Organic Hair Care and Skincare Products account for 30% of Global Cosmetic Chemical Demand: Fact.MR Research

2022-06-24 18:05:12 By : Ms. carrie zuo

Mushrooming Trends in the Worldwide Cosmetics and Personal Care Business, Along With Increased Consumer Spending, Are Encouraging Leading Manufacturers to Boost R&D Capacity In Order To Introduce New Products, Consequently Increasing Demand for High-Grade Cosmetic Chemicals

United States, Rockville MD, June 24, 2022 (GLOBE NEWSWIRE) -- : According to a recent Fact.MR analysis, the worldwide cosmetic chemicals market is expected to exceed US$ 39 Billion by 2032, rising at a CAGR of 6%. Growth is largely driven by a thriving global cosmetics business, as consumers increase their expenditure on personal care items in response to rising disposable incomes.

Previously, sales of cosmetic chemicals rose at a CAGR of slightly less than 5%, reaching a valuation of over US$ 21 Billion by 2021. In 2020, the market will have topped US$ 21 billion; however, COVID-19-induced slump hindered hopes in the first half of the preceding fiscal year. Massive shop closings reduced cosmetic product sales, causing a disruption in the availability of cosmetic ingredients for future manufacturing.

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The high usage of organic cosmetics is projected to have a significant impact on future sales prospects. As consumer concerns about sustainability grow, they are intentionally shifting away from inorganic cosmetic items in favor of natural alternatives. Growth is particularly noticeable in the skincare and hair care product segments, with major cosmetic companies attempting to provide 100% organic goods.

Cosmetic Chemicals Market Revenue Analysis 2015-2021 vs. Future Outlook 2022-2032

The analysis of cosmetic chemical demand from 2015 to 2021 showed a historical growth rate of less than 5% CAGR, with general expansion of the cosmetics & personal care industry driving growth as consumers increased spending amid rising disposable incomes.

In 2020, the market was worth approximately US$ 20 Billion, and it is expected to be worth slightly more than US$ 21 Billion by 2021. Initial recessionary downturns brought on by the COVID-19 pandemic in the form of lower cosmetic sales, store closures, and manufacturing cycle interruptions momentarily halted growth hopes.

However, since infection curves have flattened from 2022, industrial production activity in important markets have restarted. As a result, Fact.MR's cosmetic chemicals demand projection predicts a CAGR of 6% by 2032.

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Key Segments Covered in the Cosmetic Chemical Industry Survey

Cosmetic Chemicals for Perfumes & Fragrances

Cosmetic Chemicals for Hair care & Skincare

Cosmetic Chemicals for Other Applications

Cosmetic Chemical Emollients, Film Formers & Moisturizers

Single Use Cosmetic Chemical Additives

Cosmetic Chemical Carriers, Powders & Colorants

Major cosmetic chemical producers included in Fact.MR's study are Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Clariant International Ltd., Dow Inc., Firmenich SA, Givaudan SA, International Flavors & Fragrances Inc., LANXESS AG, Lonza Group Limited, and P&G Chemicals.

BASF SE released the Sacred Patch® skincare active ingredient in April 2021, which helps promote emotional well-being, is equipped with the newest MicroPatch® technology, and is 99.2 percent natural in origin. It has excellent moisturizing properties and stimulates oxytocin release.

Clariant International Ltd. purchased a 10% investment in the French cosmetic ingredients producer Plant Advanced Technologies in November 2019 with the intention of creating new premium products for the active ingredients business portfolio.

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Key players in the Cosmetic Chemical Market

International Flavors & Fragrances Inc.

Key Takeaways from Cosmetic Chemical Market Study

Global cosmetic chemicals market to flourish 1.8x from 2022 to 2032

U.S to be an opportunistic market, growing at a CAGR of 5.8% until 2032

China to emerge as a significant market, expected to be valued at US$ 7 Billion

South Korea and Japan to be important contributors, collectively growing at a rate of 9.1%

Hair and skin care to be primary growth accelerator, exhibiting a 5% CAGR

Emollients, film formers and moisturizers to emerge as prominent cosmetic chemical types, being valued at US$ 11 Billion

About the Technology Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.

Explore Fact.MR's Coverage on the Technology Domain-

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IoT Microcontroller Market- The global IoT microcontroller market was valued at US$ 4.6 Bn in 2021, and is expected to surge at a Y-o-Y rate of 8.7% to reach US$ 5 Bn in 2022. Furthermore, the industry is slated to flourish 3.4x until 2032, expected to reach US$ 17 Bn in value terms.

BIM Extraction Software Market- The building information modeling (BIM) extraction software industry reached US$ 140.9 Million in FY2021, and is likely to register a Y-o-Y increase of over 10% in 2022, expected to be valued at US$ 155.1 Million.

Application Transformation Market- The global application transformation market was valued at US$ 12.1 Billion in 2021, and is projected to register a Y-o-Y increase of 11.6% in 2022 to be valued at US$ 13.5 Billion. During the 2022-2032 period of assessment, demand is expected to rise at a 10% value CAGR, likely to reach US$ 34.9 Billion by the end of the said forecast period.

AI and Automation in Banking Market- The global AI and automation banking market was valued at USD 16.5 Bn in 2021. The trade is likely to reach USD 23.3 Bn in 2022. Due to improvements in data collection technology among financial institutions, the demand for AI and automation has surged significantly.

Airborne Weapon System Market- The global airborne weapon system market was valued at US$ 80.5 Billion in 2021, and is projected to register a Y-o-Y increase of 3.7% in 2022 to be valued at US$ 83.6 Billion. During the 2022-2032 period of assessment, demand is expected to rise at a 3.6% value CAGR, likely to reach US$ 119 Billion by the end of the said forecast period.

Automatic Number Plate Recognition Market- The global automatic number plate recognition market was valued at US$ 3.1 Billion in 2021, and in 2022 to be valued at US$ 3.5 Billion. During the 2022-2032 period of assessment, demand is expected to rise at an 11.5% value CAGR, likely to reach US$ 10.4 Billion by the end of the said forecast period.

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