Global Functional Cosmetics Market Highlights over 2022 – 2031
The global functional cosmetics market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing health and wellness awareness amongst the population, especially women, along with rising disposable income globally. Functional cosmetics are the products which have a specific function, such as, anti-aging, skin lightening, anti-pigmentation, anti-hair fall, and others. Such functions are highly desired in cosmetic products across the globe. For instance, the global anti-aging products industry valued at approximately USD 58 billion in 2020. With the rise of social media, people are always trying to look their best, which is why, the demand for functional cosmetic products is increasing. Along with this, the advancement in science, with the amalgamation of herbal products with chemical agents, cosmetic companies are able to produce more effective products. The fast and positive result provided by functional cosmetics is further estimated to surge the demand in the market. Moreover, functional cosmetics, such as, skin care products do not have any significant side effects, unlike makeup cosmetics, which is also anticipated to encourage the market growth.
The market is segmented by end-user into male, female, and unisex, out of which, the male segment is anticipated to witness highest growth in the global functional cosmetics market over the forecast period as cosmetic companies are focusing on the male consumers by manufacturing specific products catering to the needs of men. Moreover, men are becoming more aware of their looks and overall wellness, which is anticipated to boost the segment growth. On the other hand, the female segment is estimated to hold the largest share by the end of 2022, owing to the diverse and multi-functional products manufactured to cater to the needs of women. Moreover, the companies focus specifically on women between ages 15 t0 64, as this is the biggest consumer base for functional cosmetics. According to the data by the World Bank, there are 2,492 billion women, and 2.567 billion men between ages 15 to 64, as of 2020. Moreover, the share of women is constantly increasing, which is further expected to impact the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%.
Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Functional Cosmetics Market Regional Synopsis
On the basis of geographical analysis, the global functional cosmetics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing global adoption of traditional skincare methods. Korean and Japanese skincare routines are being adopted by cosmetic companies to manufacture healthy and advanced products. Moreover, presence of various leading cosmetics manufacturing companies in the region is estimated to boost the market growth. Moreover, increasing self-care awareness amongst the large population in the APAC region is also expected to positively impact the market growth. According to the data by the World Bank, the female population in the East Asia and Pacific region reached 1.165 billion in 2020. The growing female population is bound to surge the demand for functional cosmetics in the region. The market in the North America region, on the other hand, is anticipated to gain a substantial market share throughout the forecast period owing to the high disposable income, and rising penetration of functional cosmetics in the region.
The global functional cosmetics market is further classified on the basis of region as follows:
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North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global functional cosmetics market includes the following segments:
By Type
- Conditioning Agents
- Sun Protection Agents
- Anti-Aging Agents
- Skin Lightening Agents
- Others
By Application
- Skin Care
- Hair Care
- Others
By End-User
- Male
- Female
- Unisex
Growth Drivers
- Increasing Health and Wellness Awareness amongst the Population
- Growing Disposable Income Globally
Challenges
- Higher Costs of Organic Products
- Fluctuating Prices and Availability of Organic Raw Materials
Top Featured Companies Dominating the Market
- Ashland Global Specialty Chemicals Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Stepan Company
- BASF SE
- Nouryon Chemicals Holding B.V.
- Clariant AG
- Evonik Industries AG
- SEPPIC SA
- Lucas Meyer Cosmetics Canada Inc.
- Columbia PhytoTechnology LLC
- Eastman Chemical Company
