Cosmetic ingredients are primarily used to produce formulation such as moisturizers, creams, lipsticks, oils, perfumes, eye and facial makeup, nail polish, cleansing shampoos, hair colors, deodorants, and others. Surfactants, polymers, emollients, botanical extracts, oleo-chemicals, preservatives, rheology modifiers, and emulsifiers & stabilizers are some of the types of cosmetic ingredients. It is also used as cleansing agents & foamers, aroma, and moisturizers. Some of the cosmetic product also contains drugs, if it is certified by regulatory bodies and then it can be treated as cosmetic.
The global Cosmetic Ingredients Market was valued at US$ 1,8881.32 Mn in 2022 and will exhibit a CAGR of 5.29% during the forecast period (2023 to 2030).
Drivers
The manufacturer is continuously launching premium beauty product in response to the rising demand for the premium cosmetic product among consumer, which in turn fueling the market growth of cosmetic ingredients. For instance, in November 2019, Veritas Farms, Inc. a vertically-integrated agribusiness engaged in the production of full-spectrum hemp extracts with naturally occurring cannabinoids, has announced the launch of its brand of premium cosmetic products, Veritas Beauty.
Market Restraints
Strict regulatory barriers for cosmetic ingredients and products are expected to hamper the market growth over the forecast period. The U.S. Food and Drug Administration, Cosmetic Europe, Health Canada and Therapeutic Goods Administration (TGA) are some of the major regulatory bodies of the cosmetic industry. The manufacturer needs to produce cosmetic specific to a country’s regulations in order to obtain approval for distribution or sale with different regulators enacting different policies. For instance, antiperspirants, anti-dandruff shampoos, and mouthwashes are considered as therapeutic products in Australia but come under the banner of drugs in Canada and under cosmetic in the U.K.
Market Opportunities
Increasing introduction of sweat-proof makeup is expected to augment the market growth of the cosmetic ingredient over the forecast period. For instance, in February 2018, Fitcover Australia has announced launched of the latest batch of sweat-proof makeup items and accessories. The company has recently introduced ‘Mineralize Active Foundation’; a super-fast and long-lasting blend of organic compounds. The product is popular among women who are exercise enthusiasts or have a hectic work schedule that demands frequent outdoor trips and a burst of brisk activities.
Market Trends
Increasing expansion of the production capacity of the cosmetic ingredients by the manufacturer is expected to foster market growth. For instance, in September 2015, Symrise AG opened a plant for the production of cosmetic ingredients, significantly increasing its capacities and improving its position in the market. The company has invested about US$ 16.0 million to build the plant and plans further facilities in Germany and the U.S. Therefore, rising expansion of cosmetic ingredients plants across the various region is expected to fuel the market growth over the forecast timeframe.
Rising demand for cosmetic specialty chemicals is projected to boost the market growth of cosmetic ingredients. For instance, in September 2019, Evonik launched new active ingredient ROVISOME Sensitive NG, a new solution for sensitive skin products. This launch helps to affirm advanced specialty chemical technologies that address tangible consumer needs in the skincare market. Therefore, the rising demand for specialty cosmetic chemicals is expected to fuel market growth over the forecast period.
Cosmetic Ingredients Market - Impact of Coronavirus (Covid-19) Pandemic:
As COVID-19 continues to spread swiftly around the world, it is impacting the global economy and leading to socio-economic disruptions. Beauty and Personal Care industry has witnessed a steep decline as well as a consumer behavioral shift towards safe and reliable products during Covid 19 pandemic. Products with lower risk of contamination and longer shelf lives helping the rationing of consumer supplies are expected to boost the market back to normalcy Q1 2021.
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https://www.coherentmarketinsights.com/market-insight/cosmetic-ingredients-market-3212
Key Takeaways of the Cosmetic Ingredients Market:
Major players operating in the global Cosmetic Ingredients market include BASF SE, AkzoNobel N.V., Croda International Plc, The Dow Chemical Company, Eastman Chemical Company, Clariant AG, and Wacker Chemie AG.
