New York, Oct. 08, 2021 (GLOBE NEWSWIRE) -- Cosmetic Bioactive Ingredients Market: Key Insights
According to our new research study on “Cosmetic Bioactive Ingredients Market to 2028 – Global Analysis and Forecast – by Ingredient Type, Sources, and Geography,” the Cosmetic Bioactive Ingredients Market Size is projected to reach 2,215.96 million by 2028 from US$ 1,529.91 million in 2021; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.
Cosmetic Bioactive Ingredients Market: Competition Landscape and Key Developments
BASF SE, DuPont de Nemours, Inc., FMC CORPORATION, Cargill, Incorporated, Sensient Technologies Corporation, DSM, Ajinomoto Co. Inc., Roquette Frères, ADM, and Vytrus Biotech are among the leading companies operating in the cosmetic bioactive ingredients market. The major players focus on expanding their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
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In March 2021, Royal DSM launched three different forms of hyaluronic acid. With the new HYA-ACT range, the company strengthens its hyaluronic acid portfolio to meet the evolving demands for less-invasive, reliable, and effective beauty care solutions.
In January 2020, BASF’s Care Creations presented several of its latest active ingredients for personal care products that moisturize and soothe the skin at Cosmet’Agora trade show, Paris. The company also presented its range of active ingredients for makeup formulations at the show.
In 2020, North America dominated the cosmetic bioactive ingredients market, and the US was the largest shareholder in the regional market. The market growth in North America is ascribed to the presence of major market players in the region. Further, Asia Pacific is expected to register the highest CAGR in the cosmetic bioactive ingredients market during 2021–2028.
Growing awareness about environment-friendly products, coupled with increasing demand for cosmetic products, is a key factor supporting the progress of the cosmetic bioactive ingredients market. Rising concerns about the side effects of chemical constituents used in cosmetics are compelling manufacturers to substitute these substances with natural materials. Similarly, many brands are focused on reducing their environmental footprints by using renewable raw materials and more sustainable packaging, along with adopting greener processes.
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The European Union (EU) has more stringent laws for cosmetics than many other developed countries in the world. The EU Cosmetics Directive (76/768/EEC), revised in 2013, has banned the use of 1,328 chemicals in cosmetics, as they are suspected to cause cancer, genetic mutations, reproductive harm, or birth defects. This has led to shift in the focus of cosmetic manufactures toward natural ingredients. This is also followed by the enforcement of strict laws that require manufacturers to prove product safety, which compels the cosmetic manufacturers to abide by the regulatory framework and use more natural ingredients in their formulations. Thus, the preference for natural ingredients in cosmetics is bolstering the cosmetic bioactive ingredients market.
Cosmetic Bioactive Ingredients Market: Segmental Overview
The cosmetic bioactive ingredients market has been segmented on the basis of ingredient type and source. Based on ingredient type, the market is segmented into probiotics and prebiotics, omega-3 fatty acids, vitamins, carotenoids and antioxidants, plant extracts, minerals, amino acids, proteins and peptides, and others. The amino acids segment is likely to hold largest share of the market in 2021. However, the plant extracts segment is anticipated to register the highest CAGR in the market during the forecast period. Based on source, the cosmetic bioactive ingredients market is segmented into plant, animal, and microbial. The plant segment is likely to hold largest share of the market in 2021. However, the microbial segment is anticipated to register the highest CAGR in the market during the forecast period.
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The COVID-19 pandemic have driven consumers’ preference toward “holistic, resilient, and more conscious consumption” of dressings, food, and cosmetics. The effects of the COVID-19 outbreak will change significantly and permanently; the demand for color cosmetics is expected to slow down, and skincare is expected to increase. Personal care companies are grabbing new opportunities to offer additional benefits that should be considered. Social isolation and distancing have allowed consumers to spend more time on their self-grooming and self-care. Thus, the need for cosmetic products with bioactive ingredients that are free of harmful effects of synthetic or chemical raw materials is increasing significantly, which is boosting the cosmetic bioactive ingredients market growth through rejuvenated research and development activities. Several studies have also highlighted the antiviral properties of bioactive ingredients against COVID-19.
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