Global cosmeceuticals market continues to expand

THE use of new ingredients such as extracts from plant stems and peptides in making new cosmetic products is propelling the global cosmeceuticals market. The industry is forecast to grow at a CAGR of 8.62% from 2014 to 2019, according to a new study from TechNavio.

The market is also being driven by rising demand for organic and natural ingredients, which are increasingly adopted for their therapeutic properties and safety features.

Sales of skin care products are expected to grow in triple digits in emerging markets such as the BRIC nations. Vendors are taking advantage of the huge opportunity for growth by developing high-quality and expensive skin care cosmeceuticals, which in turn boost the market.  

TechNavio vice president Faisal Ghaus said that plant stem cells are used in tropical skin care products. They help prevent, protect, and repair aging skin cells, and replace damaged cells with new and healthy cells.

“Seeing the growing demand of the cosmeceutical segment has led vendors in this market to invest heavily in R&D to manufacture innovative products. This has also led to the introduction of technologically advanced formulations,” Mr. Ghaus said.