Cosmetovigilance Market Size Worth $15.38 Billion By 2032 | CAGR: 5.1%

The global cosmetovigilance market size is expected to reach USD 15.38 billion by 2032, according to a new study by Polaris Market Research. The report “Cosmetovigilance Market Share, Size, Trends, Industry Analysis Report, By Category (Skincare, Make-up, Haircare, and Perfume & Deodorants); By Service Type; By Phase Type; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing urbanization, increased consumer disposable incomes, increasing influence of social media platforms, and surging younger women population are key factors driving the need for cosmetovigilance because such factors propel the demand for cosmetics, which requires cosmetovigilane to ensure their safety and quality.

Rising adoption of cosmetic products and growing awareness among people worldwide regarding the improvements in aesthetic appearance factors propelling the market growth. Additionally, the continuous innovations in cosmetic product development, including the use of new ingredients and formulations and growing technological advancements that led to enhanced effectiveness of cosmetovigilance services, are further likely to have a positive impact on the market’s growth.

Furthermore, the growing availability of counterfeit cosmetics and imitation beauty products that are specially designed to mimic genuine and reputable brands fosters the demand for cosmetovigilance. The use of low-quality ingredients and hazardous chemicals like lead, toluene, diethanolamine, hydroquinone, and mercury that are harmful to use and cause issues like cancer and respiratory toxins creates substantial demand for cosmetovigilance to make sure that people are purchasing safe and legitimate cosmetics.

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Several studies are being conducted to determine the side effects and hazardous impact of ingredients used in cosmetics that fuel the need for cosmetovigilance. For instance, according to a study by scientists of Columbia University of Mailman School of Public Health and Earthjustice in January 2023, it was found that most children in the US use make-up and body products that contain carcinogens and many other toxic chemicals that are especially harmful for infants and children.

Cosmetovigilance Market Report Highlights

• In 2023, The skincare segment accounted for the largest share. Skincare products are applied directly to the skin, making them more likely to cause adverse reactions or sensitivities compared to other cosmetic products.
• In 2023, Post-marketing segment accounted for the largest market share. Post-marketing surveillance is essential for monitoring the safety of cosmetic products after they have been released into the market and are being used by consumers.
• In 2023, the North American region dominated the largest market share. Consumers in North America are increasingly conscious of product safety and ingredient transparency, driving demand for safe and effective cosmetic products. This heightened awareness creates a greater need for cosmetovigilance activities to monitor product safety and address any adverse events or concerns promptly.
• The Asia Pacific region is anticipated to witness the fastest CAGR growth during the upcoming period, due to rapid growth in the cosmetics industry, driven by increasing urbanization, rising disposable incomes, and changing consumer lifestyles. This growth leads to a higher demand for cosmetovigilance services to ensure the safety and quality of cosmetic products.
• The key market players include AB Cube, Accenture, Accenture Pharma, Aixial Group, AxeRegel, Biofrontera AG, Di Renzo, and more.

Polaris Market Research has segmented the cosmetovigilance market report based on category, service type, phase type, and region:

Cosmetovigilance, Category Outlook (Revenue - USD Billion, 2019 - 2032)

• Skincare
• Make-up
• Haircare
• Perfume & Deodorants

Cosmetovigilance, Service Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Post-Marketing
• Pre-Marketing

Cosmetovigilance, Phase Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Pre-clinical
• Phase I
• Phase II
• Phase III
• Phase IV

Cosmetovigilance, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of APAC

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of LA

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of MEA

Cosmetovigilance Market Report Scope