October 13, 2022 10:01 ET | Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP

New York, USA, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The word "cosmeceutical" was coined in 1984 by dermatologist Doctor Albert Kligman and is a blend of the words cosmetic & pharmaceutical. Cosmeceuticals are products with therapeutic (medical or drug-like) and cosmetic impact that are intended to enhance the well-being and appearance of the skin. They are applied directly as lotions or creams, similar to cosmetics, but constitute active ingredients that influence skin cells' function.

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Factors accelerating the Cosmeceuticals Market growth: 

The rising demands for organic products and increasing government initiatives to create awareness regarding available products are influencing the overall growth of the market.

Cosmeceutical Market: A thorough Segmentation Analysis

The worldwide Cosmeceuticals Market segmentation has been done on the basis of product type, distribution channel, Ingredients, and region.

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By product, the skin care segment ruled the overall cosmeceutical market, with a revenue share of nearly 62.4% in 2021. The rising incidence of skin-related problems has accelerated the growth of the cosmeceuticals market's skincare segment. Climate change and its effects on the skin have increased the use of skin care products. People are turning to more skin care products for protection due to the increased pollution levels in cities due to the increased number of industries. Furthermore, this segment will expand due to various campaigns run by organizations to raise awareness about the hazardous effects of ultraviolet rays and the use of sunscreens and other lotions that prevent skin damage.

In 2021, the supermarket and specialty store segment accounted for the largest cosmeceutical market share of about 58% on the basis of distribution channels. The demand for these products through supermarkets and specialty stores is anticipated to increase due to the various marketing strategies used by the producers and distributors. In the upcoming years, aggressive promotions will also be responsible for the market's expansion.

Regionally in 2021, Asia Pacific held a significant position in the market, with a revenue of USD 18.8 billion. This region's market grows due to the rising disposable income and consumer spending, boosting the demand for cosmetics in developed countries like China, Thailand, Indonesia, India, and South Korea. Additionally, the need to improve skin conditions in polluted cities in China and India is driven by declining environmental conditions.

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Key players in Cosmeceuticals Market:

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