Organic Hair Care and Skincare Products account for 30% of Global Cosmetic Chemical Demand: Fact.MR Research

United States, Rockville MD, June 24, 2022 (GLOBE NEWSWIRE) -- : According to a recent Fact.MR analysis, the worldwide cosmetic chemicals market is expected to exceed US$ 39 Billion by 2032, rising at a CAGR of 6%. Growth is largely driven by a thriving global cosmetics business, as consumers increase their expenditure on personal care items in response to rising disposable incomes.

Previously, sales of cosmetic chemicals rose at a CAGR of slightly less than 5%, reaching a valuation of over US$ 21 Billion by 2021. In 2020, the market will have topped US$ 21 billion; however, COVID-19-induced slump hindered hopes in the first half of the preceding fiscal year. Massive shop closings reduced cosmetic product sales, causing a disruption in the availability of cosmetic ingredients for future manufacturing.

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The high usage of organic cosmetics is projected to have a significant impact on future sales prospects. As consumer concerns about sustainability grow, they are intentionally shifting away from inorganic cosmetic items in favor of natural alternatives. Growth is particularly noticeable in the skincare and hair care product segments, with major cosmetic companies attempting to provide 100% organic goods.

Cosmetic Chemicals Market Revenue Analysis 2015-2021 vs. Future Outlook 2022-2032

The analysis of cosmetic chemical demand from 2015 to 2021 showed a historical growth rate of less than 5% CAGR, with general expansion of the cosmetics & personal care industry driving growth as consumers increased spending amid rising disposable incomes.

In 2020, the market was worth approximately US$ 20 Billion, and it is expected to be worth slightly more than US$ 21 Billion by 2021. Initial recessionary downturns brought on by the COVID-19 pandemic in the form of lower cosmetic sales, store closures, and manufacturing cycle interruptions momentarily halted growth hopes.

However, since infection curves have flattened from 2022, industrial production activity in important markets have restarted. As a result, Fact.MR's cosmetic chemicals demand projection predicts a CAGR of 6% by 2032.

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Key Segments Covered in the Cosmetic Chemical Industry Survey

• Cosmetic Chemicals by Application :
  
  
  • Cosmetic Chemicals for Perfumes & Fragrances
    
  • Cosmetic Chemicals for Hair care & Skincare
  • Color Cosmetic Chemicals
  • Cosmetic Chemicals for Other Applications

• Cosmetic Chemicals by Type :
  
  
  • Cosmetic Chemical Emollients, Film Formers & Moisturizers
    
  • Cosmetic Chemical Surfactants
  • Single Use Cosmetic Chemical Additives
  • Cosmetic Chemical Carriers, Powders & Colorants
  • Cosmetic Chemical Thickening Agents
  • Other Cosmetic Chemical Types

• Cosmetic Chemicals by Region :
  
  
  • North America
    
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Latin America
  • Middle East & Africa
    

Competitive Landscape

Major cosmetic chemical producers included in Fact.MR's study are Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Clariant International Ltd., Dow Inc., Firmenich SA, Givaudan SA, International Flavors & Fragrances Inc., LANXESS AG, Lonza Group Limited, and P&G Chemicals.

• BASF SE released the Sacred Patch® skincare active ingredient in April 2021, which helps promote emotional well-being, is equipped with the newest MicroPatch® technology, and is 99.2 percent natural in origin. It has excellent moisturizing properties and stimulates oxytocin release.
• Clariant International Ltd. purchased a 10% investment in the French cosmetic ingredients producer Plant Advanced Technologies in November 2019 with the intention of creating new premium products for the active ingredients business portfolio.

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Key players in the Cosmetic Chemical Market

• Akzo Nobel NV
• Ashland Global Holdings Inc.
• BASF SE
• Clariant International Ltd.
• Dow Inc.
• Eastman Chemical Company
• Evonik Industries AG
• Firmenich SA
• Givaudan SA
• International Flavors & Fragrances Inc.
• LANXESS AG
  

Key Takeaways from Cosmetic Chemical Market Study

• Global cosmetic chemicals market to flourish 1.8x from 2022 to 2032
• U.S to be an opportunistic market, growing at a CAGR of 5.8% until 2032
• China to emerge as a significant market, expected to be valued at US$ 7 Billion
• South Korea and Japan to be important contributors, collectively growing at a rate of 9.1%
• Hair and skin care to be primary growth accelerator, exhibiting a 5% CAGR
• Emollients, film formers and moisturizers to emerge as prominent cosmetic chemical types, being valued at US$ 11 Billion

About the Technology Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.

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