The global cosmeceuticals market size is projected to reach USD 73.73 billion by the end of 2026. Increasing awareness among consumers regarding the advantages of cosmeceuticals over ordinary cosmetics will lead to a wider product adoption.

According to a report published by Fortune Business Insights, titled “Cosmeceuticals Market Size, Share & Industry Analysis, By Product (Skin Care, Hair Care, Injectables and Others), By Distribution Channels (Pharmacy / Drug Stores, Online Stores, and Others) , and Regional Forecast, 2019-2026, ”the market was worth USD 37.41 billion in 2018 and will exhibit a CAGR of 8.9% during the forecast period, 2019-2026.

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Coronavirus Brings Mixed Fortunes for the Cosmeceuticals Industry

The recent coronavirus outbreak has forced governments across the world to take strict measures in order to ensure the spread of the disease is limited. As more people are advised to stay indoors, people are looking to run businesses from indoors. The only real dilemma is the supply- demand gap, ”said a lead analyst at Fortune Business Insights. It is likely that the restrictions in manufacturing will ease off and chances are companies will look to capitalize on the situation with support from e-commerce websites.

Little Optimism for SMEs; Extended Lockdowns Doing More Damage than Earlier Predictions

As Covid-19 cases continue to rise, businesses are doing their best to adopt strategies that will help them run through online platforms, be it marketing or even distribution of the product. It is apparent that large scale firms can shake off the impact of the pandemic. The negativities of the coronavirus will prove a bit much for the small and medium enterprises and it is likely that most of the small enterprises may not even be able to recover from this. Although this is bad for SMEs, the coast will be clear for large scale businesses as well as manufacturers as less competition will bring more opportunities. Although e-commerce trading is active in most of the countries, there is hesitancy among people to buy cosmetic products; let alone using them on sensitive body parts such as skin ..