The global cosmetic chemicals market is poised to top US$ 30 Bn by 2031, expanding at above 6% CAGR, according to a latest report published by Fact.MR. Growth is primarily fueled by a flourishing global cosmetics industry, as consumers augment spending on personal care products amid surging disposable incomes.
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Historically, sales of cosmetic chemicals increased at a CAGR of a little under 5% to reach a valuation of almost US$ 20 Bn by 2019. The market surpassed US$ 21 Bn in 2020; however, COVID-19-induced depression limited prospects in the first half of the previous fiscal. Massive store closures declined cosmetic products sales, disrupting the supply of cosmetic chemicals for further production.
Future sales prospects are expected to be majorly influenced by heavy consumption of organic cosmetics. As sustainability concerns aggrandize, consumers are consciously weaning away from inorganic cosmetic products, preferring natural alternatives. Growth is especially poignant across the skincare & haircare products segment, with major cosmetic giants striving to offer 100% organic products.
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Key Takeaways from Market Study
- Skincare & haircare to emerge as primary application areas, accounting for over 30% revenue
- By product, emollients, skincare & moisturizers to remain top-selling, reaching nearly US$ 11 Bn by 2031
- Demand for surfactants and single-use additives to collectively expand at over 11% CAGR until 2031
- Organic cosmetic chemicals comprise bulk of U.S. sales, reaching almost US$ 6 Bn in 2020
- Market in China to reach a valuation of nearly US$ 7 Bn by 2031, expanding at nearly 9% CAGR by 2031
- Japan and Canada are other noteworthy markets, expanding at CAGRs exceeding 3% and 5%, respectively
“Mushrooming trends in the global cosmetics & personal care industry amid enhanced consumer spending are prompting key manufacturers to bolster R&D capacities to launch new products, thereby stimulating demand for high-grade cosmetic chemicals,” says a Fact.MR analyst.
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Prominent cosmetic chemical manufacturers in Fact.MR’s report include 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, among others.
- In April 2021, BASF SE introduced the Sacred Patch® skincare active ingredient which helps boost emotional well-being, endowed with the latest MicroPatch® technology, and is 99.2% natural origin. It possesses outstanding moisturizing capabilities, stimulating oxytocin release.
- In November 2019, Clariant International Ltd. acquired a 10% stake in French cosmetic ingredients manufacturer Plant Advanced Technologies for the purpose of developing new premium products in the active ingredients business portfolio.
Key Segments Covered in Market Study
- Cosmetic Chemicals for Perfumes & Fragrances
- Cosmetic Chemicals for Haircare & Skincare
- Color Cosmetic Chemicals
- Cosmetic Chemicals for Other Applications
- Cosmetic Chemical Emollients, Film Formers & Moisturizers
- Cosmetic Chemical Surfactants
- Single Use Cosmetic Chemical Additives
- Cosmetic Chemical Carriers, Powders & Colorants
- Cosmetic Chemical Thickening Agents
- Other Cosmetic Chemical Types
Key Country-wise Inclusions
• US Cosmetic Chemicals Market
• Canada Cosmetic Chemicals Market Sale
• Germany Cosmetic Chemicals Market Production
• UK Cosmetic Chemicals Market Industry
• France Cosmetic Chemicals Market
• Spain Cosmetic Chemicals Market Supply-Demand
• Italy Cosmetic Chemicals Market Outlook
• Russia & CIS Market Analysis
• China Cosmetic Chemicals Market Intelligence
• India Cosmetic Chemicals Market Demand Assessment
• Japan Cosmetic Chemicals Market Supply Assessment
• ASEAN Cosmetic Chemicals Market Scenario
• Brazil Cosmetic Chemicals Market Sales Analysis
• Mexico Cosmetic Chemicals Market Sales Intelligence
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