Cosmetic Chemicals Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Cosmetic Chemicals Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The cosmetic chemicals market size has grown strongly in recent years. It will grow from $19.01 billion in 2023 to $20.2 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to consumer demand for beauty products, changing beauty standards, globalization and urbanization, marketing and branding strategies, regulatory changes and safety standards.

The cosmetic chemicals market size is expected to see strong growth in the next few years. It will grow to $25.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to growing emphasis on natural and organic products, health and wellness trends, global economic and demographic changes, regulatory compliance and safety standards. Major trends in the forecast period include rise of clean beauty, customization and personalization, focus on health and wellness, sustainable packaging and practices, inclusivity and diversity.

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Market Drivers and Trends:

Increasing disposable incomes are expected to propel the growth of the cosmetic chemicals market going forward. Disposable income refers to the money that an individual or household has available to spend or save after paying taxes and other mandated costs. When disposable income increases, people are more likely to spend on beauty and personal care products, which are becoming more visible in a number of rising economies. For instance, in December 2022, according to the Ministry of Statistics and Program Implementation, an India-based commercial organization, the rise in disposable income of consumers increased to 274.13 million in 2022 from 238.57 million in 2021. Global disposable incomes and family spending are both projected to increase by 2.6% in 2022. Therefore, increasing disposable incomes is driving the growth of the cosmetic chemicals market.

Product innovation is the key trend gaining popularity in the cosmetic chemicals market. Major companies operating in the cosmetic chemicals market are focused on developing innovative products to strengthen their market position. For instance, in February 2022, Merck & Co. Inc., a US-based science and technology company launched RonaCare Baobab and RonaCare Hibiscus, two new cosmetic ingredients. These two items were created using the baobab fruit and the hibiscus flower, two superfoods rich in nutrients and also useful for the skin. The botanical extracts can be used in a variety of topical solutions, from daily skin care to dermo-cosmetics, and are sustainably and ethically derived. Strong elastin and collagen protection are provided by RonaCare Baobab, which also lessens skin irritation. Additionally, RonaCare Hibiscus reduces skin irritation, aids in the care of sensitive skin, guards against oxidative stress, shields collagen from deterioration, and boosts the vitality of skin cells.

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Major Key Players of the Market:

Dow Chemical Company, Givaudan SA, Ashland Global Holdings Inc., Eastman Chemical Company, Lonza Group Limited, BASF SE, Lanxess AG, P&G Chemicals, Solvay SA, Evonik Industries AG, Bayer AG, Croda International plc, Stephan Company, Symrise AG, Cargill Inc., Lubrizol Corporation, Cobiosa, Genomatica Inc., Pharmacos, Wacker Chemie AG, Synthomer plc, Celanese Corporation, Arkema Inc., ARLANXEO Holding BV, Apcotex Industries Limited, Asahi Kasei Corporation, KCC Corporation, Bluestar Silicones USA Corp., Clariant AG, Huntsman Corporation, Momentive Performance Materials Inc., Nippon Shokubai Co. Ltd., OMNOVA Solutions Inc., Shin-Etsu Chemical Co. Ltd.

Cosmetic Chemicals Market 2024 Key Insights:

• The cosmetic chemicals market size is expected to see strong growth in the next few years. It will grow to $25.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Demand For Hair And Skin Care Products Drives Growth In The Cosmetic Chemicals Market
• Innovative Cosmetic Chemicals Unleash The Power Of Baobab And Hibiscus In Skincare
• North America was the largest region in the cosmetic chemicals market in 2023

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