According to a recent Fact.MR analysis, the worldwide cosmetic chemicals market is expected to exceed US$ 39 Billion by 2032, rising at a CAGR of 6%. Growth is largely driven by a thriving global cosmetics business, as consumers increase their expenditure on personal care items in response to rising disposable incomes.
Previously, sales of cosmetic chemicals rose at a CAGR of slightly less than 5%, reaching a valuation of over US$ 21 Billion by 2021. In 2020, the market will have topped US$ 21 billion; however, COVID-19-induced slump hindered hopes in the first half of the preceding fiscal year. Massive shop closings reduced cosmetic product sales, causing a disruption in the availability of cosmetic ingredients for future manufacturing.
The high usage of organic cosmetics is projected to have a significant impact on future sales prospects. As consumer concerns about sustainability grow, they are intentionally shifting away from inorganic cosmetic items in favor of natural alternatives. Growth is particularly noticeable in the skincare and hair care product segments, with major cosmetic companies attempting to provide 100% organic goods.
Key Takeaways from the Market Study
- Global cosmetic chemicals market to flourish 1.8x from 2022 to 2032
- S to be an opportunistic market, growing at a CAGR of 5.8% until 2032
- China to emerge as a significant market, expected to be valued at US$ 7 Billion
- South Korea and Japan to be important contributors, collectively growing at a rate of 9.1%
- Hair and skin care to be primary growth accelerator, exhibiting a 5% CAGR
- Emollients, film formers and moisturizers to emerge as prominent cosmetic chemical types, being valued at US$ 11 Billion
“Mushrooming trends in the worldwide cosmetics and personal care business, along with increased consumer spending, are encouraging leading manufacturers to boost R&D capacity in order to introduce new products, consequently increasing demand for high-grade cosmetic chemicals,” a Fact.MR analyst says.
Major cosmetic chemical producers included in Fact.MR’s study are Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Clariant International Ltd., Dow Inc., Firmenich SA, Givaudan SA, International Flavors & Fragrances Inc., LANXESS AG, Lonza Group Limited, and P&G Chemicals.
- BASF SE released the Sacred Patch® skincare active ingredient in April 2021, which helps promote emotional well-being, is equipped with the newest MicroPatch® technology, and is 99.2 percent natural in origin. It has excellent moisturizing properties and stimulates oxytocin release.
- Clariant International Ltd. purchased a 10% investment in the French cosmetic ingredients producer Plant Advanced Technologies in November 2019 with the intention of creating new premium products for the active ingredients business portfolio.
More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global cosmetic chemicals market, analyzing historical demand from 2015-2021 and forecast statistics for 2022–2032.
The study reveals growth projections on the ammunition market on the basis of application (perfumes & fragrances, hair care & skincare, color and other applications) and type (emollients, film formers & moisturizers, surfactants, single use chemical additives, carriers, powders & colorants, thickening agents and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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