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Cosmetic Chemicals Market Size to Worth Around USD 41.7 Bn by 2030

·8 min read
Precedence Research
Precedence Research

According to Precedence Research, the global cosmetic chemicals market size is projected to be worth around USD 41.7 billion by 2030 and poised to grow at a CAGR of 7.64% from 2022 to 2030.

Tokyo, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The global cosmetic chemicals market size was valued at USD 23.14 billion in 2022. The main components utilised in the creation of personal care products are cosmetic chemicals. Cosmetics have existed since advanced cultures realised the need to enhance beauty. Since then, the components in cosmetics have undergone a significant transformation, and new manufacturing processes and formulae for fragrances and cosmetics have also been developed. The creation of cosmetics involves the usage of several substances. Ammonium lauryl sulphate, lanolin, talc, formaldehyde, alcohols, and mineral oil/waxes are a few of them.

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Key Highlights

  • The preservatives sector is anticipated to see the greatest growth rate in terms of revenue, with a CAGR of 7.3% from 2022 to 2030.

  • The polymer ingredients segment led the worldwide cosmetic chemicals market with around 51.3% of the market share in terms of revenue.

  • With over 28.9% of the market share in terms of revenue, the skin care category led the global market for cosmetic chemicals.

  • In terms of revenue, North America held a commanding 36.6% share of the worldwide market for cosmetic chemicals.

  • Asia-Pacific is predicted to have the highest revenue growth rate, reaching a CAGR of 7.3% from 2022 to 2030.

Cosmetic chemicals offer useful and physical characteristics to personal care products such as make-up items, skin lotions, body creams, hair conditioners, and shampoo. But some cosmetics ingredients might lead to adverse responses. Some of the compounds included in cosmetics and personal care products, including 1,4-dioxane, butylated hydroxytoluene, butyl acetate, diethanolamine, coal tar, and mercury, are poisonous. These substances might be harmful to the human body.

Regional Snapshots

In 2021, North America had a revenue share of about 36.6% of the global market for cosmetic chemicals. The production of organic personal care products in the area is a key driver of the need for cosmetic chemicals in the area. The primary factors driving the market for cosmetic chemicals in the region have been rising R&D expenditures by manufacturers along with related technological innovations in the areas of component processing and economical manufacture of organic care products. This trend is anticipated to continue over the course of the forecast period.

The largest market in the world for cosmetic chemicals is the United States. Instead of considering each as a distinct category of personal care, manufacturers in the nation are taking an integrated approach to health and beauty goods. They are therefore becoming more open to ideas that relate advancements in the science and health industries to the efficiency of cosmetics. A number of market participants are concentrating on accelerating the entry of pharmaceutical, biotechnology, and food ingredient firms into the beauty sector, which will lead to the introduction of highly sophisticated components.

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Scope of the Report

Report Attributes

Details

Market Size in 2021

USD 21.5 Billion

Revenue Forecast by 2030

USD 41.7 Billion

CAGR

7.64% from 2022 to 2030

Largest Market

North America

Fastest Growing Region

Asia Pacific

Base Year

2021

Forecast Year

2022 to 2030

Key Players

SOLVAY SA, Croda International PLC, Evonik Industries AG, Stepan Company, Symrise, Ashland Inc, Dow, Others.

Market Dynamics

What are the drivers of cosmetic chemicals market?

  • One of the reasons propelling the cosmetic skin care chemicals market is the increasing demand for skincare and anti-aging cosmetics. During the anticipated period, the industry for cosmetic chemicals will grow due to the rising popularity of natural and organic cosmetics. One of the key aspects driving the market is rising consumer expenditure on cosmetics and toiletry items. Leading companies in the cosmetics industry have shifted their research and development efforts to focus on creating organic grade cosmetics ingredients that can be made utilising petroleum oils and common surfactants.

