Functional Cosmetics Market worth $4.6 billion by 2028 | Key players BASF SE (Germany), Nouryon (Netherlands), Ashland Inc. (US), Clariant AG (Germany), Evonik Industries AG (Germany).

According to recent market research the "Functional Cosmetics Market by Functionality (Conditioning Agents, UV Filters, Anti-Ageing Agents Skin-Lightening Agents), Application (Skin Care, Hair Care), and Region (Europe, Asia Pacific, North America) - Global Forecast to 2028", size was USD 3.3 billion in 2022 and is projected to reach USD 4.6 billion by 2028, at a CAGR of 5.4%, between 2023 and 2028. Functional cosmetics are cosmetic ingredients that help whiten the skin, decrease wrinkles, protect from ultraviolet (UV) rays, change hair colour, remove hair, or nourish hair, and correct dryness, cracking, or peeling skin.

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The conditioning agents for skin can influence the homeostatic process of repair and growth by augmenting the skin's renewal mechanism. The conditioning agents used in hair have fairly no effect on growth, and neither can help in cellular repair. These agents can help temporarily improve the cosmetic appearance of damaged hair, which further needs to be reapplied as the removal occurs. The market in this segment is driven by the increasing population and rising per capita spending on cosmetics in Asia Pacific and Europe.

The functional cosmetics used in skin care cater to problems such as protection from harmful sun rays, wrinkles, blemishes, acne, aging, and frown lines, among others. The demand for skin care products is increasing rapidly worldwide due to the common need of humans to look good. The essence of bright and glowing skin is a major thriving factor for the growing demand for beauty and skincare products. The skin care application segment is categorized into three sub-types: body care, face care, and sun care.

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The high economic growth of emerging economies and the increasing disposable income of people make Asia Pacific an attractive market for functional cosmetics manufacturers. The increasing population and availability of cheap products are primarily responsible for the high demand for functional cosmetics in the region. UV-filters-based cosmetic products are also being increasingly used due to rising heat levels in the region. Consumers in Asia Pacific are more considerate about their skin tone, due to which they are more aware and willing to use sun care or body care cosmetics in day-to-day operations.

The key players profiled in the report include BASF SE (Germany), Nouryon (Netherlands), Ashland Inc. (US), Clariant AG (Germany), Evonik Industries AG (Germany), Gattefosse (France), Stepan Company (US), Lucas Meyer Cosmetics (Canada), Croda International Plc (UK), and Air Liquide S.A. (France).

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BASF SE is one of the key players in the functional cosmetics market globally. It is one of the largest chemical companies in the world by revenue. The company has a strong foothold in the European market, especially in Germany. It is focusing on building a diversified product portfolio, which aims at enhancing its presence in varied fields to gain a competitive advantage over other companies. BASF SE produce's function cosmetics for skin care, hair care, sun care, and other applications. The company produces a wide range of functional cosmetics and is expanding globally. It has strong brand recognition compared to other competitive players.

Nouryon deals with agricultural, cleaning, infrastructure, and personal care products. Its strategy is to expand in emerging markets and deliver customer-centric products that will help the company grow. The transition from ingredient supplier to a solution provider, expansion of sustainable product offerings, and increasing capacity utilization will boost its businesses. The company operates in over 80 countries globally. The company strength includes strong brand recognition, strong financial performance, and experienced and talented employees. Nouryon strengthens its position well to continue to grow and succeed in the years to come. The company is well positioned to take advantage of the growth opportunities in the global specialty chemicals market.

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