Global Cosmetic Ingredients Market to Grow at a CAGR of 8% in the Forecast Period of 2024-2032

The rising demand for beauty and personal care products in North America and Europe is significantly contributing to the growth of the cosmetics industry, which is propelling the global cosmetic ingredients market forward. The United States is a leading exporter of cosmetics, particularly to India, Japan, China, Mexico and Brazil. The American cosmetics industry is investing heavily in R&D to create innovative products and beauty equipment that will accelerate the market for cosmetics and personal care products over the forecast period. In the Asia Pacific and Latin America, the perception of cosmetics and personal care products as an essential element in the development of self-esteem and the improvement of social life is likely to continue to grow. Consumers also value the highest quality of life and personal hygiene, thus, boosting the demand for cosmetic products. These factors are expected to drive the growth of the global cosmetic ingredients market.

Over the forecast period, the industry will be driven by the increasing demand for clean labelling in cosmetic formulations. As a result, manufacturers are concentrating on developing natural and organic ingredients and are increasing their market inventories for clean labelled cosmetic ingredients. In addition, they are increasingly investing in the research and development of environmentally friendly product alternatives. Key industry players such as DSM and BASF have also begun expanding the range of clean-labelled ingredients.

In October 2020, as part of the 2018 development project, BASF (OTCMKTS: BASFY) announced that the company has increased its production capacity for Alkyl Polyglucosides (APG) by an additional 10,000 metric tons in Jinshan, China. APGs are surfactants used to enhance mildness and foam in personal care products such as face wash, body wash, and shampoo. This Jinshan plan will surely strengthen the market position of BASF and expand its global reach, thus aiding the overall cosmetic ingredients industry.

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Market Breakup by Application, Type, and Region:

• The market, on the basis of its application, can be divided into perfumes and fragrances, hair care and skincare, and colour cosmetics, among others.

• Based on type, the industry can be divided into emollients, film-formers, and moisturizers, surfactants, single-use additives, carriers, powders, and colourants, and thickening agents, among others.

• The major regional markets for cosmetic ingredients include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Lifestyle transition and enhanced purchasing capacity of consumers in developed countries are significantly aiding the cosmetic ingredients market growth.

• The increasing demand for cosmetics with improved functionality and multiple benefits is leading manufacturers to introduce improved product formulations, which will propel the industry growth.

• With growing awareness regarding skincare, customers are opting for high-quality products and clean label cosmetics, which is boosting the industry growth. 

• Many major companies are investing heavily in the production of ethical and sustainable ingredients to meet the rising demand for organic products. This is expected to drive the market growth during the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the global cosmetic ingredients market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) market information for the types, applications, and regional markets of cosmetic ingredients.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cosmetic ingredients industry are BASF, Eastman Chemical Co., Evonik Industries AG, DSM, and Solvay, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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