Functional Cosmetics Market size was over USD 3.44 billion in 2023 and is likely to reach USD 6.9 billion by 2036, witnessing around 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of functional cosmetics is assessed at USD 3.59 billion. The growth of the market can be attributed to the increasing health and wellness awareness amongst the population, especially women, along with rising disposable income globally. Functional cosmetics are the products which have a specific function, such as, anti-aging, skin lightening, anti-pigmentation, anti-hair fall, and others. Such functions are highly desired in cosmetic products across the globe. For instance, the global anti-aging products industry valued at approximately USD 58 billion in 2020. With the rise of social media, people are always trying to look their best, which is why, the demand for functional cosmetic products is increasing. Along with this, the advancement in science, with the amalgamation of herbal products with chemical agents, cosmetic companies are able to produce more effective products. The fast and positive result provided by functional cosmetics is further estimated to surge the demand in the market. Moreover, functional cosmetics, such as, skin care products do not have any significant side effects, unlike makeup cosmetics, which is also anticipated to encourage the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.5% |
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Base Year Market Size (2023) |
USD 3.44 billion |
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Forecast Year Market Size (2036) |
USD 6.9 billion |
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Regional Scope |
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The market is segmented by end-user into male, female, and unisex, out of which, the male segment is anticipated to witness highest growth in the global functional cosmetics market over the forecast period as cosmetic companies are focusing on the male consumers by manufacturing specific products catering to the needs of men. Moreover, men are becoming more aware of their looks and overall wellness, which is anticipated to boost the segment growth. On the other hand, the female segment is estimated to hold the largest share by the end of 2022, owing to the diverse and multi-functional products manufactured to cater to the needs of women. Moreover, the companies focus specifically on women between ages 15 t0 64, as this is the biggest consumer base for functional cosmetics. According to the data by the World Bank, there are 2,492 billion women, and 2.567 billion men between ages 15 to 64, as of 2020. Moreover, the share of women is constantly increasing, which is further expected to impact the segment growth.
Our in-depth analysis of the global functional cosmetics market includes the following segments
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By Type |
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By Application |
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By End User |
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APAC Market Statistics
On the basis of geographical analysis, the global functional cosmetics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific industry is predicted to account for largest revenue share by 2036, owing to increasing global adoption of traditional skincare methods. Korean and Japanese skincare routines are being adopted by cosmetic companies to manufacture healthy and advanced products. Moreover, presence of various leading cosmetics manufacturing companies in the region is estimated to boost the market growth. Moreover, increasing self-care awareness amongst the large population in the APAC region is also expected to positively impact the market growth. According to the data by the World Bank, the female population in the East Asia and Pacific region reached 1.165 billion in 2020. The growing female population is bound to surge the demand for functional cosmetics in the region.
North America Market Analysis
The functional cosmetics market in the North America region, on the other hand, is anticipated to gain a substantial market share throughout the forecast period owing to the high disposable income, and rising penetration of functional cosmetics in the region.
Author Credits: Rajrani Baghel
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