LONDON--(BUSINESS WIRE)--The cosmetic ingredients market is expected to grow by USD 9.16 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Consumers are increasingly becoming aware of the benefits associated with the use of cosmetics containing natural ingredients. This is encouraging cosmetic companies to offer a wide range of skincare and haircare products containing natural organic ingredients such as coconut, bakuchiol, pumpkin, blue algae, avocado, etc. Several vendors are increasing their R&D efforts to develop more products using natural and organic ingredients and thus expand their product portfolios. Vendors are also using ethically and sustainably sourced ingredients to meet the growing demand for organic and natural cosmetic products. The increasing consumer shift toward the use of natural and organic cosmetics is expected to drive the global cosmetic ingredients market growth during the forecast period.
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As per Technavio, the growing prominence of clean labeling in cosmetic formulations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cosmetic Ingredients Market: Growing Prominence of Clean Labeling in Cosmetic Formulations
The growing prominence of clean labeling is one of the key trends in the cosmetic ingredients market. With consumers becoming more conscious about the various ingredients in cosmetic products, vendors are increasing the use of natural ingredients to promote clean labeling and formulation transparency in their products. This is further encouraging several vendors to increase investments in R&D activities to develop eco-friendly alternatives to synthetic ingredients. These factors will have a positive influence on the growth of the global cosmetic ingredients market during the forecast period.
“Factors such as the rising emphasis on health and wellness in cosmetic formulations and increasing consolidation in the global cosmetic ingredients market will have a significant impact on the growth of the cosmetic ingredients market during the forecast period,” says a senior analyst at Technavio.
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Cosmetic Ingredients Market: Segmentation Analysis
This market research report segments the cosmetic ingredients market by type (emollients, film-formers, moisturizers; surfactants; single-use additives; carriers, powders, and colorants; and others), application (perfumes and fragrances, hair care and skin care, color cosmetics, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the cosmetic ingredients market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as rise in per capita income among consumers, increasing demand for organic products, and the availability of a wide range of cosmetics.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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