Cosmetic Ingredients Market Trends | Share, Size, Industry Size, Growth, Demand Trends, Overview, covid-19 impact, and Forecasts 2027
The escalating demand for cosmetics and personal care ingredients have created a backdrop for robust expansion of the market in the forecast period. The expansion strategies adopted by chief contenders as well as local brands comprise of sourcing locally as when and when possible to maintain the sustainability of their beauty businesses. The ingredients are commonly synthesized from chemicals or naturally derived substances. According to the market extensive research conducted by Market Research Future (MRFR), the cosmetics & personal care ingredients market is foreseen to expand at a impressive CAGR during the forecast period (2018-2023) and reach a valuation of USD 12660.9 Mn.
The collective surge in demand for anti-aging and UV
protective cosmetics & personal care products is likely to be among the key
reasons driving market expansion. The developing nations hold a substantial
position in the development of the personal care and Cosmetic Personal Care Ingredients Market Trends.
The influence exerted by the market segments of skincare, hair care, fragrance
and shower products with multi-functional ingredients is enabling growth of the
market at an exceptional pace. The rising affinity of the working classes
towards multifunctional personal care products is further boosted by the
penetration of e-commerce players, is expected to alter the landscape of the
market favorably.
The market is also benefitted by the potential
demand from the segment of male-centric cosmetic products which is attributable
to varying lifestyles and personal appearance awareness. This particular factor
is motivating the market players to launch male cosmetic products on a broader
scale. The capacity expansion and migration of cosmetic manufacturers to the
Middle East & Africa is likely to offer productive opportunities for
development in the market. Moreover, trends such as increasing use of natural
and green ingredients along with growing importance for halal certification
personal care and cosmetic formulations in G.C.C. and MENA regions are expected
to create new avenues for the progress of the market through the forecast
period.
Segmental Overview
The segmentation of the
cosmetics and personal care ingredients on the basis of product type includes
segments Malaysia
Cosmetic Industry such as tocopherol, titanium
dioxide, dimethicone, sodium laureth sulphate, sodium lauryl sulphate,
parabens, benzones, formaldehyde, alcohols, isopropyls, glycerols, and others.
The formaldehyde segment is credited with a significant market share in the
cosmetics & personal care ingredients and is projected to reach valuations
worth USD 2,323.7 million by 2023. On the basis of geography, the market is
segmented into five regions such as Europe, Asia Pacific, the Middle East &
Africa, Latin America and North America. While based on applications, the
market includes segments such as color cosmetics, skincare, fragrance, bath
& shower, hair care, and others. The skincare segment accounts for a
significant share in the cosmetics & personal care ingredients market and
is estimated to develop at a CAGR of 7.07 percent over the forecast period, the
demand of the sector can be attributed to the growing affinity of consumers towards
products that have skin lightening properties. The hair care segment closely
follows the skincare segment which is anticipated to be valued at USD 3,047.9
million by the end of the forecast period.
Detailed Regional Analysis
North America, Asia Pacific, Latin America, Europe,
and the Middle East & Africa are geographical regions that are a part of
the Cosmetic Personal Care Ingredients Market Trends. The Asia Pacific region
has emerged as the fastest growing market in 2017 and is further expected to progress
at an encouraging CAGR of 6.15 percent during the forecast period and is also
projected to achieve revenues worth USD 4,188.6 million by the end of 2023. The
evolution of the cosmetics and personal care industry coupled with the growing
demand for cosmetics products from the working population is motivating the
market growth considerably. The European market has appeared as the second
biggest region in the cosmetics and personal care industry and is estimated to
touch to USD 3,107 in revenues by 2023. The mounting levels of online sales in
countries like Germany is a significant growth motivator for the European
region. North American is among one of the prominent regions in the cosmetics
& personal care ingredients market with rising demand for the anti-aging
cosmetics products coupled with escalating geriatric population. The other
regions are likely to observe modest growth in the course of the forecast
period with innovative improvements in the personal care and cosmetics
industry.
Global Competitive Analysis
The costs that are incurred in the process of
acquiring potential customers are expected to be a conducive investment towards
the expansion of the market. The prospects for increasing revenue inflow in the
business are expected to grow through the forecast period. Aspects of the
market associated with pricing power and profit margins are predicted to add in
a big way to the revenue appeal of the market. The ability to withstand their
competitive edge is one of the vital factors fuelling their efforts in this
period. The opportunities for progress in the market seem to be encouraging
through the forecast period.
Dongming Jujin Chemical Co., Ltd., Ittihad
International Chemicals Trading LLC (IICT), SABIC, Reza Chemical Industries
(RCI) (REZA Investment Company Ltd.), Artec Chemical Company Limited, Chemanol
and DOGOIDE Group among others are key market contenders in the market.
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