The global cosmetic ingredients market is highly fragmented, states Transparency Market Research (TMR) in a research report. The market also demonstrates an intensely competitive landscape with the presence of a myriad of participants in both the regional and global level. The top drawer companies that have been operating in the market till date are The Dow Chemicals, AkzoNobel, Croda International, Clariant AG, Lonza Group, Solvay SA, Innospec Inc., Evonik Industries AG, and Ashland Inc. The rivalry among these market players is anticipated to rise in the years to come as per reported by a TMR analyst.
The global market for cosmetic ingredients is expected to rise at a 4.60% CAGR form 2017 to 2025. In 2016, the market was worth US$22.89 bn and has been projected to touch US$33.80 bn by 2025.
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Demand for Moisturizing Agents to Considerably High
Cosmetic ingredients are chiefly used as moisturizing agents, cleansing agents, and coloring agents. Amongst these, the moisturizing agents holds the most conspicuous offer in this market, on account of the broad utilization of moisturizing agents in healthy skin, hair care, and cosmetic beauty care products. Scientists expect the situation to stay same throughout the following couple of years. The need for cleansing agents is additionally anticipated to increment impressively sooner rather than later, particularly in the segment of hair care and skin care products. The developing mindfulness among shoppers in regards to the event offered by cleansing agents, such as the successful expulsion of oil and dirt from hair and skin, is anticipated to have an exponential impact on its demand in the coming years.
Region-wise, the global market for cosmetic ingredients was led by Asia Pacific with a share of 32.02% in 2016 and is expected to continue its reign over the market in the years ahead. The fortifying economy of Asian nations has expanded the disposable income of Asian buyers, reflecting incredibly on their everyday comforts and luxuries, which thus, is affecting their aesthetic cognizance. With the expanded buying power, customers will spend on top of the line costly cosmetic products, for the purpose of looking great. This, subsequently, is probably going to fortify the market for cosmetic ingredients in Asia Pacific over the prospective years strikingly, guaranteeing its predominance on the worldwide market.
Consumer Consciousness to be Key Triggering Factor
With the growing disposable income of shoppers, there has been an expansion in their aesthetic cognizance and the enthusiasm towards their physical presence. Their quest for magnificence is powering the sales of cosmetic products considerably over the world, which inevitably, is reflecting on a positive aspect on the demand for cosmetic ingredients. The developing mindfulness relating to healthy skin and the surging use of anti-aging products is likewise boosting the worldwide cosmetic ingredients market significantly.
In spite of the fact that the eventual fate of this market looks flourishing, the expansion in the authorization of stringent principles and directions, institutionalizing the use of a few restorative fixings may hamper the development of this market soon. Nevertheless, the changing inclinations of purchasers, with respect to the mold and their physical appearance, are probably going to make lucrative development openings for the manufacturers of cosmetic ingredients in the years ahead normalizing the impact of the limitations.