Functional Cosmetics Market Size

Functional Cosmetics Market size was over USD 3.44 billion in 2023 and is likely to reach USD 6.9 billion by 2036, witnessing around 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of functional cosmetics is assessed at USD 3.59 billion. The growth of the market can be attributed to the increasing health and wellness awareness amongst the population, especially women, along with rising disposable income globally. Functional cosmetics are the products which have a specific function, such as, anti-aging, skin lightening, anti-pigmentation, anti-hair fall, and others. Such functions are highly desired in cosmetic products across the globe. For instance, the global anti-aging products industry valued at approximately USD 58 billion in 2020. With the rise of social media, people are always trying to look their best, which is why, the demand for functional cosmetic products is increasing. Along with this, the advancement in science, with the amalgamation of herbal products with chemical agents, cosmetic companies are able to produce more effective products. The fast and positive result provided by functional cosmetics is further estimated to surge the demand in the market. Moreover, functional cosmetics, such as, skin care products do not have any significant side effects, unlike makeup cosmetics, which is also anticipated to encourage the market growth.