Press release
Cosmetic Ingredients Market is Booming at A Cagr Of 5.8% to Reach US$ 58.8 Bn by the End Of 2031- TMR Study
Key Insights on Cosmetic Ingredients:
Bio-based Ingredient Adoption: Leading cosmetic companies are transitioning away from harmful, non-biodegradable ingredients derived from petroleum or mineral oils. A pivotal shift towards bio-based ingredients is enabling a circular economy, meeting consumer demand for natural cosmetics, and addressing environmental concerns.
Biocosmetics Revolution: The rise in demand for sustainable and greener cosmetic products has led to the emergence of biocosmetics, crafted from 100% natural ingredients such as plant extracts, essential oils, and minerals. These formulations, excluding harmful chemicals and emphasizing cruelty-free practices, aim to provide safer and more environmentally friendly alternatives to traditional cosmetics.
Sustainability Initiatives: Several companies are prioritizing environmentally friendly manufacturing methods, reducing waste, and cutting harmful emissions. BASF's certification for Rainforest Alliance-certified personal care ingredients and initiatives to reduce CO2 emissions exemplify the industry's commitment to sustainability.
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Market Dynamics Driving Growth:
Increased Expenditure on Personal Care: Rising disposable income, a growing focus on esthetic appeal, and the popularity of functional cosmetic products, especially among the geriatric population, are driving increased spending on personal care products.
Regional Outlook: Europe currently dominates the market, driven by higher expenditure on personal care and an aging population. Asia Pacific, particularly China and India, is anticipated to witness substantial growth due to increased awareness and focus on esthetic appeal. North America is experiencing a shift towards bio-based ingredients.
Key Players and Innovations:
Prominent players in the cosmetic ingredients market include Ashland Global Holdings Inc., BASF SE, Berkshire Hathaway Inc., Clariant, Croda International Plc, Dow Inc., Evonik Industries, J.M. Huber Corporation, KCC Corporation, and Solvay. These players are adopting organic and inorganic strategies to bolster market share and innovation.
Recent Milestones:
Solvay's introduction of Mirasoft SL L60 and Mirasoft SL A60, high-performance bio-surfactants, enabling the development of more sustainable beauty care products.
Croda International Plc.'s launch of Purposeful Beauty, enhancing its sustainability efforts in beauty care.
BASF's partnership with Henkel, aimed at replacing fossil carbon feedstock with renewable feedstock, signaling a commitment to sustainability in Henkel's Laundry & Home Care and Beauty Care businesses.
The research insights underscore a transformative era in the cosmetic ingredients market, emphasizing sustainability, innovation, and a consumer-driven shift towards natural, eco-friendly cosmetic solutions.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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