Wilmington, Delaware, United States, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The functional cosmetic ingredients market was estimated to have acquired US$ 3.7 billion in 2022. It is anticipated to register a 5.3% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 5.9 billion.
The key element driving the market for functional cosmetic ingredients is the growing consumer awareness, among consumers about the benefits of functional cosmetic ingredients, including anti-aging properties, sun protection, and skin hydration, Consumers are increasingly looking for cosmetics that offer more than just aesthetic benefits.
Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=29747
Aging population, particularly in developed countries, leading to a higher demand for anti-aging and skin rejuvenation products, is also driving the demand for functional cosmetic ingredients. Functional cosmetic ingredients such as peptides, retinoids, and antioxidants are in demand among older consumers looking to maintain youthful skin.
The beauty and skincare industry is experiencing robust growth, fueled by changing beauty standards and a desire for self-care. Functional cosmetic ingredients are integral to this growth, as they enhance the efficacy of skincare products.
Global Functional Cosmetic Ingredients Market: Key Players
A number of dominant worldwide firms hold the majority of the market share in the functional cosmetic ingredients industry. The market's major companies are concentrating on diversifying their product lines.
The big players' primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services.
The following companies are well-known participants in the global functional cosmetic ingredients market:
- Connect Chemicals
- The Good Scents Company
- BASF SE
- Dow
- Ashland, Inc.
- Stepan Company
- Evonik Industries AG
- Gattefosse
- Lucas Meyer Cosmetics
- Eastman Chemical Company
- Emery Oleochemicals
- Vantage Specialty Chemicals
- United-Guardian Inc.
Key developments in the global functional cosmetic ingredients market are:
- In 2023, Gattefossé launched a new active ingredient called Gatuline® RC, which is clinically proven to reduce the appearance of wrinkles and fine lines.
- In 2023, JSR Corporation launched a new COC grade for use in automotive applications.
- In 2022, Croda launched a new line of functional cosmetic ingredients made from sustainable sources, such as algae and sugarcane.
Key Findings of the Market Report
- By application, the skin care segment is expected to dominate the market growth, attributed to the advantages such as consumer emphasis on skin health, sun protection, natural and organic ingredients, and customization and personalization.
- The clean beauty movement is driving the demand for cosmetics made with safer, non-toxic ingredients. Consumers are scrutinizing ingredient lists and opting for products that exclude harmful substances.
- Sustainability is a key trend in the cosmetic industry. Manufacturers are incorporating eco-friendly practices and sourcing sustainable ingredients, appealing to environmentally conscious consumers.
- Technology is increasingly shaping the beauty industry. Apps and devices that analyze skin conditions and recommend products with specific functional ingredients are becoming more prevalent.
Market Trends for Functional Cosmetic Ingredients Market
- Cannabidiol (CBD) is gaining popularity for its potential skin-soothing and anti-inflammatory properties. CBD-infused cosmetic products are on the rise.
- Products that support a healthy skin microbiome are in demand as consumers become more aware of the importance of skin's natural flora.
- Beyond ingredient sustainability, eco-friendly packaging is a growing trend, with consumers favoring products with minimal environmental impact.
- Artificial Intelligence and Augmented Reality technologies are being used for virtual try-ons and personalized skincare recommendations, enhancing the shopping experience.
Contact us for Special Discount and Pricing @ https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=29747
Global Market for Functional Cosmetic Ingredients: Regional Outlook
Various reasons are propelling the growth of the functional cosmetic ingredients market in different regions. These are:
Europe
- Europe is a hub for cosmetic research and innovation, resulting in the development of novel functional ingredients that cater to specific skin and hair needs.
- Stringent regulations in the European Union ensure the safety and efficacy of cosmetic ingredients, providing consumer confidence and market growth opportunities for compliant products.
- In 2023, the European Union launched the Go Global program. The Go Global program provides financial support to European businesses that are looking to export their products, which includes support for businesses that are exporting functional cosmetic ingredients.
North America
- North American consumers increasingly value sustainability and ethical sourcing, favoring products made with eco-friendly practices and cruelty-free ingredients.
- Heightened health awareness, including concerns about skin health and UV protection, drives the demand for cosmetics with functional ingredients like sunscreens and antioxidants.
- In 2023, the US Food and Drug Administration (FDA) announced that it will be holding a public workshop on the safety of cosmetic ingredients in the fall of 2023. The workshop will provide an opportunity for the FDA to hear from stakeholders about the latest scientific information on the safety of cosmetic ingredients.
- In 2022, The Canadian Food Inspection Agency (CFIA) launched a new program to support the export of Canadian cosmetic products. The program provides financial and technical assistance to Canadian companies that are looking to export their cosmetic products.
Global Functional Cosmetic Ingredients Market Segmentation
Function
- Conditioning
- Moisturizing
- Coloring
- Anti-aging
- Skin-brightening
- Others
Application
- Skincare
- Anti-aging products
- Body Care
- Hair Care
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Place an Order Copy of Functional Cosmetic Ingredients Market Report at: https://www.transparencymarketresearch.com/checkout.php?rep_id=29747<ype=S
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
