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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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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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