The Cosmetovigilance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cosmetovigilance Global Market Report 2024, The cosmetovigilance market size has grown strongly in recent years. It will grow from $3.22 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to regulatory compliance, increased consumer awareness, adverse event reporting requirements, global market expansion, brand protection..
The cosmetovigilance market size is expected to see strong growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to increasing regulatory scrutiny, consumer demand for transparency, emerging market dynamics, globalization challenges, collaboration with regulatory bodies, rapid product innovation.. Major trends in the forecast period include incorporation of big data analytics, strategic partnerships for data sharing, heightened focus on post-market surveillance, consumer education initiatives, integration with pharmacovigilance practices..
The rising usage of cosmetics is expected to propel the growth of the cosmetovigilance market going forward. Cosmetics refers to a product used on the human body to cleanse, enhance, contribute to attractiveness, change appearance, or maintain or promote healthy skin or hair. Cosmetovigilance helps people using cosmetics to understand the quality of the cosmetic product by analyzing the safety monitoring of cosmetic products. As a result, the rising usage of cosmetics increases the demand for the cosmetovigilance market. For instance, in April 2023, according to Global Cosmetic Industry, a US-based company specializing in beauty, and personal care, U.S. premium beauty sales for Q1 2023 increased 16% year over year and reached $6.6 billion. Further, in January 2021, according to an article shared by Automat.ai, a Canada-based business services, software, and computer software company, in the US, sales of skincare products increased by 13% last year, while sales of makeup items increased by 1%. Therefore, the rising usage of cosmetics is driving the growth of the cosmetovigilance market.
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The cosmetovigilance market covered in this report is segmented –
1) By Service Type: Pre-Marketing Services, Post-Marketing Services
2) By Reported Category: Skincare, Makeup, Haircare, Perfumes And Deodorants, Hair Colorants, Other Reported Categories
3) By Service Providers: Clinical Research Organizations (CROs), Business Process Outsourcing (BPOs)
Increasing awareness among people regarding personal care is expected to propel the growth of the cosmetovigilance market going forward. Personal care refers to consumer products that are used in personal hygiene and grooming for self-care and beautification. Cosmetovigilance analyzes the safety monitoring of personal care products and helps people to adopt quality products, as a result, the increasing awareness among the people regarding personal care increases the demand for the cosmetovigilance market. For instance, in 2023, according to Cosmetics Europe, a Belgium-based personal care association, every day,500 million consumers use personal care products to enhance their well-being and protect their health. Additionally, the personal care industry involves approximately USD 31.23 billion (€29 billion) annually to the European economy. Therefore, increasing awareness among people regarding personal care is driving the growth of the cosmetovigilance market.
The cosmetovigilance market report table of contents includes:
1. Executive Summary
- Cosmetovigilance Market Characteristics
- Cosmetovigilance Market Trends And Strategies
- Cosmetovigilance Market – Macro Economic Scenario
- Global Cosmetovigilance Market Size and Growth
. - Global Cosmetovigilance Market Competitive Benchmarking
- Global Cosmetovigilance Market Competitive Dashboard
- Key Mergers And Acquisitions In The Cosmetovigilance Market
- Cosmetovigilance Market Future Outlook and Potential Analysis
- Appendix
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