Cosmetic Ingredients Market: Escalating Demand for Cosmetic Products to Reflect on Sales

With a large pool of participants, the global cosmetic ingredients market demonstrates a fragmented and a competitive landscape, states a new research report by Transparency Market Research (TMR). BASF SE, Croda International, AkzoNobel, and The Dow Chemicals are some of the leading players operating in this market. The rivalry between the leading players is likely to intensify further in the coming years, reports the study.

According to this research report, the global market for cosmetic ingredients offered an opportunity worth US$22.89 bn in 2016. Expanding at a CAGR of 4.60% during the period from 2017 to 2025, the market is likely to reach US$33.80 bn by the end of the forecast period. On account of the extensive utilization of moisturizing agents in hair care, skin care, and makeup cosmetics, the most prominent share in this market is held by the moisturizing agents segment. The scenario is anticipated to remain the same over the forthcoming years.

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Rising Disposable Income of Consumers to Ensures Continued Dominance of Asia Pacific

North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America have been considered as the key geographical segments of the worldwide market for cosmetic ingredients in this report. As per the study, Asia Pacific dominated the global cosmetic ingredients market in 2016 with a share of more than 32%. The improvement in the living standard of consumers in this region, thanks to the increase in their disposable income due to economic strengthening, has reflected greatly on their aesthetic consciousness and self-grooming. This, as a result, has increased the usage of cosmetics and, consequently, the demand for cosmetic ingredients, propelling the Asia Pacific cosmetic ingredients market.

China, Japan, India, and the Rest of Asia Pacific have emerged as the leading domestic markets for cosmetic ingredients in Asia Pacific. Consumers in these economies are spending high amounts on expensive cosmetics in a bid to enhance their beauty, which is likely to impel the market for cosmetic ingredients in this region, ensuring its dominance over the forecast period. In Asia Pacific, the China market for cosmetic ingredients is expected to witness strong growth in the near future, owing to the presence of cosmetic product manufacturers in a large number. The availability of low-cost raw materials and the rising investments by key participants are also projected to influence this domestic market over the years to come.

Europe, which stood second in 2016, is likely to experience a steady rise in its market share over the next few years, thanks to the augmenting demand for cosmetics in France, Italy, Germany, the U.K., and the Rest of Europe. France, among these, is predicted to lead this regional market over the period of the forecast, states the research report.

Increasing Consumer Consciousness for Physical Apperceive to Influence Demand for Cosmetic Ingredients

“With the rising disposable income of consumers, there has been an increase in their aesthetic consciousness and the interest towards their physical appearance. Their pursuit of beauty is fueling the demand for cosmetic products substantially across the world, which eventually, is reflecting positively on the sales of cosmetic ingredients,” says an analyst at TMR. The growing awareness pertaining to skin care and the surging uptake of anti-aging products is also boosting the global cosmetic ingredients market considerably.

Although the future of this market looks thriving, the increase in the enforcement of stringent rules and regulations, standardizing the usage of several cosmetic ingredients may hamper the growth of this market in the near future. However, the changing preferences of consumers, in regards to the fashion and their physical appearance, are likely to create lucrative growth opportunities cosmetic ingredient vendors in the years to come, normalizing the effect of the restraints, notes the study.

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This release was published on openPR.