Cosmeceutical market set to grow due to demand from developi

The cosmeceutical market will grow rapidly from 2012 to 2016, partly due to people in the developing markets wanting to look young and fair, says a new report from market analyst RNCOS. The firm sees skin and hair care as the key drivers for the market, but also forecasts growth in niche areas such as teeth-whitening and lip protection. Global Cosmeceuticals Market Outlook 2016 says that cosmeceuticals have become the fastest growing segment of the cosmetics and personal care industry, driven by the urge to look young and the increasing median age of the population worldwide.

"The global cosmeceutical market offers huge potential among the Asian countries, such as Japan, China, and India, which are set to attract major players in future,” said the report. “Though the market is at nascent stage in the developing countries, such as India and China, there remains a large untapped population with the desire to look young and fair. Japan has already made a niche mark in the global cosmetics market and its position in the cosmeceutical segment is effectively improving.”

In 2011, the market was estimated to reach $30.5bn and looks likely to augment at a rapid pace in the coming years, growing at a CAGR of around 7.7 per cent during 2012-2016.