Rockville, MD., July 16, 2024 (GLOBE NEWSWIRE) -- According to the latest industry analysis by Fact.MR, the global Cosmetic Chemical Market is expected to expand at a CAGR of 4.7% from 2024 to 2034, with revenue projected to reach US$ 38 billion by the end of 2034, up from US$ 24 billion in 2024. This growth is driven by rising consumer preference for natural and clean-label ingredients, as well as ongoing innovation in formulations to meet specific skin care needs.
Demand for high-quality and long-lasting personal care products is gaining traction. The global cosmetic chemical market is influenced by regulatory changes and consumer awareness about the environmental impact of cosmetic products. This has led to an increased demand for eco-friendly and biodegradable products. Companies are now focusing on green chemistry, using renewable resources and environmentally friendly processes to produce cosmetic chemicals.
Steady rise of e-Commerce platforms has significantly influenced the demand growth for cosmetic chemicals. Online sales of cosmetic products are growing as consumers are offered a wider range of products and brands to choose from. This has also enhanced market reach, making cosmetic products accessible to consumers in remote areas. The market is witnessing a growing demand for anti-aging products. There is an increased focus on products that can help combat signs of aging, such as wrinkles and age spots. This is expected to further fuel the growth of the cosmetic chemical market.
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Key Takeaways from the Cosmetic Chemicals Market Study:
- The cosmetic chemical market is forecasted to reach a value of US$ 38 billion by 2034-end.
- Sales of cosmetic chemicals in North America are forecasted to increase at 5.6% CAGR from 2024 to 2034.
- East Asia is evaluated to occupy 23.7% of the global market share by 2034.
- The cosmetic chemical market in Japan is calculated to expand at 4.3% CAGR through 2034.
- The market in Canada is forecasted to expand at 5.4% CAGR through 2034.
- The packaging and color cosmetic chemicals segments are projected to account for 7.4% and 6.3% market shares, respectively, by 2034.
“Online sales of cosmetic products are rising because it is providing consumers with a wider range of products and brands to choose from. This is indirectly driving target market growth. Innovation in production techniques is also improving the efficiency and performance of cosmetic chemicals,” says a Fact.MR analyst.
Leading Players Driving Innovation 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.
Market Developments:
The chemical cosmetic market is competitive due to the large number of companies. Leading chemical cosmetic manufacturers are Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Clariant International Ltd., and Dow Inc.
- In 2023, Modern Meadow, a biotechnology start-up, and Evonik, leaders in the field of specialty ingredients for cosmetics and personal care, embarked on a revolutionary partnership. Their shared goal was to create top-tier, cruelty-free beauty products that are both sustainable and pure.
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Type:
- Emollients, Films Formers, & Moisturizers
- Surfactants
- Single-Use Additives
- Carriers, Powders, and Colorants
- Thickening Agents
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application:
- Packaging
- Perfumes & Fragrances
- Hair Care & Skincare
- Color Cosmetic Chemicals
- Others
Cosmetic Chemical Industry News:
Prominent entities in the cosmetic chemical industry are using their extensive production proficiencies, worldwide distribution networks, and innovative product development. These organizations focus their efforts on providing quality products at competitive prices with outstanding customer service. As a result, they are engaged in intense competition. Numerous local and regional rivals dominate the industry, especially in developing nations like China and India where the need for cosmetic chemicals is rising more slowly.
- A new product line named Pepto Vitae was launched by BASF SE in 2022 to address a variety of skin conditions. The Pepto Vitae line was first introduced in Asia, and its goal is to expand the availability of novel bioactive ingredients to other areas by the year 2022.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the cosmetic chemical market for 2019 to 2023 and forecasts market statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (emollients, film formers & moisturizers, surfactants, single-use additives, carriers, powders & colorants, thickening agents) and application (packaging, perfumes & fragrances, hair care & skincare, color cosmetic chemicals, others), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
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Cosmetic Wipes Market reached a valuation of around US$ 565.73 Mn in 2021 and is slated to accelerate at a CAGR of 5% to top US$ 950 Mn by 2032.
Color Cosmetics Market is expected to secure US$ 81.74 Billion in 2022. During the forecast period of 2022-2032, the global color cosmetics market is projected to display a CAGR of 5.54% while garnering US$ 140.1 Billion.
Organic Color Cosmetic Products Market expanding at a CAGR of 7.1%, the global market is expected to increase from US$ 23.09 billion in 2023 to a value of US$ 45.85 billion by the end of 2033.
Nutricosmetics Market is set to increase from a valuation of US$ 5 billion in 2023 to US$ 8.2 billion by 2033-end, Expanding at a CAGR of 5%
Hydrogenated Cosmetic Ingredients Market is estimated to expand at a CAGR of 4.7% to reach US$ 94.9 million by the end of 2033 from the valuation of US$ 59.6 million in 2023.
Mineral Cosmetics Market valued at $3.83 billion in 2023, is projected to grow at a 6.1% CAGR, reaching $6.93 billion by 2033, according to a new Fact.MR report.
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