Cosmetic Chemicals Market Size – USD 21.01 Billion in 2020, Market Growth – at a CAGR of 4.9%. Increasing disposable income in developing countries
NEW YORK CITY BUREAU, NY, UNITED STATES, The global Cosmetic Chemicals Market size is expected to reach USD 31.04 Billion in 2028 and register a CAGR of 4.9% over the forecast period, according to the latest report by Reports and Data. Increasing disposable income among consumers in developing countries, growing preference for anti-aging products, rising demand for cosmetic products formulated using non-toxic ingredients, availability of personalized cosmetics, and rising expenditure on premium cosmetic products are some key factors driving market revenue growth. Cosmetic chemicals are a combination of chemical compounds that are obtained from different synthetic sources. Cosmetic chemicals are used to enhance physical and functional qualities of personal care products such as creams, shampoos, conditioners, lotions, toners, and makeup cosmetics.
Some of the major functions of cosmetic chemicals are moisturizing, cleansing, and coloring. Cleansing segment is expected to register a relatively faster revenue CAGR throughout the forecast period. This can be attributed to increasing demand for clearer skin, and rising awareness about the adverse effects of dust on skin. Increasing investment by private investors in cosmetics research and development activities and rising focus on development of active ingredients for cosmetics are some key factors expected to drive revenue growth of the global cosmetic chemicals market over the forecast period.
Major players in the market report include Dow, Bayer AG, Ashland Inc., Eastman Chemical Company, Akzo Nobel NV, BASF SE, Lanxess, P&G Chemicals, Solvay S.A., and Evonik Industries AG.
In August 2021, Jowell Global announced its cooperative relationship with Hope Bio-Technology. This partnership will help both companies to develop new cell-tech based skincare products, cosmetics, health and nutrition supplements.
Emollients & moisturizers segment accounted for the largest revenue share in global market in 2020. This can be attributed to rising preference for soft and moisturized skin and growing demand for face creams, lotions, and lipsticks.
North America accounted for largest revenue share in the global market in 2020. Robust presence of key market players and rising investment by private investors in cosmetics research and development activities are some major factors driving revenue growth of the market in this region.