Ottawa, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the cosmetic ingredients market size will reach at USD 35.8 billion in 2022. Cosmetic components include preservatives, emulsifiers, thickeners, emollients, emulsifiers, emollients, emollients, emollients, and color additives that, when added to cosmetic goods, perform washing, bleaching, moisturizing, and other functions. The inclusion of these compounds in cosmetic ingredients' anti-oxidant and anti-inflammatory characteristics is significantly influencing the market's expansion. The demand for cosmetics products has expanded due to rising living standards and fast urbanization, which has resulted in high consumption in developed nations.
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Growing interest in clean-label cosmetic products has led to the development of environmentally friendly green cosmetics. In order to meet consumer needs, producers of cosmetic ingredients work arduously to create new goods and components and invest heavily in research and development. Over the next five to six years, the demand for goods created with organic ingredients is expected to be strongest in Asia Pacific, which will also considerably fuel growth of the global cosmetics ingredients market.
Regional snapshots
The biggest market share was held by the Asia-Pacific in the cosmetic ingredients market during the forecast period. Due to the region's increasing demand for skin care and body care cosmetic products, which has a big impact on the market for cosmetic components there, Asia-Pacific currently dominates the cosmetic ingredients sector. Initiatives to encourage the adoption and use of oral care products will increase their production level and, as a result, their use of cosmetic ingredients, which will have a favorable effect on the prognosis for the cosmetic ingredients sector.
Report highlights
On the basis of type ingredient type, the natural ingredient segment will have a larger market share in the coming years period, the amount of revenue generated through the use of this product will grow well in the coming year. Natural cosmetic ingredients, such as plant extracts and starch, are abundant in vitamins, fatty acids, and antioxidants that are readily absorbed by the skin. Unlike synthetic compounds, natural ingredients give cosmetic goods more longevity and do not have any negative effects on health. The natural components have a wide range of applications as emulsifiers, emollients, and preservatives due to their high performance and environmentally benign nature. The need for natural ingredients in the cosmetics and personal care industry has increased due to the sharp rise in cosmetics consumption and the increasing demand for environmentally friendly components, which is driving the segment growth in the cosmetic ingredients market.
On the basis of end use, the skincare segment has the biggest market share in the cosmetic ingredients market during the forecast period. Due to their moisturizing, whitening, and cleansing properties as well as their capacity to prevent the development of black skin spots and fungal infection on the skin, cosmetic ingredients have a high applicability as emollients in skin care products. Consumption of skincare products has increased as a result of consumers' heightened awareness of their physical appearance and higher disposable income.
Recent developments
- In October 2021- In order to strengthen Evonik Care Solutions' position in the market for active cosmetic ingredients and personal care products, Evonik purchased Botanica.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 33.84 Billion |
| Revenue Forecast by 2030 | USD 56.17 Billion |
| CAGR | 5.79% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Region | North America |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Clariant AG, BASF SE, Solvay S.A., Chemical Company, Croda International PLC, Estee Lauder Company, Dow Chemical Company, Eastman Ashland Global Specialty Chemicals, Lonza Group Ltd., Wacker Chemie AG. |
Market dynamics
Drivers
Over the course of the forecast period, increasing demand for specialized skincare products is anticipated to drive the market growth for cosmetic ingredients. For instance, Dow introduced its personal care ingredient developments at booth K80 in April 2019. This includes EPITEX9 Polymer, the company's innovative hybrid film former, Dow's first bio-based hair fixative, MaizeCareStyle Polymer, and eco-friendly DOWSIL FA PEPS Silicone Acrylate. As a result, it is anticipated that the market for cosmetic ingredients would rise due to the increasing need for specialist skin care products.
Rapid urbanization and rising customer interest in natural ingredients have led cosmetics manufacturers to develop new product lines that can meet these consumer needs. For instance, according to the company's announcements, Quench Botanic, four new skincare products with Birch juice as the primary component were introduced in May 2022. Additionally, according to a statement from the sun-care firm Dune, Mug Guard, a facial sunscreen that reduces the appearance of wrinkles and skin discoloration, was introduced in June 2022. Additionally, according to claims made by Olay, the business introduced three new body-washing products in April 2020 that contain the vitamin B3 complex. Such product launches will facilitate the efficient use of natural cosmetic ingredients in the cosmetics and personal care sector for creating a variety of product ranges in skincare and body care, supporting the expansion of the cosmetic ingredients market over the forecast period.
Restraints
The market growth of cosmetic ingredients is anticipated to be hampered by strict laws against the use of dangerous chemical ingredients. For instance, California lawmakers submitted a historic bill in March 2019 stating that the sale of cosmetics containing harmful substances would be considered unlawful in the state. The Toxic-Free Cosmetic Act (AB 495) would be a first for the nation. Therefore, it is anticipated that the establishment of such stringent restrictions will impede the market expansion of cosmetic ingredients.
Opportunities
It is anticipated that the expansion of the middle class in emerging economies, particularly in Asia Pacific, will create a lucrative potential for the market for cosmetic ingredients. The global middle class already comprises more than half of the world's population, up from 1.8 billion in 2009, according to the European Commission, and is projected to grow to 4 billion people by 2021 and 5.3 billion people by 2030. As a result, this aspect is anticipated to provide the market for cosmetic ingredients with enormous growth potential.
Challenges
The synthetic or chemical cosmetic components that are particularly hazardous to human skin, such sodium lauryl sulphate, propylene glycol, and methyl, can result in both cancer and chapped skin. A few rules have been set by government agencies to stop these harmful skin consequences.
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Market Segmentation
By Ingredient Type
- Synthetic
- Natural
By Product Type
- Surfactant
- Emollient
- Polymer
- Oleo-chemical
- Botanical Extract
- Rheology Modifier
- Preservatives
- Antioxidant
- Emulsifier & Stabilizer
- Others
By Functionality
- Cleansing Agents & Foamers
- Aroma
- Moisturizing
- Specialty
- Others
By End Use
- Skin Care
- Oral Care
- Hair Care
- Body Care
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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