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Global Cosmetic Ingredients Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 17.08 Bn by 2028, Likely to Grow with the CAGR of 4.5% During the Forecast Period.
Cosmetics are a major part of men and women in their day to day life as most of the people are finding a way to look good and feel good. Cosmetic ingredients are the substances which are used in the products to improve the physical wellbeing of the person which includes makeup and personal care. The ingredients used can be active and inactive which performs a particular function at a particular condition and are present in a percentage.
The demand for cosmetic ingredients is growing rapidly due to rising in the consumption of numerous cosmetics products across the globe. Improvement in lifestyles especially in urban areas, increase in per capita income and increase in awareness related to beauty are propelling the growth of the market. With the increasing awareness related to natural cosmetic ingredients, many companies are now providing natural products and this is anticipated to foster the growth of the cosmetics ingredients market over the forecast period.
Growing Concerns and Increasing Awareness towards Natural Products Is The Major Contributor To The Success Of The Cosmetic Ingredients Market
The demand for organic and natural active ingredients is the major factor contributing to the growth of the market. The proliferation of demand for natural and organic ingredients used in cosmetic products is generating greater opportunities for manufacturers for the development of new and innovative products to cater the consumer’s demand and their preferences.
Besides this, increasing concerns related to natural beauty products and desire for skincare is expected to drive the growth of the market in the coming years. Over certain years, the use of synthetic ingredients has been reduced by certain companies owing to the drift of clean labelling in cosmetic products. Developing and Under-developed countries have significantly invested in R&D activities which are thereby contributing to the development of eco-friendly cosmetic ingredients which will enormously increase demand for the cosmetic ingredients industry.
However, the major factor restraining the growth of the Cosmetic Ingredients market is the government rules and regulations and various prohibitions related to the use of certain chemicals as ingredients in cosmetic products. The emerging trend of herbal products which reduces the chances of any side effects is conclusively increasing the usage of cosmetic products. Moreover, an increase in personal disposable income and concerns related to personal care is propelling the market growth of the cosmetic ingredients market.
On the basis of product type, the Emollients segment is anticipated to dominate the market growth compared to other segments owing to its use in every application of personal care products Surfactants are produced globally for the cosmetic products and the demand for it is increasing significantly as the demand for cosmetics products is increasing.
The Cosmetic Ingredients market is mainly fostering due to the increase in demand for a multifunctional ingredient which provides multiple benefits. UV Absorbers and antioxidant rich cosmetic products are witnessing high demand from the large consumer base.
North America To Held A Significant Share In Global Cosmetics Ingredients Market
Geographically, North America has the highest market share in the cosmetic ingredients market by holding a significant market share in 2019. The U.S. is the major contributor for the cosmetic ingredients market in North America and accounts for major market share within this region. Moreover, the adoption of natural and good quality products culture in the North America region is growing at a higher rate in comparison to other regions along with the changing lifestyle. This is expected to foster market growth in this region.
On the other hand, the Asia Pacific region is expected to be the fastest-growing region among others due to the emerging economies and supporting government regulations. Countries like Japan, India, and China are expected to dispense towards the growth of this market. Factors such as rapid urbanisation, busy work life, growing awareness and increase investment in beauty and skin care products are liable for the growth of the Cosmetic Ingredients market in the APAC region.
Some of the reputed players operating in this market include The Dow Chemical Company, BASF SE, Croda International, Unilever, DuPont, COTY Inc, Lonza Group AG, Ashland Inc., and Others. Most of these players have a dominant presence in North America and Europe region.
Global Cosmetic Ingredients Market by Product Type
- UV Absorbers
- Conditioning Polymers
Global Cosmetic Ingredients Market by Application
- Skin Care
- Hair Care
- Oral Care
- Nail Care
Global Cosmetic Ingredients Market by Functionality
- Cleansing Agent
Global Cosmetic Ingredients Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa