Cosmetic Antioxidants Market Research Report - Global Forecast till 2028

Cosmetic Antioxidants Market Research Report: Information By Source (Natural, Synthetic), By Type (Vitamins, Carotenoids, Polyphenols, Enzymes) By Application (Skin Care, Hair Care, Makeup) By Region ( North America, Europe, Asia Pacific, Latin America, Middle East & Africa) Forecast till 2028

ID: MRFR/CnM/8346-HCR | July 2020 | Region: Global | 449 pages

Market Forecast


According to MRFR analysis, the global cosmetic antioxidants market is expected to reach around USD 212 Million by 2028 at a CAGR of 6% from 2021 to 2028.


Cosmetic antioxidants are natural and chemically derived antioxidants used in various cosmetic products such as skincare, haircare, and makeup. Antioxidants are naturally made from vitamins and minerals that include vitamin A, vitamin C, vitamin E, butylated hydroxyanisole (BHA), carotenoids, and butylated hydroxytoluene (BHT), amongst others. These antioxidants are widely used in various anti-aging, anti-inflammatory, UV protection, moisturizing, and hair conditioning products.


The demand for cosmetic antioxidants is increasing mainly due to the growing personal care and cosmetic industry, especially in Asia-Pacific. Some of the key drivers of the cosmetics market are the rise of the middle and upper-income classes, the emergence of new consumer targets, including seniors and men, the digital revolution (as beauty has a vast potential in terms of engaging with people on the Internet), and e-commerce (extending the reach of the beauty industry to a larger number of consumers across the globe). Substantial spending on cosmetics & personal care products in emerging economies such as India, Indonesia, Hong Kong, Australia, and Japan boost the global demand. The factors attributed to the growth arean increase in income levels owing to higher employment levels, minimum wages, and urbanization. Moreover, continued growth in organized retail, the emergence of the young urban population with rising disposable income in emerging economies is estimated to propel the growth of the market. Furthermore, some other factors such as mounting aspirations, an increase in thenumber of working women, changing lifestyles, increased affordability of lifestyle-oriented and luxury products, greater product choice, and availability of a specific product in e-commerce platforms have positively influenced the growth of the global market.


The high cost of natural cosmetic antioxidants, such as rosemary extract, vitamin A, and vitamin C—due to high raw material cost—may hamper the growth of the market. Furthermore, the increasing prevalence of male-centric cosmetic products coupled with robust growth of the men’s grooming products market. Furthermore, the increasing trend of chemical-free products and rising consumption of organic and natural ingredients is boosting the growth of the market. Moreover, another prominent trend observed in the market is a continuous focus on multifunctionality as product development. Although multifunctionality is a relatively old trend in the market, it is being extended towards the newer products in the market. With changing lifestyles, consumer needs are evolving towards multifunctionality in various personal care product categories.


All the above-mentioned factors are projected to boost the demand for cosmetic antioxidants during the review period.


Regulation analysis


The cosmetic industry is highly regulated under the Federal Food, Drug, and Cosmetic Act (FD&C Act) by FDA. In addition to this, every region and country hasits own regulatory system that regulates cosmetic production and packaging. The European Cosmetics Regulation instructs that all cosmetics products must be produced in accordance with the harmonized standards laid out in Good Manufacturing Practices (GMP), in turn, described in the official journal of the European Union. Moreover, EU Cosmetics Regulation includes a set of strict rules for labeling cosmetic products; all of them must be present in the product container and packaging. If the product packaging does not have proper labeling, then it will not be permitted in the market. Furthermore, The Canadian government regularly updates the cosmetic ingredient hotlist that comprises hundreds of chemicals and contaminants prohibited and restricted from use in cosmetics. In 2013, the Israeli government announced new regulation, which is aligned with EU directive 1223/2009 that restricts the use of certain ingredients in cosmetics and personal care products. On similar lines, China Food & Drug Administration (CFDA) sets the standards for the use of cosmetics and personal care ingredients through a regulatory framework.


Covid Impact Analysis


The outbreak of COVID-19 has had a negative impact on cosmetic antioxidants production due to the disruption in the supply chain across the globe. This is because of the restrictions on travel and face-to-face meetings coupled with lockdown and curfews to limit the spread of the coronavirus. The majority of raw materials suppliers in this market had to shut down their operating facilities due to the outbreak of COVID-19. In response to combat the virus, the key suppliers shifted their focus toward offering relief in the pandemic. However, these companies have begun operations again. Looking at the situation, many chemical companies have halted their production facilities across the globe. Some other companies, which are still working, are operating at only 40-60% efficiency.


