Functional Cosmetics Market worth $4.1 billion by 2026 | Key players Ashland Inc., Stepan Company, BASF SE, Nouryon, Clariant AG

According to recent market research the "Functional Cosmetics Market by Functionality (Conditioning Agents, UV Filters, Anti-Aging Agents, Skin Lightening Agents), Application (Skin Care, and Hair Care), and Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2026", The functional cosmetics market is projected to reach USD 4.1 billion by 2026, at a CAGR of 5.2% from USD 3.2 billion in 2021.Functional cosmetics are those components in the cosmetic product formulation that impart pharmacological properties or other direct effects in the cure, diagnosis treatment, mitigation, or prevention of diseases. They are used in cosmetics to provide functional properties when applied to the skin. The growth of the functional cosmetics market is dependent on high spending power on cosmetics and desire to look beautiful.

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It is used to manufacture various end-use products, such as skincare and hair care products. Functional cosmetics market is segmented as conditioning agents, UV filters, anti-aging agents, skin lightening agents, and others based on functionality.
Skincare is the largest application segment of the functional cosmetics market. Europe is projected to be the largest market during the forecast period because of the high per capita spending power of consumers on cosmetic products. The rising employment opportunities are primarily responsible for the high demand for active ingredients for cosmetics. This is because the increasing employment rate will improve the standard of living and thereby will encourage the population to look for products that take care of their skin and hair. Key market players such as BASF SE (Germany), Evonik Industries AG (Germany), and Clariant AG (Germany) are expanding their functional cosmetics business in Europe as it is the most lucrative market. On the other hand, Asia Pacific was the second-largest market in 2020, and Japan was its largest market.

The anti-ageing agents-based functional cosmetics accounted for the third-largest share, in terms of value, in 2020. It is also forecasted to grow at the highest CAGR between 2021 and 2026. This dominance is expected due to the current scenario across the globe with rising population, increased pollution level, global warming and other environmental factors are damaging the skin. The harmful UVA sun rays penetrate the skin and cause premature aging. The aging process gradually encompasses the deterioration of various body organs along with the visible impacts on skin. The loss of collagen production leads to frown lines, blemishes, wrinkles and pigmentation changes which signifies aging of skin. People in the age of 30-35, start using the anti-aging products as a precaution to protect their skin from outside environmental impacts. The desire of humans to look and stay young has positively impacted the market to grow.

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The functional cosmetics market size is estimated to be USD 3.2 billion in 2021 and is expected to reach USD 4.1 billion by 2026, at a CAGR of 5.2% during the forecast period. Factors such as increasing demand for multifunctional ingredients, and accelerating demand for anti-aging, skin whitening, and sun protection products are major driving factors. Shifting focus towards male specific cosmetics is the major growth opportunity for the market. However, High cost of organic products is a major restraining factors in this market.

The key market players profiled in the report include Ashland Inc. (US), Stepan Company (US), BASF SE (Germany), Nouryon (Netherlands), Clariant AG (Germany), Evonik Industries AG (Germany), Gattefosse (France), Lucas Meyer Cosmetics (Canada), Sederma(France), Seppic SA (France), CP Kelco (US), Eastman Chemical Company (US), Emery Oleochemicals (Malaysia), Givaudan SA (Switzerland), Symrise AG (Germany), Sonneborn LLC (US), Vantage Specialty Chemicals (US), United-Guardian, Inc. (US), Innospec Inc. (US), KAO Corporation (Japan), Momentive Performance Materials Inc. (US), ADEKA Corporation (Japan), DuPont (US), and Koninklijke DSM N.V. (Netherlands).

Players in the functional cosmetics market are mainly concentrating on new product launches, mergers & acquisitions, agreements, partnerships, and expansion to meet the growing demand for functional cosmetics for various applications.

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The growth of the functional cosmetics market has been largely influenced by new product launches, mergers & acquisitions and expansion that were undertaken between 2016 and 2020. Nouryon, BASF SE, and Clariant AG has adopted organic growth to enhance their market position.

In October 2018, AkzoNobel relaunched its AkzoNobel Specialty Chemicals business as Nouryon. The Carlyle Group and GIC further acquired the company and marked its transition to becoming an independent, global specialty chemicals leader. Nouryon serves agriculture; building and infrastructure; cleaning and personal care; packaging materials; paints, coatings and inks; polymer production and processing; oil, gas, and mining; food, pulp, and paper; transportation; and other markets. The company's success has been built on strong partnerships, and it believes that collaboration is key to success. Nouryon operates in regions such as Asia Pacific, North America, South America, Middle East and Europe.

In April 2020, Nouryon introduced a natural polymer for sunscreen formulation. SolAmaze Natural is compatible with organic and synthetic sunscreen formulations. The product is bio-based and biodegradable.

BASF SE is a diversified chemical solution provider and manufacturer of a broad range of chemical products with high-end industrial applications. The company operates through sevenbusiness segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. The company offers functional cosmetics through nutrition & care business segment and the chemicals business segment. Under the nutrition & care business segment and care chemicals division, the company offers a broad range of ingredients for personal care, home care, industrial & institutional cleaning, and technical applications. The care chemicals division's high-performance product portfolio includes surfactants, emulsifiers, polymers, emollients, chelating agents, functional cosmetics, and UV filters. The company has its production and development sites globally and is expanding its presence in emerging markets. It primarily operates in Europe and has an active presence in North America, Asia Pacific, South America, Africa, and the Middle East.

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