Europe Cosmeceuticals Market is forecasted to reach USD 26 billion by 2024, witnessing a CAGR of 7.87% during the forecast period (2019 - 2024).
Key Highlights
- Growth in European cosmeceuticals market is majorly driven by the aging population and desire to stay healthy and look young. High per-capita income, consumer awareness through media and unhealthy lifestyles are also major contributors to the market.
- In the European region, there are no strict regulations on cosmeceuticals industry which is affecting consumers’ trust on the products and creating difficulties for manufacturers to provide safety claims.
- Key players are constantly adopting social media marketing as their key strategy to reach various demographics, where beauty bloggers review and create awareness of cosmetics that provide benefits.
Key Market Trends
Skin Care Segment Holds The Major Market Share In Europe
Skin care is the major market in Europe; anti-aging and anti-acne being its dominant segments. Skincare product demand, specifically in the organic segment, is expected to maintain medium market penetration, due to a surge in innovation. The increasing need for natural quick-fix solutions for various problems that arise from pollution and other factors is expected to have a positive impact on the market, over the forecast period. Hair care is the second largest segment with 20% market share; the demand for the market is driven by unhealthy food patterns, rising scalp and hair problems, and climatic conditions. Lip care and oral care are the fastest growing markets in the region due to growing consumer awareness.
Germany Dominates The European Cosmeceuticals Market
The Germany cosmeceuticals market is projected to register an estimated CAGR of 8.40%, over the forecast period. The country’s cosmeceutical industry is based on product innovation and new product launches where consumer’s inclination toward natural and organic skin care is expected to have a high possibility of witnessing growth. The products with natural ingredients (under the “free-from” labeling) are anticipated to scale the market for cosmeceuticals. With the increased internet retailing and a plethora of new and emerging online drugstores, the cosmetics market in Germany is driven by the growing women and millennial segment. Over the past few years, most of the product offerings were inclusive of multiple features in order to increase efficacy and efficiency. On the other hand, some products focused entirely on specialization or targeted solutions.
Competitive Landscape
The most active companies in the market include key players, such as Procter & Gamble, Unilever, L'Oréal SA, Shiseido Co. Ltd, and The Estée Lauder Companies Inc. L'Oréal SA is one of the most active companies, with numerous brands offering a broad range of cosmeceuticals, across the world. The company has spent considerably on improving quality, product innovation in terms of ingredients, functionality, and packaging. Moreover, these active companies have adopted strategic acquisition as their key strategy, to increase their geographical presence and customer base.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
Methodology
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