Consumers, especially the ageing population, are more and more looking for methods and products to maintain and improve their appearance to look youthful and beautiful, especially with the rising awareness about anti-ageing products.
This is according to a new report from Research and Markets, which predicts that the global cosmeceuticals market will reach $85 billion by 2024, growing at a CAGR of 8.81%.
As per the report, rising awareness regarding cosmeceutical and cosmetics products, such as anti-ageing, sun care and hair care products, is expected to drive the growth potential in the near future. The introduction of new products with bio-active ingredients plays a crucial role in driving the demand for cosmeceutical products across the world.
“Middle-aged people are increasingly witnessing ageing anxiety, due to the high prevalence of extrinsic signs of ageing. Anti-ageing skin products are known as cosmeceuticals, as they overlap the distinction between cosmetics and pharmaceuticals. Over the past two decades, the declining fertility and mortality rate has resulted in a sustained rise in the ageing population. The strong desire among men and women to retain youthful appearances has groomed and nurtured the cosmetic industry globally,” states the report.
It goes on to name L'Oreal SA as one of the most active companies in the cosmeceuticals market.
For more information visit ResearchandMarkets.com