Functional Cosmetic Market
- Murad Inc.
- Azelis
- Lancer Skincare
- Sinerga S.p.A.
- Sollice Biotech
- Perricone MD
- Greentech
- Alchemy Ingredients
- Algosource
- Adeka Corporation
- Zuplex
- Essencia AG
- Dr. Brandt
- Davos Life Science Pte Ltd.
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Skincare Segment Turn Out to be the Key Revenue Contributor as Consumers Preferring Skincare Products with Natural and Organic Ingredients
The skincare segment registered a higher revenue share for the functional cosmetic market in 2021 and is estimated to exhibit a high CAGR from 2022 to 2028. The global industry is experiencing a surge in demand due to the growing awareness of the benefits of skincare products. As a result, the skincare market is experiencing rapid growth, and according to a report by Skyquest, it is projected to reach USD 207.22 billion by 2028. This growth is expected to benefit the demand for functional cosmetics. Furthermore, the demand for functional cosmetics is predicted to continue to propel in the coming years as consumers become more knowledgeable about the benefits of using skincare products with active ingredients.
One region that has emerged as a major player in this market is Europe, which held the largest share of the functional cosmetic market in 2021. Skyquest’s research has revealed that the usage of beauty and personal care products is prevalent among 74% of consumers in Europe, irrespective of their age group. This statistic indicates that people strongly believe using such products is essential to maintaining good hygiene and overall health. Furthermore, the high adoption rate of beauty and personal care products in Europe suggests a promising growth potential for functional cosmetics in the region. With consumers placing great emphasis on the functionality of the products they use, there is a growing demand for cosmetic products that enhance one’s appearance and provide additional health benefits.
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Male Segment Emerges as the Fastest Growing End-Use Category Thanks to Changing Societal Attitudes towards Male Grooming and Personal Care
The male segment emerged as the promising category in the functional cosmetic market in 2021 and is projected to capture a substantial share from 2022 to 2028. The rise of the male segment in the market can be attributed to several factors. Firstly, changing societal norms have led to a greater emphasis on personal appearance and grooming for men. In addition, the availability of a wide range of specialized products has made it easier for men to find cosmetics that cater to their specific needs. From anti-aging creams to beard oils, a growing variety of functional cosmetics are designed for men’s unique skin and hair types.
Functional cosmetics have gained widespread popularity in recent years, and the Asia Pacific region has emerged as a prominent market for these products. As a result, the Asia Pacific region registered a high CAGR in the functional cosmetic market in 2021. Furthermore, according to a report by Skyquest, the per capita expenditure on household products in China has been on the rise. In 2021, this figure increased to USD 3,458, marking a significant increase of 12.5% from the previous year. This surge in household and personal care product spending points towards a positive outlook for functional cosmetics in the region. In addition, the region’s large population and diverse demographics have created a significant market for these products.
SkyQuest, the most trusted market research company, has recently published an extensive report on the functional cosmetic market. This in-depth report provides valuable insights into the industry, analyzing the market and its competitive landscape. Furthermore, the report offers detailed information on each player in the market, such as their market share, product portfolio, revenue, and recent developments.
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Key Developments in Functional Cosmetic Market
- Caldic, a company specializing in food ingredients, functional solutions, and specialty chemicals, has recently merged with Connell, allowing it to expand into the Asia-Pacific market. The merger will enable Caldic to broaden its product portfolio and strengthen its position in various industrial end markets, including personal care and pharmaceuticals. The company’s focus on specialty chemicals and functional solutions aligns well with Connell’s expertise in distributing specialty chemicals and ingredients across the Asia-Pacific region.
- Ashland has launched a new natural bio-functional product called Sclareance through biotechnology to address dandruff effectively. This innovative product has been developed using artificial intelligence (AI) and is the second bio-functional product for scalp care introduced by Ashland. The product has been developed using advanced biotechnology processes and is specifically designed to provide effective and long-lasting relief from dandruff. The use of artificial intelligence has allowed Ashland to develop a bio-functional product that is not only effective but also safe and natural.
- VAV Lipids, a biopharmaceutical company based in India, has announced its plan to expand its presence in Spain’s cosmetics industry by creating a pipeline of COSMOS-certified ingredients. These new ingredients will include high-quality phospholipid and lecithin-based functional cosmetic ingredients suitable for skincare and haircare products. With their versatility, safety, and compatibility, cosmetics manufacturers can incorporate them into all cosmetic formulations. Furthermore, COSMOS-certified ingredients ensure these cosmetic products are manufactured using environmentally sustainable practices.
Key Questions Answered in Functional Cosmetic Market Report
- What are the key factors projected to bring substantial growth in the global market, and how do they compare regarding their potential impact?
- Which regions are predicted to experience the highest levels of growth in the global market, and what specific factors contribute to this growth?
- How are the leading industry players shaping the future outlook of the global market, and what strategies are they using to drive growth and maintain their market positions?
- What are the most significant challenges facing the global market, and how are businesses and other stakeholders responding to these challenges?
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