Cosmetic chemicals are the main ingredients that are used for the preparation of personal care products. Cosmetics have been used since the late civilizations on the account of improving looks and appearance. In recent years the use of ingredients in the cosmetics industry have changed drastically due to evolving technology and formulas, which are being introduced by cosmetic manufacturers. Different minerals were used to produce colors by the ancient Egyptian aristocracy to give the description to their facial features. In late era, especially during the time of Greeks, it was very common to use face paints for beautification and oil based perfumes for soothing aroma. The major applications of these chemicals include skin care products, hair care products, color cosmetics, makeup, toiletries and oral care among others.
Market Size and Forecast
The global cosmetic chemicals market is estimated to expand at a CAGR of over 4% during 2017 to 2027. The market was valued to be of worth USD 22.4 Billion in 2016, and is expected to reach around USD 33.6 Billion by the end of 2027. The market trends that the cosmetic industry follow globally include globalization of cosmetic products, increased use of non-traditional distribution channels and growing interest in cosmetics. The major international companies such as L’Oreal, Unilever and Procter & Gamble are investing hugely in cosmetic which is expanding the market.
The global cosmetic chemicals market is segmented on the basis of type, function and end user. Moreover, on the basis of type, the market can be segmented into emollients, surfactants, antioxidants and preservatives, rheology modifiers and polymers. Surfactants is the major product segments accounting for the major market share in 2016 on the account of increasing application in skincare and makeup products. These chemicals are widely used to prevent the microbial growth in cosmetics.
By region, global Cosmetic Chemicals Market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America dominated the global cosmetic chemical market on the account of growing consumer spending on cosmetic products coupled with increasing disposable income in this region. Asia Pacific on the account of rapidly increasing population, rapid urbanization and changing lifestyle in developing nations such as China, and India in this region will foster market growth during the forecast period.
Our in-depth analysis segmented the global cosmetic chemicals market in the following segments:
By End User
Global cosmetic chemicals market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Rising demand for skincare and anti-aging cosmetics is one of the factors that are driving global cosmetic chemicals market. The increased usage of natural and organic cosmetics will increase the market of cosmetic chemicals during the forecasted period. Growing consumer spending on cosmetics and toiletry products is one of the crucial factors that drive the market. Top players in the cosmetics market have been shifting their R&D goals towards developing organic grade cosmetics chemicals that can be produced by using petroleum oils and commodity surfactants. Extensive demand for innovative and premium skin lightening ingredients is anticipated to push growth opportunities for cosmetics chemicals manufacturers in near future. The other driving factors of the cosmetic industry include rising demand from the ethnic groups for beauty products that are customized according to their needs. Moreover, rising expenditure on cosmetic products coupled with increasing awareness for organic personal care products among the young population is also expected to fuel demand for cosmetic chemicals market.
However, increasing demand for naturally produced ingredients may block the growth of the cosmetic chemicals market globally. However, growing health concerns regarding ingredient toxicity are expected to hinder the market growth during the forecast period.
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