New Study from StrategyR Highlights a $4.3 Billion Global Market for Active Ingredients for Cosmetics by 2026
SAN FRANCISCO, May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Active Ingredients for Cosmetics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
What's New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to our digital archives and MarketGlass Research Platform
- Complimentary updates for one year
Edition: 9; Released: May 2022
Executive Pool: 11733
Companies: 153 - Players covered include Ashland, Inc.; BASF SE; Clariant AG; Croda International Plc; Evonik Industries AG; Gattefossé SAS; Givaudan SA; Lonza; Lucas Meyer Cosmetics; Nouryon; Seppic SA; Symrise AG and Others.
Coverage: All major geographies and key segments
Segments: Application (Skin Care, Hair Care); Functionality (Conditioning Agents, UV Filters, Anti-Aging Agents, Skin Lightening Agents)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
ABSTRACT-
Amid the COVID-19 crisis, the global market for Active Ingredients for Cosmetics estimated at US$3.5 Billion in the year 2022, is projected to reach a revised size of US$4.3 Billion by 2026, growing at a CAGR of 5.5% over the analysis period. Conditioning Agents, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR, while growth in the UV Filters segment is readjusted to a revised 5.8% CAGR. The COVID-19 pandemic resulted in slowing down the growth of global beauty products market. The measures to contain the spread of coronavirus including lockdown led to number of cosmetic manufacturers around the world closing down operations, mainly due to the shortage of labor. In addition, the pandemic led to the closure of multitude of cosmetic stores. Every segment of the cosmetic sector including haircare, skincare, make-up, oral cosmetics and toiletries and perfumes, witnessed sales decline owing to the closure of physical stores around the world. Almost all categories of the beauty sector were hit considerably by the pandemic and the impact was devastating for the whole of 2020 and for a large part in 2021. However, with world economies slowly falling back on track, the global beauty sector also started performing, helped by increasing disposal income of consumers. By the beginning of 2022, demand for products and services grew strongly, showing signs of a full-fledged return to pre-pandemic levels. However, the competitive intensity of the sector remains.
All through 2020 and also 2021 major cuts in consumer discretionary spending was noticed, mainly due to the restrictions which led to major declines in beauty product sales. Sales at the global level fell 15% in 2020, compared to 2019. In 2021 however, with lockdowns easing, the sector started reversing the negative impact and a 10% increase was reported. In 2022, sales are anticipated to top the levels of 2019. North American and Asia-Pacific markets would be the first ones to experience complete recovery and return to sales performance of 2019. The sector is also expected to perform strongly in the European, MEA and Latin American markets even though sales returning to pre-pandemic levels may take longer. A few Asia-pacific beauty markets, in China for instance, showed no signs of fading even amid the pandemic. Demand had especially been high for color cosmetics and skincare products in such markets. Furthermore, impact of the pandemic varied across the segments. The segment of premium products was hit more considerably mainly because its traditional sales channels had to be closed down due to restrictions whereas, the mass products segment, even though not easily available online for a few weeks, was able to withstand the crisis with comparatively less impact. However, the category is anticipated to reach pre-pandemic levels in 2022.
In the post pandemic period, the market for active ingredients in cosmetics will be spurred by the growing desire to look good among people and the subsequent rise in spending on a range of cosmetic products for skin and hair care. Consumers across the world are becoming increasingly aware about the achieving flawless skin without any marks or blemishes. The growing consciousness among consumers about overall physical appearance, the general pursuit of beauty and growing awareness about the benefits of using various cosmetic products for improving skin care are driving growth in the cosmetics market, thus driving demand for active cosmetic ingredients that find use in their manufacture. The market for active ingredients in cosmetic products is being fueled by the escalating demand for sun protection, anti-aging and skin whitening products. Growing concerns over aging skin and the desire to achieve even skin tone is also leading to high demand for active cosmetic ingredients. With concerns growing over premature aging, dry skin, age spots, premature aging, and pigmentation, demand is rising for ingredients used in anti-aging products. In addition, novel solutions in hair care and increased use of natural ingredients provide favorable growth opportunities for the market. Demand for cosmetic products is strong amongst the elderly population, specifically for products with active ingredients that can minimize signs of aging.
The global cosmetic active ingredients market will also be driven by the growing interest of male consumers in personal grooming and grooming products. For example male consumers are showing increased interest in hair care products such as hair serums. Growing urban population and development of novel products with enhanced effectiveness are also driving growth in the market. Rising awareness about clean label cosmetic products is leading to the development of environment-friendly or green active cosmetic ingredients. The high demand for organic ingredients-incorporating cosmetic ingredients especially in Asia-Pacific countries is expected to drive growth in the market. Despite their higher cost in comparison to synthetic materials, natural or organic ingredients are finding favor amidst the increasing consumer focus on health and environment. The market is thus benefiting immensely from growing consumer inclination towards natural and active cosmetic ingredients, which is spurring demand for products such as botanical extracts, enzymes and amino acids. Also favoring the market is the escalating demand for multifunctional ingredients, driven by the rising sales of multifunctional products.
The positive outlook market is encouraging manufacturers to focus on R&D initiatives to develop new products featuring unique ingredients, thus driving growth in the cosmetic active ingredients market. Leading players operating in the cosmetic active ingredients market are adopting strategies such as new product development, mergers, acquisitions and expansions to strengthen market presence.
Active cosmetic ingredients market is being impacted by the growing consumer aversion to synthetic chemicals, as awareness grows about their harmful effects. Since synthetic chemicals are non-biodegradable, there are concerns over their adverse environmental impact. Such concerns are also driving focus onto organic cosmetic products, thus fueling demand for organic and biodegradable active cosmetic ingredients. Market growth is also impeded by the high cost of products and ingredients, specifically in view of the growing shift towards organic and natural products. The high cost of feedstock is deterring manufacturers of ingredients from investing into organic cosmetic formulations. Strict government regulations and industry standards related to the use of ingredients in cosmetics industry also impacts market growth.
Cosmetics industry and cosmetic ingredients including active agents market have always been subject to intense scrutiny of various regulations and compliance requirements. Ban on marketing of animal-tested cosmetic products and classifying cosmetic ingredients as drugs are some of the developments that affected the cosmetics industry. Also several regulatory bodies have adopted own set of regulations for ensuring safety of ingredients being used in cosmetic products. Such a move has however presented challenges for the cosmetic ingredients market. With legislative mandates being tightened amidst concerns over safety of ingredients, development costs for formulations and ingredients are increasing. High materials costs also has potential to restrict anticipated growth for the market for cosmetic active ingredients. The market actively shifting towards organic and natural ingredients is leading to increase in feedstock costs. Increasing preference for organic cosmetics has also been adversely impacting market growth even though it is seen as a growth opportunity for suppliers of organic active ingredients, as the market continues to depend largely on synthetic ingredients. More
MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android
About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
LINKSJoin Our Expert Panel
https://www.strategyr.com/Panelist.asp
Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./
Follow Us on Twitter
https://twitter.com/marketbytes
Journalists & Media
[email protected]
SOURCE Global Industry Analysts, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article