LONDON--(BUSINESS WIRE)--The global cosmetic ingredients market size is poised to reach USD 8.35 billion by 2023, according to a new report by Technavio, progressing at a CAGR of 7% during the forecast period. Growing demand for natural and organic cosmetic ingredients is expected to augment the market growth over the forecast period.
Key suggestions from the report:
- Perfumes and fragrances represented over 51% of the overall market share in 2018 on account of growing consumers' willingness to spend on personal grooming and the rising demand for personalized fragrances
- Hair care and skin care are likely to register a CAGR of 8% in terms of revenue from 2019 to 2023 owing to a change in consumer lifestyle and the adverse effects of pollution on hair and skin
- Emollients, film-formers, and moisturizers commanded over 42% of cosmetic ingredients market share in 2018, owing to consumers increasingly adopting moisturizing creams and lotions to counter skin dryness and dehydration caused by the adverse effects of pollution
- Surfactants is poised to post a CAGR of 7% in terms of revenue during the forecast period owing to its wide application in cleansing, facial care, neck care, hair removal, and sun protection cosmetics
- The Asia Pacific cosmetic ingredients market accounted for 37% of the overall revenue in 2018, on account of increasing number of consumers in the region becoming aware of the adverse effects of synthetic ingredients and shifting toward cosmetics formulated with organic and sustainable ingredients
- Presence of many players and the growing consolidation in the market are bolstering the competitive rivalry in the market.
Read a 147 page research report with TOC on "Cosmetic Ingredients Market Analysis Report by Type (emollients, film-formers, and moisturizers; surfactants; single-use additives; carriers, powders, and colorants; and others), by Application (perfumes and fragrances; hair care and skin care; color cosmetics, other cosmetic ingredients), and segment forecasts for 2019 to 2023" at
https://www.technavio.com/report/global-cosmetic-ingredients-market-industry-analysis
The market is driven by the growing demand for natural and organic cosmetic ingredients. Owing to the rising awareness about the benefits of natural cosmetic ingredients, several cosmetics companies have started offering a range of skin care and hair care products that contain natural and organic ingredients. These natural products are manufactured from ethically and sustainably sourced ingredients and target the growing demand for organic and natural cosmetics. Overall, the shift toward natural and organic cosmetics is expected to boost the market during the forecast period.
The growing trend of clean labeling in cosmetics has significantly reduced the adoption of artificial and synthetic ingredients over the last few years. Subsequently, vendors are opting for organic and ingredients. Cosmetic companies are increasingly emphasizing the use of natural ingredients to promote clean labeling and transparency in the formulation of cosmetics. Thus, these factors are expected to further encourage R&D activity among vendors for the development of eco-friendly ingredients which in turn, will drive the growth of the market during the forecast period.
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The imposition of stringent regulations places high scrutiny on vendors regarding the type of ingredient used in cosmetic formulations. Failure to comply with these regulations generally results in stringent penalties and legal action against the vendor. Overall, the imposition of stringent regulations is expected to restrict the growth of the global cosmetic ingredients market during the forecast period.
Technavio has segmented the global cosmetic ingredients market based on the type (emollients, film-formers, and moisturizers; surfactants; single-use additive; carriers, powders, and colorants; and others), by application (perfumes and fragrances; hair care and skin care; color cosmetics; and other cosmetic ingredients), and region (APAC, Europe, MEA, North America, and South America).
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