Cosmetic Pigments Market to Observe High Growth by 2024

Cosmetic pigments are used extensively in cosmetic and personal care products. These pigments are available in natural and synthetic types. Cosmetic pigments that are not permanent are called fugitive pigments. Fugitive pigments fade when exposed to light or eventually fade over time. Cosmetic pigments are primarily employed in the manufacture of products such as facial makeup, lip products, eye makeup, nail products, hair color products, and special effects and special purpose products.

Based on composition, the cosmetic pigments market has been segmented into organic and inorganic. Inorganic cosmetic pigments account for the significant share of the global cosmetic pigments market owing to the rise in disposable income of consumers and changing fashion trends. Organic cosmetic pigments are expected to experience high growth rate, led by the increase in awareness about the benefits of using organic products. Changing consumer preferences and fashion trends are anticipated to boost the cosmetic pigment market during the forecast period.

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In terms of region, the global cosmetic pigments market has been segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Europe was the largest market for the cosmetic pigments market in 2015. The market for cosmetic pigments in Europe is estimated to expand due to the increase in demand for cosmetic pigments in various applications such as lip products, nail products, facial makeup, eye makeup, hair color products, and special effects & special purpose products. Facial makeup held large share of the cosmetic pigments market in Europe in 2015. The application segment is driven by the rising demand for root makeup products such as foundations and face powders. Increase in disposable income of consumers in North America and Europe is projected to boost the cosmetic pigments market in these regions. The U.S. and U.K. are likely to constitute major share of the cosmetic products market in North America and Europe due to the high disposable income of the people and new product launches. Cosmetic pigments market is anticipated to witnessing a shift from the U.S., Western Europe and Japan to the developing economies of Asia due to less stringent environmental regulations. Developing economies in Asia, namely China and India, are also projected to register high growth rate in the color cosmetic pigments market due to the increase in income of consumers and changing lifestyle. Technological advancements and innovations of new products are expected to boost the demand for cosmetic pigments during the forecast period.

Global demand for cosmetics is anticipated to rise significantly in the near future, thereby offering high growth opportunities for the cosmetic pigments market. Rapid increase in demand in end-use applications, competitive manufacturing costs, and high economic growth rate are propelling the cosmetic pigments market in Asia Pacific. These factors are attracting companies to adopt expansions and R&D strategies in the region. Market players are focusing on Asia Pacific to gain higher market share. Producers of cosmetic pigments have been compelled to adopt expansion and acquisition strategies to meet the global demand. Large numbers of producers are shifting their plants to countries such as China and India due to the factors such as high demand and low raw material and labor costs.

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Major players operating in the global cosmetic pigments market are Sun Chemical, Sensient Cosmetic Technologies, Sudarshan Chemical Industries, EMD Performance Materials, Lanxess, BASF SE, Geotech International B.V., Huntsman, Clariant, and Kobo Products Inc.    

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