Skin Care Is Fastest Growing Segment Fueling The Growth Of Cosmetic Ingredients Market

 

The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cosmetic ingredients consists of substances that are used to manufacture cosmetic products. These ingredients not only enhance the appearance and beauty but also provide various functional benefits such as moisturization and sun protection. The demand for multi-functional cosmetic products is increasing among consumers which is driving the growth of the market.

Market key trends:

One of the key trends driving the growth of the cosmetic ingredients market is the rising consumption of natural and organic cosmetic products. Consumers nowadays are more conscious about the ingredients used in cosmetic products and prefer products containing natural ingredients over chemical ones due to rising health concerns. As a result, manufacturers are increasingly developing and launching natural and organic cosmetic products by using plant-derived ingredients which is supporting the market growth.

Segment Analysis

The global cosmetic ingredients market is segmented based on ingredient type, application, and region. Based on ingredient type, the market is segmented into surfactants, polymers, emollients, antioxidants & preservatives, rheology modifiers, and others. Surfactants are the dominating segment as they are used in almost all cosmetic products due to their cleansing and foaming properties. Based on application, the market is segmented into skin care, hair care, makeup, fragrance & perfume, and others. Skin care is the dominating application segment due to growing demand for anti-aging and moisturizing creams & lotions.

Key Takeaways

The global cosmetic ingredients market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing consumer awareness about personal care and growing cosmetic industry.

Regional analysis:

Asia Pacific region is expected to be the fastest growing as well as dominating region due to rapid economic growth and rising income levels in countries like China and India. The high demand for cosmetic products in the region is fueling the demand for cosmetic ingredients market here.

Key players:

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. The global cosmetic ingredients market is highly competitive and consolidated in nature. These key players are focusing on new product launches and expansion strategies to gain more market share.

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