Akums Partners with Caregen to Revolutionize Cosmeceuticals in India

Published: 04 Dec 2024

Author: Precedence Research

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Akums Drugs & Pharmaceuticals Ltd. India's leading contract development and manufacturing organization, announced another scientifically very strategic alliance regarding business potential with Caregen Co., Ltd.- the biotechnology leader of South Korea. This tie-up is set to include specialized nutraceuticals and cosmeceutical products such as sophisticated Skinceuticals and Hairceuticals for the growing Indian market. The proposed partnership promises to deliver global biotechnology prowess with local manufacturing capabilities as the industry tries to address the ever-evolving requirements within the fields of biosciences, health, and beauty in India.

Central to the joint application of innovation between the two companies is Caregen's expertise in peptides, growth factors, and advanced formulations. Such advanced technology is embedded in cosmeceuticals so that they can provide scientifically backed, working propositions on skin and hair, while Akums state-of-the-art manufacturing aids in the large-scale production possible and tightened quality controls.

These products will be manufactured locally in India as part of the 'Make in India' initiative. It will create a manufacturing capacity within the country, reduce imports, and improve its economy. The launch of these locally manufactured products will further boost India's position as a fast-growing player in the cosmeceutical and nutraceutical industry.

This alliance is, therefore, the greatest development that has happened for India's cosmeceutical industry. The partnership anticipates building a new paradigm in health and beauty through the synergy of advanced biotechnologies and capable manufacturing for the Indian market to provide innovative, affordable solutions.

Innovative Product Offerings

• Topical Skin and Hair Solutions: These are solutions that are typically used on the surface to rejuvenate and nourish.
• Injectable Cosmeceuticals: These injectables are intended for penetrating improvements into deeper tissues because they're intended for rejuvenation.
• Premium Nutraceuticals: Holistic formulations created through Caregen's proprietary peptide-based technologies for healthy living.
• Hence, all the products will be diversified keeping in mind an all-India context about varied demographics and climatic specificities.

Cosmeceuticals Market Size and Growth 2024 to 2032

The global cosmeceuticals market size was estimated at USD 56.08 billion in 2022 and is expected to surpass around USD 128.54 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 8.7% during the forecast period 2023 to 2032. U.S. cosmeceuticals market was valued at USD 5.46 billion in 2022.

Cosmeceuticals Market Key Players

• Johnson and Johnson
• L'Oreal
• Procter and gamble
• Unilever
• Estee Lauder
• Avon

Industry Context and Market Potential

India's cosmeceutical and nutraceutical markets are expanding rapidly with increasing consumer awareness of health and wellness. These factors include rising disposable incomes, a shift to preventive healthcare, and heightened demand for products derived from plants and scientifically advanced products. This agreement positions Akums and Caregen ahead of the trends in this end market.

Executive Statements

Sanjeev Jain, Managing Director of Akums, remarked:

"Indeed, it gives us great pleasure to be associated with Caregen to enable transformation in making breakthrough innovative products accessible to all."

• Dr. Chung Yong-Ji, CEO of Caregen, added:

“India represents an exciting and dynamic market with tremendous potential. Our integrated pharmaceutical, nutraceutical, and cosmeceutical offerings will significantly enhance value for consumers.”

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