ID: MRFR/CnM/2602-CR | February 2021 | Region: Global | 135 pages
The cosmetics and personal care ingredients market value is likely to attain a global market value that accounts for USD 14,170.26 million during the ongoing forecast period of 2021-2028. During the period, the market trends are expected to attain a global CAGR that is estimated at 5.78% by the end of the forecast period in 2028.
The chemicals or naturally derived ingredients are used for the synthesis of cosmetics and personal care ingredients. These ingredients are combined and formulated for the improvement of products and properties.
The coronavirus disease was considered as any other normal infection until it took on the health of the people in the native Chinese border followed by its spread in international locations due to inter and intrastate and country travel. The obnoxious spread of the pandemic has been a matter of concern for the developed, developing, and under-developed countries and their healthcare system, and service providers. The situation is worsening as the underdevelopment, production, and availability of vaccines are pushing people to alter their lifestyle and introduce new changes in their daily life, accordingly. The struggles have been huge and never-ending for both the companies and the consumers who demand these market products and services. The imposition of lockdown and other strict norms are hampering the ability of the market to develop and maintain a global market supply and demand chain mechanism.
The global companies and governments are understanding the need of the market to resume the production and manufacturing of the market functions that will help the market to undergo growth and recover the losses that were incurred during the pandemic outbreak. Also, the rising investments from mass governments followed by the development of new and innovative market products and strategies are helping the market to grow as per the predictions by the cosmetics and personal care ingredients market size experts for the forecast period ending in 2028.
The rising cosmetics and personal care ingredients market value is a result of the efforts poured in by the following prominent players of the market and the recent developments undertaken in both the domestic and international locations to meet the rising needs of the global target audience:
There have been increasing consumers' proclivity towards the versatility of products. Especially the employed population is likely to expand their skincare ingredients' and products requirement. Also, the growth can be attributed to consumers' chaotic lifestyles which pushes them to streamline their daily skincare and beauty routines that are resulting in making the multipurpose products grow and gain approval. The several product benefits rendered such as anti-aging, moisturizing, toning, cleansing, UV and harmful rays protection, and antioxidants are likely to promote the cosmetics & personal care ingredients market share during the forecast period of 2021-2028. There has been an increase in per capita disposable income witnessed that is being tagged along with the development in the number of working professionals that have elevated their spending on personal grooming. This, in turn, is likely to drive the growth of the market both in terms of size and revenue.
However, there are considerable market issues and challenges that might hamper the possibility of the cosmetics and personal care ingredients market growth. The global governments are placing rigorous restrictions on the use of ingredients that might reduce the demand associated with global cosmetic and personal care ingredients shortly.
The demand for skin lightening products is increasing and is being experienced to be the maximum use in global locations like the Asia Pacific region followed by the Middle East. This is because of the increasing fixation and obsession towards having a fair skin tone, especially among the youth and women residents. There have been collective instances of social bias and differences that people tend to witness based on skin color. Also, there is a huge requirement for cruelty-free cosmetics owing to the awareness spread amongst consumers as there has been an increased understanding of the approval procedures.
The cosmetics and personal care ingredients market growth during the forecast period of 2021-2028 is a result of the market segmentation followed by the excellent performance in maintenance of the demand and supply chain mechanism. The market has been segmented like:
Based On Type
The formaldehyde segment of the market is being recognized as the quickest and the major market segment that was controlling around 17.4% share in the historic forecast period that ended in 2019. The market segment will progress similarly during the current forecast period.
Based On The Application
The preservative segment, as a part of the application market segment, is likely to emerge as the fastest-growing segment and is projected to attain a global CAGR of 4.5% during the forecast period.
Based On End Use
Based on the market end-use, the industry has been divided and includes skincare, toners, moisturizers, cleansers, and others. The skincare segment accounted for a global CAGR of 32.6% during the historic forecast period that ended in 2019. In 2021, the segment is anticipated to attain a 7.1% CAGR because the customers are favoring the use of beautifying skin products that help enhance their looks, and further, boosting their confidence and demand resulting in the expansion of the cosmetics and personal care ingredients market size.
The cosmetics and personal care ingredients industry is focusing on its development and expansion in 4 major mushrooming economies of the world. The North American market, is expected to establish dominance over the global market owing to the enhanced demand for cosmetic products in the market during the forecast period of 2021-2028. The US region, as a part of the North American market is the chief for cosmetic exports. The market is heavily investing in the research and development department for the development of advanced market products and beauty devices that will enhance the market’s potential.
The cosmetics and personal care ingredients market trends are depicted through the report that has been compiled for the forecast period that will be ending in 2028. The report discusses the market potential based on the market dynamics like drivers, opportunities, challenges, and restraints, that have an impact on the final market valuation for the forecast period. The report discusses the rising market competition based on the intakes and trends introduced followed by the recent developments undertaken during the period.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Dongming Jujin Chemical Co., Ltd., Ittihad International Chemicals Trading LLC (IICT), SABIC, Reza Chemical Industries (RCI) (REZA Investment Company Ltd.), Artec Chemical Company Limited, Chemanol and DOGOIDE Group|
|Key Market Opportunities||Demand For Cruelty-Free Cosmetics|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The cosmetics & personal care ingredients market is predicted to grow at a 5.78% CAGR between 2017-2025.
The global cosmetics & personal care ingredients market is predicted to touch USD 14,170.26 million by 2025.
North America is predicted to dominate the cosmetics & personal care ingredients market.
Key players profiled in the cosmetics & personal care ingredients market include Coptis (US), Pharmacos (India), Sinerga S.p.A. (Italy), Symrise (Germany), SABIC (Saudi Arabia), Eastman Chemical Company (US), Dow (US), Croda International Plc (UK), Akzo Nobel N.V. (Netherlands), and BASF SE (Germany).
Demand for multipurpose products is the key factor boosting the market growth.