COVID-19's Impact on the Growth of the Cosmeceuticals Market
Cosmeceuticals refer to a relatively new line of products put between traditional cosmetics and pharmaceuticals which are all designed for the improvement of beauty and health of the skin. Cosmeceuticals are not to be confused with cosmetic products. Cosmeceuticals are the products and procedures involved in treating acne scars, repairing damaged skin, removing skin discolorations, rejuvenating skin, among many others. Cosmeceuticals are available both over the counter and by prescription. The over the counter variety is generally considered safer since it comes from the store shelves of grocery shops, drug stores and other general merchandise stores.
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Drivers
Growing demand for over-the-counter (OTC) products with dermatological properties as a result of increased consciousness over self-appearance is expected to boost growth of the cosmeceuticals market during the forecast period.
Furthermore, the adoption of innovative techniques such as nanotechnology in skin-care procedures is expected to aid growth of the cosmeceuticals market throughout the forecast period.
The Epitome of the COVID-19 Aftermath
The onset of the COVID-19 crisis has severely impacted the global cosmeceuticals market as numerous skin treatment appointments were delayed/cancelled due to the pandemic-led restrictions. Moreover, the shipment of raw ingredients was paused in the wake of the virus. On the contrary, the upliftment of lockdowns has cleared the road-to-recovery for the market with the re-opening of skin-care centers. The flourishing e-commerce sector is foreseen to provide the much-needed impetus for the expansion of the market.
Key Trends
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The cosmeceuticals market is anticipated to grow at a CAGR of XX % during the forecast period owing to the increased application of natural ingredients as medicines for treatment of dermatological disorders. For instance, according to the South African National Biodiversity Institute, around 27 million people in the country rely on non-chemical cosmeceutical products for healing, perfuming, and skin-rejuvenation.
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Over the regional frontiers, the Asia Pacific region is posing positive prospects for the cosmeceuticals market in the view of growing skin disorders amidst uneven weather conditions combined with the rapid adoption of plant-based skin-care solutions in China.
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In parallel, North America is projected to be a lucrative region for the cosmeceuticals market on the heels of surplus shift towards e-commerce and telemedicine alternatives.
Top Key Players Include In Cosmeceuticals Market: Croda International Plc, Bayer, Procter & Gamble, Beiersdor, Johnson & Johnson, Shiseido, Elementis, Unilever, L’Oréal, and Avon.
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