Description
Scope of Cosmetic Ingredients Market
These are bioactive substances that give cosmetic products certain therapeutic or functional benefits, like UV protection, skin whitening, hydrating, and anti-aging. Retinoids, peptides, hyaluronic acid, and plant extracts are a few examples. The texture and look of the skin are enhanced by these compounds’ ability to moisturize and soften it. Oils, butters, fatty acids, and humectants such as sorbitol and glycerin are examples of common emollients. Surfactants are used to improve the effectiveness of washing by removing debris, oil, and pollutants from the skin and hair while also producing lather. Sulfates, betaines, and non-ionic surfactants are a few examples.
The global Cosmetic Ingredients Market was valued at USD 37.61 billion in 2023 and is projected to grow to USD 55.81 billion by 2030. From 2023 to 2030, the global Cosmetic Ingredients Market is predicted to increase at a compound annual growth rate (CAGR) of 5.80%. The research looks at the market in terms of revenue in all of the key regions, which have been divided into countries.
Impact of COVID – 19
The epidemic caused supply chain disruptions on a worldwide scale, leading to raw material shortages, delays in transit, and manufacturing stoppages. This made it difficult to find and acquire materials for cosmetics, which had an effect on production processes and the accessibility of products.
During the pandemic, consumers’ priorities changed, placing more of an emphasis on self-care, hygiene, and health. Demand for skincare and personal care products containing components that support immunity, wellbeing, and sustainability has surged.
Lockdowns and social distancing tactics led to a spike in online sales of makeup and personal hygiene items. To reach customers and increase sales, businesses adjusted by investing in digital marketing, virtual product experiences, and e-commerce platforms.
There was a surge in demand for clean, natural, and sustainable cosmetic components as consumers grew more aware of the safety and transparency of substances. In response, businesses reformulated their goods using organic, plant-based, and environmentally friendly components to satisfy changing consumer demands.
Cosmetic Ingredients Market: Growth Drivers
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Growing Consumer Awareness:
The demand for cosmetic goods and, consequently, the market for cosmetic ingredients is being driven by growing consumer awareness of personal grooming, skincare, and beauty standards.
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Innovation in Formulations:
By providing improved efficacy and safety, ongoing innovation in cosmetic formulations—such as the use of cutting-edge chemicals like peptides, antioxidants, and botanical extracts—is propelling market expansion.
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Growing Disposable Income:
Consumer demand for cosmetic ingredients is being driven by rising spending on cosmetics and personal care goods, particularly in emerging nations.
Cosmetic Ingredients Market: Restraints
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Tight rules:
Tight rules pertaining to the safety and effectiveness of components used in cosmetics, as well as adhering to different regulatory standards like REACH and FDA guidelines, present obstacles for market participants in terms of product development and approval.
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Expensive Cost of R&D:
The long approval procedure and expensive cost of researching and developing new cosmetic ingredients impede market expansion, particularly for small and medium-sized businesses (SMEs).
Cosmetic Ingredients Market: Opportunity Factors
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Growth in the Men’s Grooming Segment:
As the demand for skincare and grooming products catered to the unique requirements of men rises, the men’s grooming segment is expected to grow, offering possibilities for the cosmetic ingredients market.
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Growth in Emerging Markets:
Manufacturers of cosmetic ingredients have a lot of room to grow in emerging markets due to factors such rising consumer awareness, changing lifestyles, and fast urbanization.
Cosmetic Ingredients Market: Challenges
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Supply Chain Disruptions:
The availability and pricing of cosmetic ingredients can be affected by supply chain disruptions brought on by things like transportation problems, shortages of raw materials, and geopolitical tensions. This presents difficulties for market participants.
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Concerns about Sustainability:
As consumers’ awareness of sustainability and its effects on the environment grows, so does the need for cosmetic components that are ethically and environmentally sourced. Manufacturers have hurdles in satisfying this demand while preserving the effectiveness and cost of their products.
Cosmetic Ingredients Market: Recent Development
- BASF SE: Under the Care Creations® brand, BASF SE introduced a new line of sustainable cosmetic ingredients that includes natural emollients, active agents, and surfactants made from renewable raw resources. These components are made to satisfy the rising demand from consumers for environmentally friendly and sustainable cosmetics.
- Croda International Plc: The French company Alban Muller, which specialized in botanical extracts and natural cosmetic ingredients, was acquired by Croda International Plc. With this acquisition, Croda’s position in the natural cosmetics sector is strengthened and its portfolio of sustainable and plant-based ingredients is expanded.
- Evonik Industries AG: As an alternative to conventional synthetic polymers, Evonik unveiled a new line of biodegradable polymers for use in cosmetic formulations. These environmentally friendly polymers solve growing consumer concerns about microplastics and the sustainability of the environment and are made from renewable raw ingredients.
Cosmetic Ingredients Market: Key Outcomes of the Report
The market size as of right now, historical data, and growth projections are all analyzed in the study. It draws attention to the main forces, patterns, and difficulties influencing market dynamics, including consumer preferences, the state of the law, and technology breakthroughs.
Based on a number of variables, including source, location, application, and ingredient type, the study divides the market into segments. Stakeholders may better grasp market trends, spot growth prospects, and target niche markets with this segmentation.
The study examines the competitive environment in the market for cosmetic ingredients, highlighting major competitors’ market shares, tactics, and most recent advancements. It offers perceptions into market trends, up-and-coming rivals, and tactical alliances influencing the competitive landscape.
List of Key Players in the Global Cosmetic Ingredients Market:
- BASF SE
- Croda International Plc
- Evonik Industries AG
- Lonza Group
- Givaudan SA
- Ashland Global Holdings Inc.
- Clariant AG
- Dow Inc.
- DSM Nutritional Products AG
- Akzo Nobel N.V.
- Innospec Inc.
- Eastman Chemical Company
Cosmetic Ingredients Market: Segmentation
By Ingredient Type
- Emollients
- Surfactants
- Preservatives
- Emulsifiers
- Antioxidants
- Humectants
- Active Ingredients
- Fragrances
- Colorants
By Source
- Synthetic
- Natural
- Organic
- Bio-based
By Functionality
- Moisturizing Agents
- Cleansing Agents
- Anti-aging Agents
- UV Filters
- Antimicrobial Agents
- Exfoliating Agents
By Application
- Skin Care
- Hair Care
- Make Up
- Oral Care
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
