As stated in our extensive report; the Global Cosmetic Ingredients Market accounted forUSD 31.5 Billionin the year 2021.
The growing demand for natural and organic cosmetics, the increasing awareness of the importance of skincare, and the rising purchasing power of consumers are some of the major factors driving the growth of the global Cosmetic Ingredients market. Furthermore, the global Cosmetic Ingredients market is expected to gain traction in the near future as a result of the persistent efforts and finances allocated to expanding research and development within the market.
Based on Ingredient Type, the Cosmetic Ingredients Market is segmented into Natural/Herbal Ingredients,Synthetic Chemical Ingredients, Specialty Ingredients, Oleochemical, Rheology Modifier, Preservatives, Botanical Extract, Emulsifiers and Stabilizer, and Others. Also, Based onend use,the Cosmetic Ingredients Market is segmented intoFragrance, Skin Care, Hair Care, Make-up, Oral Care, as well as Eye Care. Region-wise, the Global Cosmetic Ingredients Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Cosmetics manufacturers have developed a new line of products to meet customers' demands who value natural components and live in areas where they are increasingly aware of the importance of these substances due to rapid urbanization. For instance, Quench Botanic claims that in May 2022, it released four new skincare products with birch juice as the primary component. In addition, in June 2022, the sun care firm Dune reportedly released a facial sunscreen called Mug Guard, which was designed to reduce the appearance of wrinkles and discoloration on the face. Furthermore, according to Olay's claims, the business introduced three new vitamin B3 complex–containing body washes in April 2020. During the forecast period, the Cosmetic Ingredients market is expected to rise due to new product introductions that increase the cosmetics and personal care industry's use of natural cosmetic components in creating new skincare and body care product lines.
The cleansing properties of Cosmetic Ingredients are also widespread in oral care products like toothpaste and gel. As a result, companies have launched campaigns to raise awareness ofthe periodontal disease and increase access to dental hygiene supplies in response to this epidemic. For one, Proctor & Gamble has a program that it plans to roll out in January 2021 to help 2 billion individuals develop good dental hygiene routines. In addition, EPL and Unilever formed a partnership in May 2021 to launch a long-term initiative that would increase the availability of Unilever's dental care products. Because of these initiatives, the demand for and supply of oral care products will increase, driving up the consumption of Cosmetic Ingredients in their manufacture and contributing to the expansion of the Cosmetic Ingredients market throughout the forecast period.
Asia Pacific Region to Take Over the Market
During the forecast period, the Cosmetic Ingredients market in Asia Pacificis anticipated to develop at the quickest rate. Due to the region's rapidly evolving consumer lifestyle and rising knowledge of natural cosmetics, the region has exhibited a marked increase in consumption of beauty care products, notably skin care. For instance, Shiseido reported a 9% growth in the first half of 2022 sales volume in Asia Pacific for the company's men's and women's cosmetics products compared to the same period in 2021. L'Oréal also reported that their sales of active cosmetic products in China increased by 13.4% in the first quarter of 2022 compared to the same period in 2021. During the projection period, the Cosmetic Ingredients Market will grow as a result of rising demand for emulsifiers and preservatives to meet rising cosmetics consumption in major Asia Pacific nations such as China.
New product launches and initiatives to promote oral care products will have a favorable impact on the overall Cosmetic Ingredients market.
Some of the key players in the Global Cosmetic Ingredients Market include- BASF SE (Germany), Akzo Nobel N.V. (Netherlands), Croda International PLC (UK), The Dow Chemical Company (US), Eastman Chemical Company (US), Loréal International (France), Unilever (UK), The Estée Lauder Companies Inc. (US), COTY Inc. (France), Colgate-Palmolive Company (US) and others.