FACTS AT A GLANCE
Editing: 7; Posted: May 2021
Executive pool: 11733
Companies: 61 – Players covered include Ashland, Inc .; BASF SE; Clariant SA; Croda International Plc; Evonik Industries SA; Gattefossé SAS; Givaudan SA; Lonza; Cosmetics Lucas Meyer; Nouryon; Seppic SA; Symrise AG and others.
Blanket: All major geographies and key segments
Segments: Application (skin care, hair care); Functionality (conditioning agents, UV filters, anti-aging agents, skin lightening agents)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global market of active ingredients for cosmetics to reach $ 3.8 billion by 2024
Cosmetics are substances aimed at bringing aesthetic beauty to the body. The industry uses a number of chemical ingredients in cosmetics to achieve the desired properties. Although there are over 5,000 chemical ingredients used by industry, ingredients generally belong to different groups, each of these groups performing a different function. An active cosmetic ingredient refers to an ingredient designed to treat the skin or hair problem that it is intended to target. An ingredient designed to bring about a significant change in the cosmetic parameters of the skin or hair is an active ingredient. The active ingredients in skin care products include topical exfoliators, sun filters, antioxidants, retinoids, and skin lightening agents, among others. Humectants, moisturizers, anti-aging, anti-cellulite, exfoliation, plant extracts, anti-UV, soothing, whitening, purifying, anti-oxidants are some of the active ingredients intended for the cosmetics industry. Few active skin products are often considered drugs or drugs. A product that comes with claims of altering the structure of the skin or treating certain symptoms such as eczema, rosacea, or psoriasis is generally considered a drug by the US FDA. Few of the ingredients such as salicylic acid are still considered drugs.
Amid COVID-19 Crisis, Global Cosmetic Active Ingredient Market Expected to Reach 3.8 billion US dollars by 2024, registering a compound annual growth rate (CAGR) of 5.7% over the analysis period. Europe represents the largest regional market for active ingredients for cosmetics, accounting for an estimated 34.1% share of the global total. The market is expected to reach US $ 1.3 billion before the end of the analysis period. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 7.5% during the analysis period. The market is driven by the growing desire to look good among people and the subsequent increase in spending for a line of cosmetic skin and hair care products. Consumers around the world are increasingly aware of achieving flawless skin without marks or blemishes.
Rising consumer awareness of overall physical appearance, general pursuit of beauty, and growing awareness of the benefits of using various cosmetic products to improve skin care are driving the growth of the cosmetics market, thereby boosting the growth of the cosmetics market. demand for active cosmetic ingredients which find use in their manufacture. Growth is also benefiting from the growing demand for sun protection, anti-aging and skin whitening products. Growing concerns about aging skin and the desire for an even complexion are also driving a high demand for active cosmetic ingredients. With growing concerns about premature aging, dry skin, age spots, premature aging, and pigmentation, the demand for the ingredients used in anti-aging products is increasing. Additionally, new hair care solutions and increased use of natural ingredients provide favorable growth opportunities for the market. The demand for cosmetic products is strong among the elderly population, especially for products containing active ingredients which can minimize the signs of aging.
The market is also driven by the growing interest of male consumers in personal care and grooming products. For example, male consumers are showing increased interest in hair care products such as hair serums. The growth of the urban population and the development of new products with increased efficiency are also driving the growth of the market. The growing awareness of clean label cosmetic products is leading to the development of active cosmetic ingredients that respect the environment or are green. The high demand for organic ingredients incorporating cosmetic ingredients, especially in Asia Pacific country is expected to drive market growth. Despite their higher cost compared to synthetic materials, natural or organic ingredients are finding favor amid increasing consumer attention to health and the environment. The market thus benefits enormously from the growing consumer inclination for natural and active cosmetic ingredients, which is driving the demand for products such as botanical extracts, enzymes and amino acids. The market is also driven by the growing demand for multifunctional ingredients, driven by the surge in sales of multifunctional products. The positive market outlook encourages manufacturers to focus on R&D initiatives to develop new products containing unique ingredients, thus driving the growth of the cosmetic active ingredients market. Following
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