Global Cosmetovigilance Market Forecast 2023-2032: Estimated Market Size And Growth Rate
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The global cosmetovigilance market is experiencing a substantial surge, with a projected growth from $2.95 billion in 2022 to $3.22 billion in 2023, boasting a Compound Annual Growth Rate (CAGR) of 8.9%. This upward trajectory is not a momentary blip; the market is anticipated to reach $4.32 billion in 2027 at a CAGR of 7.6%. In this blog, we explore the pivotal factors driving this growth and the key players shaping the cosmetovigilance landscape.
Driving Force: Rising Usage of Cosmetics
– Defining Cosmetics
The increasing use of cosmetics is set to propel the cosmetovigilance market forward. Cosmetics encompass products used on the human body for cleansing, enhancement, attractiveness, appearance alteration, or maintaining healthy skin or hair. Cosmetovigilance plays a crucial role in providing safety monitoring for cosmetic products, ensuring consumers understand the quality and safety of what they apply to their bodies.
– A Glimpse into the Numbers
As an illustration, in April 2023, U.S. premium beauty sales for Q1 2023 surged by 16% year over year, reaching $6.6 billion, according to Global Cosmetic Industry. Additionally, a report from Automat.ai highlighted that in the US, skincare product sales escalated by 13% in 2021, while makeup item sales increased by 1%. These figures underscore the growing usage of cosmetics, a trend significantly contributing to the demand for cosmetovigilance.
Key Players in the Field
The cosmetovigilance market is not only shaped by demand but also by major players leading the charge. Companies such as PharSafer Associates Ltd., Zeincro, and SGS SA are instrumental in steering innovation and establishing a robust market presence.
Heightened Awareness: Personal Care’s Impact
– The Role of Personal Care
Another key driver for the cosmetovigilance market is the increasing awareness among people regarding personal care. Personal care involves consumer products used for hygiene, grooming, and beautification, emphasizing the importance of safety monitoring in these products. Cosmetovigilance aids individuals in adopting high-quality personal care products, further intensifying the demand for this market.
– Numbers Reflecting Awareness
According to Cosmetics Europe, 500 million consumers use personal care products daily to enhance well-being and protect health. The personal care industry contributes approximately USD 31.23 billion (€29 billion) annually to the European economy. This growing awareness is a testament to the significance of cosmetovigilance in ensuring the safety and quality of personal care products.
– A Comprehensive Classification
To provide a nuanced understanding of the market, it is crucial to delve into its segments:
- By Service Type: Pre-Marketing Services, Post-Marketing Services
- By Reported Category: Skincare, Makeup, Haircare, Perfumes And Deodorants, Hair Colorants, Other Reported Categories
- By Service Providers: Clinical Research Organizations (CROs), Business Process Outsourcing (BPOs).
– Europe Takes the Lead
In 2022, Europe emerged as the largest region in the global cosmetovigilance market. The region’s commitment to personal care and stringent safety monitoring practices positions it as a leader in the cosmetovigilance landscape. Looking ahead, Europe is expected to continue playing a significant role in shaping the market dynamics.
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The Cosmetovigilance Global Market Report 2023 provides comprehensive insights on the cosmetovigilance market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the cosmetovigilance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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