Global cosmeceuticals market to reach $31.84bn by 2016: Study

The global cosmeceuticals market is expected to reach $31.84bn by 2016, as it grows a compound annual growth rate (CAGR) of 7.7% between 2012 and 2016.

Cosmeceuticals, which mean cosmetic products with drug-like benefits, has become the segment with fastest growth rate in the Cosmetics and Personal Care Industry, according to the Global Information (GII) report,’Global Cosmeceuticals Market Outlook 2016′.

Asian countries are said to be one of the main factors behind the rapid growth of cosmeceuticals.

Countries, including Japan, China, India, among others, will attract major players in future.

Even as the market in India and China is said to be emerging, there is a large untapped population, who want to look young and fair, according to the research firm.

Japan, which has already carved a niche for itself in the global cosmetics market, is firming its position in the cosmeceutical segment further.

In the major segments of the global cosmeceuticals market, which are skin care and hair care, tooth whitening and lip protection are likely to emerge as major segments for considerable growth.

New ingredients, including stem cell and peptides for skincare-based cosmetics, are also expected to change scenario of this market in the near future.