In terms of value, the functional cosmetics market is estimated to grow from USD 3.3 billion in 2022 to USD 4.6 billion by 2028, at a CAGR of 5.4%. Functional cosmetics are those components in the cosmetic product formulation that impart pharmacological properties or other direct effects in the cure, diagnosis treatment, mitigation, or prevention of diseases. They are used in cosmetics to provide functional properties when applied to the skin. The growth of the functional cosmetics market is dependent on the high spending power on cosmetics and the desire to look beautiful.
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The key players in this market are BASF SE (Germany), Nouryon (Netherlands), Ashland Inc. (US), Clariant AG (Germany), Evonik Industries AG (Germany), Gattefosse (France), Stepan Company (US), Lucas Meyer Cosmetics (Canada), Croda International Plc (UK), and Air Liquide S.A. (France) and others. The functional cosmetics market is witnessing growth in the past few years; new technologies drive the growth of this market. Market players are introducing new technologies and features to acquire larger market shares.
BASF SE is one of the key players in the functional cosmetics market globally. It is one of the largest chemical companies in the world by revenue. The company has a strong foothold in the European market, especially in Germany. It is focusing on building a diversified product portfolio, which aims at enhancing its presence in varied fields to gain a competitive advantage over other companies. BASF SE produce’s function cosmetics for skin care, hair care, sun care, and other applications. The company produces a wide range of functional cosmetics and is expanding globally. It has strong brand recognition compared to other competitive players.
Nouryon deals with agricultural, cleaning, infrastructure, and personal care products. Its strategy is to expand in emerging markets and deliver customer-centric products that will help the company grow. The transition from ingredient supplier to a solution provider, expansion of sustainable product offerings, and increasing capacity utilization will boost its businesses. The company operates in over 80 countries globally. The company strength includes strong brand recognition, strong financial performance, and experienced and talented employees. Nouryon strengthens its position well to continue to grow and succeed in the years to come. The company is well positioned to take advantage of the growth opportunities in the global specialty chemicals market.
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Asia Pacific stands out as a lucrative market for functional cosmetics manufacturers, propelled by the robust economic growth in emerging economies and a surge in disposable income. The region’s high demand for these products is driven by a growing population and the accessibility of affordable options. Rising temperatures have led to an increased preference for UV-filters-based cosmetic products. The discerning consumers in Asia Pacific, particularly conscious of their skin tone, exhibit a heightened awareness, favoring the regular use of sun care and body care cosmetics in their daily routines.
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