Global Probiotic Cosmetic Products Market Gaining Impetus: Projected to touch USD 394.0 Million by 2027, growing at the CAGR of 6.30% during the forecast period (2021-2027)
Published | 14 June 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global probiotic cosmetic products market was worth USD 260.6 Million in the year 2020. It is estimated to grow at the CAGR of 6.30 %, earning revenue of around USD 394.0 Million by the end of 2027. Rising awareness of microbiome-based cosmetics, which aid in the treatment of skin-related disorders such as acne, scars, and skin cancer, is expected to drive market growth. Additionally, people are becoming more concerned about the need of keeping a regular skincare routine, which is a key factor driving the growth of the global probiotic cosmetic products market. Moreover, probiotic cosmetic products are growing in demand due to the extensive benefits they offer, such as maintaining good and bright skin.
Growing awareness about the benefits of probiotic cosmetics driving market growth
Probiotic products are extremely beneficial for the skin and in the prevention of skin problems. With the increasing prevalence of skin and digestive diseases, people are becoming more aware of the dangers of using chemical-based skincare products. Probiotic cosmetic products aid in the regulation of the skin's natural immune response and in maintaining healthy skin, which in turn contributes to market growth. These probiotic supplements can also be used to treat a variety of skin diseases, including eczema, chronic inflammation, rosacea, and acne.
Easy accessibility of the products pushing the probiotic cosmetic products market forward
The easy availability of probiotic products over the online and offline stores is contributing to the growing demand for the probiotic cosmetic product market. The market is growing due to significant expansion in the sales channel and easy access to e-commerce websites. Many new product lines have been introduced to the market as a result of research & development. For example, in May 2021, Antipodes, a New Zealand-based skin care company, has introduced its first-ever probiotic-infused preparation, a vegan night cream, to enhance skin moisture and repair the skin barrier. Moreover, e-commerce websites frequently provide discounts and promotions, allowing consumers to switch to online retail establishments and take full benefit of these schemes. These are the primary factors contributing to the growth of the probiotic cosmetic products market.
Lack of researched information is hindering the growth of the global probiotic cosmetic products market
There are many products available that do not meet the criteria for being labeled as probiotic. Due to false claims and widespread misuse of the term 'probiotic', customers receive misleading information across all distribution channels. Many products on the market are sold mainly on marketing tactics and what people may find appealing, rather than on research data. As a result, customers are being misled by substandard products. Additionally, healthcare professionals are also skeptical of the entire field of probiotics. The product label does not provide accurate and complete information, making it difficult for potential consumers to identify if they are using genuine probiotic skincare products.
Impact of COVID-19 in the industry
Public perceptions have altered as a result of the pandemic. Skin-conscious consumers nowadays choose basic skincare routines, which is ultimately reducing the demand for probiotic products. Given the current scenario, consumers are opting for cheaper and more readily available products across all distribution channels. Moreover, due to the lockdown, many online platforms, shops, and retail establishments throughout the world are closed, impacting the trade of probiotic skincare products and disrupting sales of probiotic cosmetics. Thus, COVID- 19 has emerged as the biggest challenge for the growth of the probiotic cosmetic product market.
The Haircare segment occupies the largest share of the global probiotic cosmetic products market
Based on product type, the probiotic cosmetic products market is divided into Skin Care, Hair Care, and Other Product Types. Consumers' growing concern about hair is fueling demand for specialist remedies, such as probiotic hair care products. The demand for probiotic hair care products has risen not just among the younger and more active population, but also among the elderly, who are interested in acquiring items such as hair colors, hair growth oils, and serums due to various hair and scalp issues. According to the study’s findings, people all across the world are looking for hair care products that contain pure organics, such as probiotics, Moreover, product innovation is anticipated to drive market growth in the coming years.
North America is expected to witness significant growth in the market during the forecast period
The global probiotic cosmetic products market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa based on the region. North America is the dominant segment in the global probiotic cosmetic products market due to its large population, and people’s inclination towards a healthier lifestyle, and increasing skin problems. The probiotic cosmetics products market, particularly in this region, is being driven by factors such as increased demand for multi-functional beauty products that allow consumers to get the most value from a single purchase.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global probiotic cosmetic products market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global probiotic cosmetic products market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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