Redding, California, Nov. 09, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Europe Lipid Ingredients Market for Cosmetics by Source (Plant {Vegetable Oil}, Animal, Novel Lipid Sources {Insects, Microalgae}), Application (Haircare), and Geography – Forecast to 2028”, published by Meticulous Research®, the Europe lipid ingredients market for cosmetics is expected to grow at a CAGR of 3.9% from 2021 to 2028 to reach $3.6 billion by 2028.
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Lipid ingredients are used in a wide range of industries, including the food and cosmetics sector. The industry sources like the Centre for the Promotion of Imports from developing countries (CBI), National Center for Biotechnology Information (NCBI), and National Institutes of Health (NIH) indicate that the share of vegetable oils used in cosmetics is growing, compared to food use. Cosmetic manufacturers are increasingly using vegetable oils instead of mineral oils in their products, considering the consumers' positive associations with natural ingredients in beauty products, reflected in the purchase behavior in recent past years. For instance, according to The Cosmetify Company’s 2019 study surveying British consumers, the consumer preference/willingness to buy organic products was the highest (68%), followed by natural products (61%) and vegan (49%), being the next popular product type. The high preference for natural ingredients, including natural oils and extracts, has myriad benefits for the skin. The use of vegetable oil on skin offers skin access to powerful sources of vitamins, essential fatty acids, and antioxidants that moisturize, nourish, and protect the skin, which partly increases the demand for vegetable oil in cosmetics.
Further, a key trend in the cosmetic oil market is the shifting preference for vegetable oils over mineral oils in cosmetics products. This trend is most likely to spur the demand for vegetable oils from cosmetics products during the forecast period. This is mainly because the mineral oils are being extracted from a non-renewable resource, which is not sustainable and cannot be used indefinitely in cosmetic products as it damages the environment. Similarly, it is also claimed that mineral oil is impure and contains contaminants and even carcinogens. Because of such widespread protests against mineral oil, there was a shift towards using vegetable oils in cosmetic products instead.
The Europe lipid ingredients market for cosmetics is segmented on the basis of source, application, and country. The study also evaluates industry competitors and analyses the market at a country level.
Impact of Covid-19 on the lipid ingredients market for cosmetics
The lipid ingredients market experienced a negative impact mainly due to the slow cosmetics sales, with a total lockdown in France, Italy, and Spain and strict restrictions in Germany and the U.K in 2020. Further, the lockdown in the first half of 2020 led to a decline in demand for certain categories of products as self-isolation and limited social interactions altered consumers' ordinary purchasing habits. The pandemic has had a profound impact on individuals, communities, and almost every industry. According to Cosmetic Europe, the cosmetic products sales in Europe decreased from USD 89.39 billion in 2019 to USD 87.61 billion in 2020. Also, the consequences of the pandemic will continue to influence the performance of the cosmetics market in the years to come. Hence, the decreasing cosmetic market ultimately restricts the demand for lipid ingredients in the region. The current expectation is that the sector slowly returns to growth as consumer expenditure on cosmetics recovers, new trends emerge, and the industry adapts to change and innovate.
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Key Findings in the Lipid Ingredients Market for Cosmetics Study:
Based on source, the plants segment is estimated to account for the largest share of the Europe lipid ingredients market for cosmetics in 2021. The large share of this segment is mainly attributed to the rising demand for plant-based lipid ingredients in the cosmetics market, the growing need for organic and natural beauty products, and consumer demand for non-toxic and non-irritating cosmetics. Further, during the pandemic, there has been a significant rise in demand for skincare products, with more consumers becoming conscious about practicing self-care. Ultimately, there also has been a rise in demand for plant-based beauty and skincare products. All these factors are expected to boost the demand for plant oil in the European cosmetic industry.
Based on the application, the skincare segment is expected to command the fast growth of the overall Europe lipid ingredients market during the forecast period. The fastest-growing CAGR of the segment is primarily due to the rising demand for skincare products with an increasing aging population, shift in consumer focus towards anti-aging skincare products and acne-reducing solutions, growing demand for natural/organic skincare products, and increasing demand for luxury skincare products. Furthermore, rising skin problems due to the increasing pollution, hormonal imbalances, genetic disorders, and other factors fuel the demand for skincare products in the region.
Based on country, Germany is estimated to account for the largest share of the overall Europe cosmetic lipid ingredients market in 2021. This country’s prominent position in this market is primarily attributed to the largest consumer market for cosmetics in Europe and major production centers of conventional and natural cosmetics. For instance, Beiersdorf is the most important cosmetics company. Important natural and organic cosmetics companies include Lavera, Logona (L’Oréal), Dr. Hauschka, and Primavera Life. The Swiss natural cosmetics company Weleda also has a manufacturing facility in Germany.
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Key Players
Some of the most important cosmetics companies operating in Europe are L’Oréal S.A. (France), Unilever PLC (U.K.), The Procter & Gamble Company (U.S.), Beiersdorf AG (Germany), Coty Inc. (U.S.) Avon Products, Inc (Subsidiaries of Natura & Co, Holding S.A.) (U.K.), The Estée Lauder Companies Inc. (U.S.), Revlon Inc. (U.S.), Shiseido Company, Limited (Japan), Colgate-Palmolive Company (U.S.), Johnson & Johnson (U.S.), Kao Corporation (Japan), L'Occitane International S.A. (France), LVMH Moët Hennessy Louis Vuitton (France), and Sally Beauty Holdings, Inc. (U.S.). Important natural and ethical cosmetics companies are Weleda (Switzerland), Neal’s Yard Remedies (U.K.), Léa Nature (France), Lush (U.K.), Yves Rocher (France), and The Body Shop (U.K.) among others.
The key players operating in the Europe lipid ingredients market for cosmetics are KONINKLIJKE DSM N.V./DSM (Netherlands), Archer-Daniels-Midland Company (U.S.), Stepan Company (U.S.), Cargill Incorporated (U.S.), BASF SE (Germany), Croda International PLC (U.K.), Merck Group (Germany), NOF Europe GmbH (Subsidiary of NOF Corporation) (Japan), Neptune Wellness Solutions, Inc. (Canada), ABITEC Corporation (U.S.), Lipoid GmbH (Germany), Polaris (France), Sonic Biochem Extraction Pvt Ltd. (India), Nordic Naturals Inc. (U.S.), and Solutex GC Sl (Spain), among others.
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Scope of the report
Lipid Ingredients Market for Cosmetics, by Source/Type
- Plants
- Vegetable Oil
- Nuts Oil
- Fruit Seeds
- Other Plant-sourced Lipid Ingredients
- Animals
- Fish Oil
- Other Animal-sourced Lipid Ingredients
- Novel Lipid Sources
- Microalgae
- Insects
Lipid Ingredients Market for Cosmetics, by Application
- Skincare products
- Haircare products
- Others
Lipid Ingredients Market for Cosmetics, by Country
- Germany
- France
- U.K.
- The Netherlands
- Belgium
- Poland
- Norway
- Sweden
- Denmark
- Austria
- Finland
- Switzerland
- Czech Republic
- The Baltic countries
- Rest of Europe
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