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Cosmeceutical Sales Rise 7.7%

May 16, 2014

Asia will drive growth in the future.

Cosmeceuticals have become the fastest-growing category in cosmetics and personal care, according to a new study. With the growing fascination among people to look young and the global population's increasing median age, the cosmeceuticals product market is growing at a significant rate. Advancements in technology and emergence of new ingredients have further contributed to the progress in the commercialization of cosmeceutical products worldwide. In 2011, the market reached $30.5 billion and is likely to augment at a rapid pace in the coming years growing at a CAGR of around 7.7% during 2012-2016.

According to a new research report, "Global Cosmeceuticals Market Outlook 2016," 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. 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.

Skin care and hair care represents major segments in the global cosmeceuticals market. In addition to this, tooth whitening and lip protection are also emerging as key segments with significant growth.

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