According to a new report from research firm RNCOS, on the back of such a strong foothold among the Asian countries, the global cosmeceutical market is anticipated to grow at a CAGR of over 9 percent during 2012-2014.
Cosmeceuticals refers to the combination of cosmetics and pharmaceuticals, and are cosmetic products with biologically active ingredients purporting to have medical or drug-like benefits.
The global cosmeceutical market has a large number of market players, including both pharmaceutical ingredient manufacturers and cosmetic companies; all focused on the commercialization of their new products.
According to RNCOS, this strategy is backed by the thought that consistent market launches keep a particular company in news and this, in turn, facilitates the market share augmentation process.
The opportunity for the major players in the next few years has been highlighted as in Asia as demand increases.
The "Global Cosmeceuticals Market Analysis" report, states that the global cosmeceutical market offers huge potential in the Asian countries, such as Japan, China, and India, which are also set to attract the big players in future.
“Though the market is at the nascent stage in India and China, there remains an untapped large population, with the desire to look young and fair,” says RNCOS.
“Japan has already made a niche mark in the global cosmetics market and its position in the cosmeceutical (having quasi drug status) segment is effectively improving.”
The emerging markets seem to symbolize the best opportunity, as per the research findings, the cosmeceutical market in Brazil witnessed tremendous changes over the past few years.
Among the global cosmeceutical industry, skin care is the most important segment and is expected to grow significantly in the years to come as increasing number of people entering the middle stage of life will create more demand for cosmeceutical products.