In terms of revenue, the Global Cosmetic Chemicals Market is expected to reach USD 27.0 Billion by 2028, growing at a CAGR(Compound Annual Growth Rate) of 4.30% from 2022 to 2028.
One of the main factors propelling the growth of the Cosmetic Chemicals market is the significant expansion of the cosmetic industry, along with the rising demand for various cosmetics and personal care products because of changing beauty standards and rising self-consciousness about one's physical appearance. This is further backed up by the growing social media influence on beauty standards and various celebrity endorsements endorsing the usage of cosmetics, skincare, and personal grooming goods, all of which are driving market expansion.
Additionally, the growing spending power and escalating demand for high-end personal care items like shampoo, shaving cream, lip balm, toothpaste, skin moisturizers, and deodorants are the results of the growing working population. Along these lines, another growth-promoting aspect is the simple accessibility and availability of these high-end chemical-based cosmetic items across numerous online and offline retail channels. Furthermore, developing emulsifiers, thickeners, colors, and preservatives through intricate production processes is increasingly done with natural sources like petroleum or bio-based chemicals, further boosting the industry.
Key Highlights from Report
- Among Product types, the Surfactant segment is anticipated to dominate the Cosmetic Chemicals market with the highest market share during the forecast period. The growth is linked to the rising demand for skin and hair care products because of their advantages, like decreased water absorption, enhanced gloss, and improved miniaturization.
- By Applications, the Skin Care segment accounted for the highest CAGR in the forecast period. Due to growing concerns about having healthy skin and taking care of it, there is an increase in consumer requirements for skin care products.
- In terms of Region, North America held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. Throughout the forecast period, the United States is anticipated to hold a sizable portion of the market in North America.
The growing disposable income of people in developing nations like China and India and their desire to enhance their physical appearance are the main factors driving the global market for Cosmetic Chemicals. Additionally, the rapidly expanding fashion and entertainment sectors in major and developing nations like the U.S., India, France, and South Korea have boosted consumer demand for cosmetics, which is anticipated to fuel demand for Cosmetic Chemicals. Additionally, it is expected that the need for Cosmetic Chemicals will increase throughout the projected period due to the growing number of working women in large businesses and international companies and their high consumption of beauty products.
Some Cosmetic Chemicals may also have undesired effects, including cancer, genetic mutation, birth deformities, or other reproductive harm. These effects are also likely to hinder the market's expansion. However, increased R&D efforts by industry players to create a cutting-edge and broad product portfolio are projected to present new prospects for global market growth for Cosmetic Chemicals.
On the other hand, the demand for organic goods manufactured from natural materials and strict government laws against harmful chemicals is limiting the global market growth for Cosmetic Chemicals.
North America Cosmetic Chemicals market is anticipated to observe significant market growth with the highest CAGR in the coming years. The cosmetic and personal care sector in the United States expands yearly to new heights. Instead of treating health and beauty items as separate categories of personal care, manufacturers are adopting an integrated strategy. Many market participants are concentrating on boosting the entry of biotechnology, pharmaceutical, and food ingredient companies into the beauty sector, which will lead to the release of cutting-edge products. Additionally, there is a rise in demand for skin care products among consumers due to increased knowledge of the importance of skin health and skin care. Globally rising demand for face creams, sunscreens, and body lotions is anticipated to fuel the expansion of the Cosmetic Chemicals industry.
The Global Cosmetic Chemicals Market is Segmented as follows
- Product Types
- Polymer Ingredients
- Skin Care
- Hair Care
- Oral Care
- Others (Toiletries)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Cosmetic Chemicals Market is
Solvay S.A. (Belgium), Cargill Incorporated (US), The Dow Chemical Company (US), Croda International PLC (UK), BASF SE (Germany), P&G (US), Evonik Industries AG (Germany), Stepan Company (US), Symrise (Germany), Ashland Inc (US)
The Global Cosmetic Chemicals Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|