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Cosmetic Ingredients Market - Forecast(2022 - 2027)
Cosmetic Ingredients Market - Forecast(2022 - 2027)
Cosmetic Ingredients Market size is forecast to reach $11.8 billion by 2025, after growing at a CAGR of 7.1% during 2020-2025. Cosmetic ingredients are the specific sets of substances that are used in the formulation and composition of cosmetics which enhances the physical appearance of people.

Cosmetic Ingredients Market size is forecast to reach $11.8 billion by 2025, after growing at a CAGR of 7.1% during 2020-2025. Cosmetic ingredients are the specific sets of substances that are used in the formulation and composition of cosmetics which enhances the physical appearance of people. Globally, changing lifestyles and growing spending capacity rise in the awareness about beautification, and an increase in per capita income and an urbanized population will accelerate the prime growth of the global cosmetic ingredients industry in the forecast era.

Cosmetic Ingredients Market Segment Analysis - By Type

Surfactants are widely used in Cosmetic Ingredients Market. The most important of all cosmetic ingredients are surfactants. Surfactants are versatile ingredients in cosmetics as they come in many types and are commonly used in skincare, haircare, and men's grooming products. Surfactants are used for thickening, foaming, cleaning, solubilizing, emulsifying, and improving penetration, antimicrobial effects, and other special effects in cosmetics. Owing to the useful use and increasing demand for surfactants in the cosmetics industry the cosmetic ingredients are anticipated to boost the market in the forecast period.

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Cosmetic Ingredients Market Segment Analysis - By Application

Perfumes and Fragrance held the largest share in the cosmetic ingredients market in 2019 and is projected to grow at a CAGR of 5.6% during the forecast period 2020-2025. Fragrances and perfumes have changed the beauty habits of individuals and have become important products of daily life. Perfume and fragrance items are used to relieve the irritating smell of the body created by sweating. Perfumes are a mixture of essential oils and aromatic compounds used to enhance the body's odor. They are often used to express personal beauty, creativity, and self-confidence. Consumers favor fragrance and perfume goods over expensive items such as luggage or accessories because they are more economical. Also, the fragrance and perfume manufacturers are becoming more innovative and selling quality goods at fair prices. This is expected to raise the perfume penetration rate over the projected period. Owing to the rising usage and demand for perfumes and fragrance, the market will see massive growth in the forecast period.

Cosmetic Ingredients Market Segment Analysis - By Geography

Asia Pacific held the largest share with 38% in the cosmetic ingredients market in 2019 and is projected to grow significantly in the forecast period. The market for natural ingredients for cosmetics and related products has seen a substantial increase with the socio-demographic shifts in Asia-Pacific. According to the Centre for the Promotion of Imports from developing countries (CBI), the demand for natural ingredients with active properties such as anti-aging has increased significantly with the growing aging population in the region. Skincare products have gained widespread popularity including creams, serums, hair creams, and face masks. Other cosmetics with increased demand include products with ant wrinkle, anti-pigmentation, and anti-stretch label. This is expected to boost demand for Cosmetic Ingredients Market in the upcoming years.

Cosmetic Ingredients Market Drivers

Growing demand for hair care and oral care applications

Haircare is a general term for a part of hair-related hygiene and cosmetology that grows from the human scalp. Various ingredients are used to enhance the texture and quality of hair care products. The most common ingredients in many hair care products are conditioning agents and hair fixing agents. The hair care items are designed to fix different unique hair issues. Also, increasing the consumption of castor oil provides the conditioning of hair. These ingredients are used in different combinations according to the hair related problems to form the desired formulation. Shampoos, hair conditioners, hair dyes, and bleaches are among the most widely used hair care products in which Erythrosine is used. Also, Oral care refers to the practice of keeping a clean mouth and teeth. Following basic oral care helps avoid infections in one's mouth and teeth. The most commonly used oral care products include, among others, toothpaste, mouth fresheners, tooth powders, and mouthwash. Surfactants are used primarily in manufacturing toothpaste and tooth powders.

Increasing demand for multifunctional Ingredient

A major factor driving demand for multifunctional ingredients in personal care products is the increasing demand for enhanced versatility and multiple benefits from one single product. These multifunctional products also contain active and specialty chemicals. The active multifunctional ingredients in a given personal care product can provide more than one purpose. For instance, blemish balm (BB) cream that is non-comedogenic is marketed as a multifunctional product that can treat various skin problems due to overexposure to the sun, such as aging, dullness, and tanning. Hence, the growing demand for a multifunctional ingredient will further drive the market for cosmetic ingredients over the forecast period.

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Cosmetic Ingredients Market Challenges

Effects of harmful chemicals used in cosmetic ingredients

The incorporation of various toxic ingredients and hazardous chemicals used in cosmetics is beyond acceptable limits. These chemicals can cause serious ill effects on the skin, and can also lead to carcinogenicity in the skin and other organs. Phthalates are used as solvents and plasticizers in beauty care, fragrances, nail paints, skin lotions, and nail hardeners. They were found to have endocrine disruption effects and were linked to endometriosis and early puberty in girls, as well as reproductive organ abnormalities and male fertility reduction. These can also function on the thyroid, and are related to obesity. Formaldehyde acts as a preservative that can irritate skin, eyes, nose, and the respiratory tract, and can cause cancer among those with high levels of exposure. Limited amounts are used in cosmetics and are used primarily in hair straighteners and nail polish/hardeners.

Cosmetic Ingredients Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the cosmetic ingredients market. In 2019, the market of cosmetic ingredients has been consolidated by the top five players accounting for xx% of the share. Major players in the cosmetic ingredients market are BASF SE, Ashland Global Holdings Inc., Croda International Plc, Evonik Industries AG, Lonza Group Ltd., Solvay SA, Akzo Nobel N.V., Wacker Chemie AG, and The Dow Chemical Company, among others.

Acquisitions/Technology Launches

In April 2017, Global holdings in Ashland have acquired Pharmachem Laboratories, Inc. (U.S.), a leading provider of ingredients to health & wellness industries and fragrance & flavor home products. The acquisition has helped the company expand its product line.

Key Takeaways

Asia Pacific dominates the Cosmetic Ingredients Market owing to the emerging economies and increase in adoption of cosmetic ingredients increasing in this region.

Rising consumer buying power and rapid lifestyle change are the driving force behind the cosmetic ingredient market's growth.

Stringent regulatory controls and higher research and production costs are main constraints on the worldwide demand for cosmetic ingredients market.

Effect of COVID-19 has a direct impact on the cosmetic ingredients industry, impacting supply of raw materials. More positively, the disruption led to the acceleration of remote work and the accelerated appraisal and de-risking of the end-to-end supply chain.

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