  • In the near future, it is projected that a large demand for cutting-edge, high-quality skin lightening substances would drive development prospects for companies that make cosmetic chemicals. Additionally fuelling the cosmetic sector is the growing demand for beauty goods from various ethnic groups. Moreover, it is anticipated that increased cosmetic product spending and a young population that is becoming more aware of the benefits of organic personal care products will drive demand for cosmetic chemicals.

  • Both men and women now have higher cosmetic product demands. Despite an exceptional supply problem in 2020, according to L'Oréal S.A., the global cosmetics industry had a considerable comeback in the second half of the year due to the high consumer demand. The market for cosmetic chemicals has expanded as a consequence of the enormous increase in the cosmetics sector and the rising awareness of better beauty products, treatments, and grooming therapies.

  • The market for high cosmetics is increasing as people's worries about their skin's health, physical appearance, greying hair, and hair loss rise, along with shifting hair-styling trends. The rise in personal discretionary income in developing countries also contributes to this. Additionally, the increased spending on marketing and promotion of high-end personal care, skincare, haircare, and beauty goods by cosmetics producers will raise the demand for cosmetic chemicals.

What are the restraints of cosmetic chemicals market?

  • The worldwide market for cosmetic chemicals is experiencing growth restrictions due to strict government rules preventing the use of harmful chemicals and a rise in demand for organic goods derived from natural materials. Also, several cosmetic chemicals have been linked to cancer, genetic mutation, birth abnormalities, and reproductive damage, all of which are expected to restrain the market's expansion. The market participants' increased R&D efforts to create cutting-edge and varied product portfolios are probably going to open up new growth prospects for the global market for cosmetic chemicals.

  • Global desire for naturally sourced components, however, may restrain the market's expansion for cosmetic chemicals. But over the projected period, rising health worries about component toxicity are anticipated to restrain market expansion.

What are the opportunities of cosmetic chemicals market?

People are searching for better alternatives to the conventional cosmetic items now on the market as they become increasingly self-conscious about how they look. Organizations are doing more research to develop skin-friendly cosmetic products, examining every facet of wellbeing and beauty, analysing consumer behaviour and aesthetic preferences, comprehending the biology of the skin, hair, teeth, and oral cavity, and enhancing sustainable development techniques. Consequently, a significant trend in the market for cosmetic chemicals has been recognised as the growth of R&D for product innovation.

What are the challenges of cosmetic chemicals market?

  • In contrast, the growing trend towards the use of organic cosmetic products is one of the biggest challenges to the growth of the cosmetic chemicals market. Strict regulations regarding the toxic chemicals used in cosmetic products are acting as the major limitation for the growth of the cosmetic chemicals market in the forecast period of 2022 to 2030.

  • The market expansion of cosmetic chemicals is expected to be hindered by stringent rules and regulations against the usage of hazardous chemical compounds. For instance, California lawmakers submitted a historic measure in March 2019 stating that the sale of cosmetics containing harmful substances would be considered unlawful in the state. The Toxic-Free Cosmetic Act (AB 495) would be a first for the nation. Therefore, it is anticipated that the establishment of such stringent restrictions will impede the market expansion of cosmetic additives.

  • Growing environmental concerns brought on by issues with dangerous chemical waste from certain facilities' manufacturing of cosmetic components are predicted to limit future production of brand-new cosmetic ingredients.

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Recent Developments

  • In April 2021, Dow Inc. introduced its new Virtual Experience Center (VEC), an immersive 3D platform that enables beauty brands to expand their offerings by enabling visitors to examine noteworthy developments and marketing trends.

  • In November 2020, Care Creations® by BASF SE will start selling Neutrol® MGDA, a highly stable and eco-friendly complexing agent for personal care applications. It has a great ecological and toxicological profile and is biodegradable.

Market Segmentation

By Product type

  • Surfactants

  • Emollients & Moisturizers

  • Film-Formers

  • Colorants & Pigments

  • Preservatives

  • Emulsifying & Thickening Agents

  • Single-Use Additives

  • Others

By Application

  • Skin Care

  • Hair Care

  • Makeup

  • Oral Care

  • Fragrances

  • Others

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

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