Manufacturers in this market have decreased their production capacities owing to the decline in demand from the end-use industries, reduced prices, and disruptions in the supply of raw materials. Key players in the market have witnessed a decline in revenue in the fiscal year 2020 as compared to 2019. The manufacturers are taking a toll due to reduced demand for products and have announced reduced capital for their prospects. In addition to this, the imposition of various fiscal and monetary policies across the globe to limit the damage caused by COVID -19 by the governments and managements is expected to result in certain relief.


Market USP


Stringent regulations on cosmetic ingredients


Market Drivers



  • Increase in e-commerce sales of cosmetics products

  • Increasing Affinity Towards Multipurpose Products among the Working Population to Augment the Demand for Skincare Ingredients

  • Substantial Spending on Cosmetics & Personal Care Products in Emerging Economies to Boost the Growth of the Market

  • Rapid Growth of the Personal Care Industry in the Developing Nations


Market Restraints



  • High cost of natural cosmetic antioxidants

  • Increasing ban or restrictions on various ingredients


Segmentation


By Source



  • Natural: This segment is expected to witness the fastest growth during the forecast period. Natural products are obtained entirely from natural sources and include products such as rosemary extracts, green tea, turmeric, etc. The growth in this segment is mainly due to the rising concern over synthetic products and the growing preference for natural products.

  • Synthetic: This segment accounts for the majority of the market share. Synthetic antioxidants are derived from petroleum products. Some of the synthetic antioxidants include butylated hydroxyanisole (BHA), butylated hydroxytoluene (BHT),niacinamide, propyl gallate (PG), and tert-butyl hydroquinone (TBHQ), amongst others.


By Type



  • Vitamins: This segment accounted for the highest market share and is expected to witness the fastest growth during the forecast period. Vitamins such as Vitamin A, C, E, and D are increasingly being added to cosmetic products. It provides various benefits such as anti-aging properties, glowing skin, and UV protection, amongst others.

  • Carotenoids: This segment witnessed healthy growth during the forecast period. Carotenoids impart color to cosmetics and personal care products. It also enhances the appearance of dry or damaged skin by reducing flaking and restoring suppleness.

  • Polyphenols:Polyphenols are natural antioxidants and have proven anti-inflammatory, anti-aging, antimicrobial, and supporting activity in solar photoprotection.

  • Enzymes: Enzymes, such as papain, bromelain, and coenzymes, are highly used in the cosmetic and personal care industry for resurfacing and skin smoothing.

  • Others:The other segment include products such as butylated hydroxyanisole(BHA), butylated hydroxytoluene (BHT), retinol,tert-butylhydroquinone (TBHQ), andpropyl gallate (PG), amongst others.


By Application



  • Skin Care: This segment accounts for the largest market share and is expected to dominate the market over the forecast period.Skin care applicationsinclude moisturizer, UV protection, anti-inflammatory, anti-aging, etc.

  • Hair Care: This segment reported significant growth throughout the forecast period. Hair care application include hair conditioners, shampoos, hair cleansing products, etc.

  • Makeup:Antioxidants such as Vitamin C, niacinamide, and retinol are readily used in makeup products such as foundation, lipsticks, fragrances, etc.


By Region



  • Asia-Pacific:Asia-Pacific accounted for the largest market sharein the global market and is the fastest-growing regional market. This is mainly attributed to the rising cosmetic and personal care industry. China is one of the largest producers and consumers of cosmetic products.The growth potential is in emerging economies such as India, Korea, Singapore, and Thailand.

  • Europe:The demand is mainly driven by the established cosmetic industry,rising consumer preference towards natural products, a strong foothold of leading manufacturers, the presence of advanced technology, and the presence of well-established companies in the region.

  • North America:North America recorded significant growth in the global market on account of the growing aging populationand increasing awareness among consumers about self-care.

  • Middle East & Africa:The demand for cosmetic antioxidantsis rising due to the high disposable incomes, an increase in affinity for cosmetics among the youth population, and significant spending on mass and premium cosmetics.

  • Latin America: The Latin American market is projected to witness notable demand for Cosmetic Antioxidantsdue to theregion's growing personal care and cosmetic industry, especially in Mexico and Argentina.


Key Players



  • BASF SE

  • Koninklijke DSM NV.

  • Wacker Chemie AG

  • Eastman Chemical Company

  • Lonza Group

  • Croda International Plc

  • Ashland Global Holdings

  • Evonik Industries AG

  • Kemin Industries, Inc.

  • Barentz International BV