Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Global Functional Cosmetics Market by Functionality (Conditioning Agents, UV Filters, Anti-Ageing Agents, Skin-Lightening Agents), Application (Skin Care, Hair Care), and Region (Europe, Asia-Pacific, North America) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global functional cosmetics market is estimated to grow from USD 3.3 billion in 2022 to USD 4.6 billion by 2028, at a CAGR of 5.4%
Functional cosmetics are defined by the Food & Drug Administration (FDA) as products with components that exhibit pharmacological activities or direct effects related to disease prevention, cure, treatment, or impact on body structure and function in humans or animals.
These products serve specific purposes beyond conventional cosmetics, with ingredients tailored to fulfill functional roles. For instance, anti-acne agents like benzoyl peroxide and salicylic acid are integrated into anti-acne creams, while hydroquinone serves as a skin-lightening agent in skin whitening creams.
The Asia-Pacific region is set to play a prominent role in the market's growth, displaying the fastest value-based expansion during the forecast period. The region's demand for cost-effective functional cosmetics, coupled with a rising population, contributes to its growth. Rising temperatures drive the adoption of UV-filter-based cosmetic products, particularly sun care and body care items.
Key players, including BASF SE (Germany), Nouryon (Netherlands), Ashland Inc. (US), Clariant AG (Germany), Evonik Industries AG (Germany), Gattefosse (France), Stepan Company (US), Lucas Meyer Cosmetics (Canada), Croda International PLC (UK), and Air Liquide S.A. (France), are instrumental in shaping the landscape of the functional cosmetics market.
UV filters is expected to be the second fastest-growing functionality type of the functional cosmetics market, in terms of value, during the forecast period
UV filters are used in cosmetic products to absorb or reflect the UV rays emitted from sunlight or artificial light. Cosmetic product manufacturing companies are more interested in including UV filters in their products to protect the skin and scalp from damage caused by UV radiation. Some UV filters products include sunscreens, shampoos, and sprays
Haircare accounted for the second largest share of the functional cosmetics market, in terms of value, in 2022
The hair care segment deals with the products that help regulate the behavior and properties of the hair so that it can be maintained desirably. The hair care application involves hair sprays, hair conditioners, hair straighteners, shampoos, and tonics, among others used to improve the appearance of hair or protection of scalp.
There is an increasing awareness among consumers of the effects caused due to the harsh environmental conditions which damage the hair follicle. The demand for hair care products is substantially high in Brazil as consumers are keen to spend more on hair care products.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 198 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.3 Billion |
| Forecasted Market Value (USD) by 2028 | $4.6 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Premium Insights
- High Growth Expected in Emerging Economies During Forecast Period
- Asia-Pacific to Record Highest Growth During Forecast Period
- Germany and Conditioning Agents Accounted for Largest Market Share in 2022
- Skin Care Segment LED Functional Cosmetics Market Across Regions
- India to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Increasing Demand for Multifunctional Ingredients
- Accelerating Demand for Anti-Aging, Skin-Whitening, and Sun Protection Products
- Increasing Demand for Natural and Organic Products
- Rising Awareness About Skin Health
Restraints
- Risks Related to Use of Chemicals
- Consumer Skepticism
Opportunities
- Shifting Focus Toward Male-Specific Cosmetics
- Personalization and Customization
Challenges
- High Product Cost
Supply Chain Analysis
- Raw Materials
- Manufacturing of Functional Cosmetics
- Distribution Network
- End Use Industries
Technology Analysis
- Cosmetic Nanotechnology
- Modiface Skin Technology
Case Study Analysis
- Case Study on Coats Group PLC
Company Profiles
Major Players
- BASF SE
- Nouryon
- Evonik Industries AG
- Clariant AG
- Ashland Inc.
- Gattefosse
- Stepan Company
- Lucas Meyer Cosmetics
- Croda International PLC
- Air Liquide SA
Other Key Players
- CP Kelco
- Eastman Chemical Company
- Emery Oleochemical Group
- Givaudan SA
- Symrise AG
- Sonneborn LLC
- Vantage Specialty Chemicals
- United-Guardian, Inc.
- Innospec Inc.
- Kao Corporation
- Momentive Performance Materials Inc.
- Adeka Corporation
- DuPont de Nemours, Inc.
- Royal DSM
- Sollice Biotech
For more information about this report visit https://www.researchandmarkets.com/r/ekhl3s
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