Cosmetic Ingredients Market Is Estimated to Witness High Growth Owing to Rising Demand for Skin and Hair Care Products
The cosmetic ingredients market is estimated to be valued at US$ 1.99 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic ingredients are various materials that are used in manufacturing skin care, hair care, color cosmetics, and fragrance products. Major cosmetic ingredients include surfactants, polymers, emollients, and pigments. Rising demand for anti-aging creams and serums is a major factor driving growth of skin care cosmetic ingredients market.
Market Dynamics:
The global cosmetic ingredients market is primarily driven by growing demand for skin and hair care products. Changing lifestyle and increasing spending on personal grooming products is positively impacting market growth. According to WHO, life expectancy is increasing globally owing to improved healthcare facilities which is fueling demand for anti-aging creams and serums. Additionally, increasing millennial population and growing urbanization are key factors contributing towards market growth. Furthermore, advancement in product formulation for enhancing aesthetic appearance of consumers is supporting market expansion. However, stringent regulations pertaining to manufacturing of cosmetics may hamper market growth over the forecast period.
SWOT Analysis
Strength: Cosmetic ingredients have wide application in makeup, skincare, hair care and fragrances which helps drive consistent demand. Manufacturer focus on organic, natural and multi-functional ingredients enhances product quality and safety. Innovation in delivery systems and formulas expands product portfolio.
Weakness: Price fluctuations of raw materials can negatively impact profit margins. Stringent regulations around ingredients may lead to additional compliance costs. Greater emphasis on animal testing free products is a challenge.
Opportunity: Emerging markets continue to present growth prospects driven by rising incomes and spends on personal care products. Increasing preference for custom-blend formulations tailored for specific skin/hair issues boosts customized product development.
Threats: Intense competition among suppliers. Growing popularity of do-it-yourself cosmetics reduces demand for packaged products.
Key Takeaways
The global cosmetic ingredients market is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period, due to increasing demand for multifunctional cosmetic formulations.
The Asia Pacific region is estimated to dominate the cosmetic ingredients market over 2023-2030. Factors such as rapid urbanization, rising income levels, and growing working women population are propelling the demand for personal care products in countries such as China, India, Indonesia, and Vietnam.
Key players operating in the cosmetic ingredients market are BASF SE, AkzoNobel N.V., Croda International Plc, The Dow Chemical Company, Eastman Chemical Company, Clariant AG, and Wacker Chemie AG. Key players are focusing on developing cutting-edge multifunctional ingredients through sustained R&D investments.
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