Upcycled Cosmetic Ingredients Market | Analysis by Top Manufacturers, Size ($433.5 Million) Trends, Growth Rate (6.6%) and Forecast

Allied Market Research published a report, titled, "Upcycled Cosmetic Ingredients Market by Applications (Skin Care, Hair Care, Color Cosmetics): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the upcycled cosmetic ingredients industry generated $231.5 million in 2021, and is estimated to reach $433.5 million by 2031, witnessing a CAGR of 6.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

Rise in demand for upcycled cosmetic ingredients owing to their functional benefits, surge in consumer awareness regarding the benefits of organic components in cosmetic ingredients, sustainability and preference for natural ingredients drive the growth of the global upcycled cosmetic ingredients market. Moreover, unsustainable methods of obtaining the ingredients restrain the market growth to some extent. Furthermore, the increase in concerns regarding environmental sustainability coupled with an increase in consumer preference for products that have a low environmental impact are expected to create lucrative opportunities in the industry.

According to the insights of CXOs of leading companies, 14% of the food produced worldwide-or 1.3 billion tons-is lost each year. The products might not meet quality requirements in some cases or might not be appropriate for supermarket sale. As a result of all the upcycling processes, this is unquestionably a valuable source of components for cosmetics, and in the coming years, we may witness a surge in the development of new products with innovative biochemical mechanisms and really intriguing features.

Moreover, there are many environmental benefits that come with upcycling. First of all, it lowers the significant environmental impact of the beauty business. It limits the overharvesting of plants, lowers the amount of freshwater needed to grow plants, and lowers overall waste. Also, it aids in making appropriate use of the excess byproducts from other operations. Upcycling decreases the release of greenhouse gases like methane that are produced when natural materials deteriorate.

Upcycling also helps manufacturers to shift from a traditional linear economy to a circular economy. The circular economy model advocates sharing, renting, reusing, repairing, renewing, and recycling current resources and products for as long as possible. Thus, it helps to reduce pollution, waste management, biodiversity loss, and climate change effectively.

However, if an ingredient has been changed by overheating, high pressure, or chemical degradation in the first processing it cannot be recycled. In addition, there are some restrictions on the substances that can be obtained from upcycled sources. Moreover, due to the increase in consumer demand for brands to adopt upcycling, manufacturers are investing in R&D activities to develop innovative ingredients.

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The skincare segment held the lion's share in 2021

Based on applications, the skincare segment has garnered the major share in 2021, generating nearly half of the global upcycled cosmetic ingredients market revenue, and is anticipated to grow by 2031. This is because upcycled ingredients like coffee grounds, seed oils, nutshell powders, fruit peel powders, and extracts are extensively being used in recent years for the production of skincare products. The haircare segment, on the other hand, would display the fastest CAGR of 7.37 % throughout the forecast period. The growth is attributed to an increase in the use of fruit peel extracts and fruit seed extracts in the development of shampoos and conditioners to reduce synthetic ingredients in shampoos while also providing additional benefits to the hair. Newer innovations in products such as hair scrubs and hair masks rise the demand for natural ingredients in hair care products, which increases the demand for upcycled ingredients in hair care product production. The report also analyzes the color cosmetics segment.

North America held the major share in 2021

By region, North America accounted for the highest share in 2021, holding more than two-fifths of the global upcycled cosmetic ingredients market revenue and is projected to rule the roost by 2031. This is because the U.S. has several manufacturers of cosmetics with many of them operating at the international level. Furthermore, there is a prevalence of several smaller manufacturers in the region that use locally sourced ingredients as well as natural ingredients to formulate their products. LAMEA, simultaneously, would portray the fastest CAGR of 7.35% from 2022 to 2031. There is an increase in demand for high-quality products in the LAMEA region, owing to a rise in the middle-class population. The report also analyzes Europe and Asia-Pacific regions.

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Leading Market Players-

Lignopure GmbH
Givaudan SA
Mibelle AG
Symrise
SOPHIM
RAHN AG
Cargill, Incorporated
OLVEA Group
Hair O'right International Corporation
P2 Science, Inc.

The report analyzes these key players in the global upcycled cosmetic ingredients market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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