Growing Global Market for ‘Cosmeceuticals’
Cosmeceuticals has become the fastest growing segment of the Cosmetics and Personal Care Industry. These products are described as cosmetic products with drug-like benefits and are the recent addition to the Cosmetics Industry. With the growing desire among people to look young, an ageing global population, cosmeceuticals product market is growing at a significant rate.
Advancements in technology and emergence of new ingredients have further contributed to the progress in the commercialization of cosmeceutical products worldwide. In 2011, the market was estimated to reach US$ 30.5 Billion and is likely to augment at a rapid pace in the coming years growing at a CAGR of around 7.7% during 2012-2016.
According to a new report, “Global Cosmeceuticals Market Outlook 2016”, by RNCOS Research the global cosmeceutical market offers huge potential among the Asian countries, such as Japan, China, and India, which are set to attract major players in future. Though the market is at nascent stage in the developing countries, such as India and China, there remains a large untapped population, with the desire to look young and fair.