Rise in demand for personal care products and growth in the fashion & entertainment industry in emerging countries have boosted the growth of the global cosmetic chemicals market. The market across Asia-Pacific is projected to portray the highest CAGR of 6.9% during the forecast period. On the other hand, the pandemic raised awareness regarding personal hygiene and the demand for cleaning products and skin care products increased.
Portland, OR, Feb. 23, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global cosmetic chemicals market was pegged at $14.7 billion in 2019, and is projected to reach $24.1 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
Rise in demand for personal care products and growth in the fashion & entertainment industry in emerging countries have boosted the growth of the global cosmetic chemicals market. However, strict government regulations regarding use of toxic chemicals and increase in demand for organic products hinder the market growth. On the contrary, increase in R&D to develop an advanced and diverse product portfolio is expected to open lucrative opportunities for the market players in the future.
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The Covid-19 outbreak and followed lockdown resulted in hampered manufacturing and sales activities of cosmetics. Moreover, the demand for cosmetic chemicals was reduced.
On the other hand, the pandemic raised awareness regarding personal hygiene and the demand for cleaning products and skin care products increased.
The global cosmetic chemicals market is segmented on the basis of product type, application, and region. Based on product type, the preservatives segment is estimated to register the highest CAGR of 7.0% during the forecast period. However, the polymer ingredients segment dominated the market in 2019, accounting for more than half of the market.
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On the basis of application, the skin care segment is projected to register the highest CAGR of 6.9% during the forecast period. However, the segment held the largest share in 2019, accounting for more than one-fourth of the market.
The global cosmetic chemicals market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to portray the highest CAGR of 6.9% during the forecast period. However, the market across North America dominated the market in 2019, contributing to more than one-third of the market.
The global cosmetic chemicals market report includes an in-depth analysis of the prime market players such as Solvay SA, Cargill Incorporated, The Dow Chemical Company, Croda International Plc., BASF SE, P&G, Evonik Industries AG, Stepan Company, Symrise, and Ashland Inc.
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