The cosmetic chemicals market is experiencing significant growth and it will continue this trend in the years to come.
The growth of the cosmetic chemical industry is mainly attributed to the increasing desire of people to enhance their physical appearance, constant research and development for new products, surging requirement for cosmetics products, high beauty products consumption rate by numerous working women, and rising disposable income in emerging economies, for instance, India and China.
Moreover, the surging research and development for product innovation is a key trend being observed in the industry. Businesses are digging deeper for the advancement of skin-friendly cosmetic products; researching all the possible aspects of beauty and well-being; learning the biology of the hair, skin, oral cavity, and teeth; enhancing the methods of sustainable development; and studying behavior and beauty aspirations of consumers.
In recent years, the emollients & moisturizers category, based on product type, accounted for the largest share of the industry, and it is expected to remain the largest in the years to come. This is mainly because of the high utilization of emollients & moisturizers in various cosmetic and personal care products, for instance, skin moisturizers, body lotions, lipsticks, and face creams.
The skin care category, based on application, accounted for the largest cosmetic chemicals market share in the past few years, and it is likely to advance at a substantial rate in the years to come. This is primarily because of the rise in the requirement for skincare products, as a result of the increasing concern regarding the skin health of consumers.
In addition, some of the players in the cosmetic chemical industry are providing improved and new chemicals for the manufacturing of better skin care products.
The APAC cosmetic chemical industry held the largest share in the past few years, and it is expected to remain the largest in the years to come. This is mainly because of the surging research and development efforts of the manufacturers for low-cost manufacturing of organic personal care products and technological advancement in ingredient processing.
With the surging requirement for cosmetics products, the increasing willingness of consumers to spend on premium products, growing research & development activities, and the growing desire of people to enhance their physical appearance, the cosmetic chemicals industry will continue to advance in the years to come.