Cosmeceuticals: Current Trends and Market Analysis

Abstract

The desire to maintain a youthful image combined with an emerging global market with disposable income has driven the development of many new industries. The cosmeceutical industry is based on the development and marketing of products that lie between cosmetics and pharmaceuticals. Today, there are over 400 suppliers and manufacturers of cosmeceutical products, and the industry is estimated to grow by 7.4% by 2012. Although a number of products advertise predictable outcomes, the industry is largely unregulated and any consumers of cosmeceutical products should consult a dermatologist prior to use. This review will provide a snapshot of the current trends of this industry and provide an analysis of this multi-billion dollar market.

Health and Beauty Cosmeceuticals Industry and Market Expansion in Saudi Arabia

“…Largest cities in Saudi Arabia include Riyadh, Jeddah, Mecca, Medina, etc. Cosmeceuticals market potentials to offer significant and fast growing segment of the cosmetics and personal care are attributable to drug-like traditional speculations benefits [2,3,14]. Hence, emerging cutting edge technology in technology and emergence of new and herbal ingredients coupled with digital marketing have further contributed to the progress in the marketing, awareness, acceptance and commercialization of cosmeceutical products and branded generics [15].…”

“…It is worth noting that the paradigm shift in consumers acceptance and uptake of beauty and personal care products continue to be significant and gradually coupled with grooming patterns of lifestyle adaptations and economic transformation in the Kingdom [31,32,41,42]. In addition, men's grooming products saw a good growth performance as more men in Saudi Arabia respond to increased advertising on satellite TV channels linking good hygiene and stylishness to a successful professional life, especially in men's premium fragrances and men's skin care products [3,8,13,17,45]. Arabian Oud retains leading position in premium fragrances in 2014 and continued to be the leading player in overall beauty and personal care in 2014 [28,43,53].…”

“…The significant growing rate of cosmeceutical industry, innovative products and services for beauty and care is sprung by the science and technology advancements with the emergence of new natural drug-like beneficial ingredients from plan, marine and fauna [1,2]. It is documented that in 2013, the cosmeceutics market was estimated at USD$35 billion and is expected to growth around 7% and 9% between 2013-2018 and 2020 per compound annual growth rate (CAGR), respectively [2,3].…”

“…In the Saudi Arabia, the growing cosmeceutical business trend is been recognized for its potential market share growth and is expected to revolutionize positively consumers behavior and uptake from skincare, hair care, anti-ageing, anti-acne, sun protection to injective care products [3][4][5]. The Kingdom's large and buoyant economy has been a key growth market and potential investment focus for cosmetics companies and global brands retailers shops (L'Oreal, Bath & Body Works, Boots, Marks & Spencer, Clara, Halal cosmetics market include Inika, One Pure, LLC, FX, etc…) [3,5,6].…”

“…The Kingdom's large and buoyant economy has been a key growth market and potential investment focus for cosmetics companies and global brands retailers shops (L'Oreal, Bath & Body Works, Boots, Marks & Spencer, Clara, Halal cosmetics market include Inika, One Pure, LLC, FX, etc…) [3,5,6]. Moreover, the competitive landscape featuring amongst the major cosmetics industries analysis has been conducted on the key strategies to support their clients' optimal understanding and source of knowledge related to the cosmeceuticals market worldwide [5][6][7].…”