Cosmetic Raw Materials Market Size - Forecast To 2031

Pharmacy benefit management market

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The global cosmetic raw materials market size was USD 25530 million in 2021 and is projected to touch USD 36800.2 million by 2031, exhibiting a compound annual growth rate (CAGR) of 3.7% during the forecast period.

Ingredients used in manufacturing cosmetic products are known as cosmetic raw materials. It is crucial because it provides the foundation for formulating effective and safe cosmetic products. The ingredients may be natural or synthetic. The wide variety of cosmetic products is haircare, skincare, fragrance, and color cosmetics. Growing demand for natural and organic cosmetics is projected to drive market growth. Increasing awareness about personal and hygiene care is expected to fuel market growth.

Rising awareness about the benefits of using cosmetic products is anticipated to accelerate cosmetic raw materials market growth. A wide range of offers in online and offline channels is estimated to surge market growth. Increasing popularity of anti-aging and organic skin care products is predicted to stimulate product demand. Growing investment by major key players is expected to drive market growth. Rising disposable income of consumers is projected to propel the market growth during the forecast period. Increasing research and development activities in cosmetic industry is estimated to foster market growth. Growing innovations and developing of new products are predicted to increase market growth.

The global COVID-19 pandemic has been unprecedented and staggering, with the cosmetic raw materials market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is attributable to the cosmetic raw materials market growth and demand returning to pre-pandemic levels once the pandemic is over.

Shut down of cosmetic industries impacted market growth during the pandemic. Strict lockdown restrictions reduced production activities. Lack of raw materials availability reduced product demand. Closer of malls and cosmetic shops hampered market growth. Lack of labor or employee in manufacturing units declined product demand.

On the contrary, post COVID-19 pandemic market is expected to show positive growth due to increasing benefits of the cosmetic industry.

"Increasing Demand for Cosmetic Products to Foster Market Expansion"

Increasing demand for cosmetic products is expected to accelerate market growth. Cosmetic products are important in day-to-day life activities. Applying the products helps to look good and boost confidence. Cosmetic products such as skincare, haircare, color cosmetics, and fragrances help in leading a healthy and hygienic life. It is important to apply skin products according to skin type. The raw materials present in the cosmetic products help to cure the problems. Further, increasing demand for skincare routines and growing promotion of cosmetic products on social media are projected to drive market growth. Increasing demand for grooming among the young population is predicted to fuel product adoption. Rising demand for a fragrance to feel fresh is estimated to drive cosmetic raw materials market growth during the forecast period.

Based on type, the market is divided into active ingredients, aesthetic materials, surfactants and solvents, synthetic, and Natural.

Active ingredients are estimated to be the leading part of type segmentation.

Based on application, the market is classified into skin care, makeup, perfume, sunscreen, and others.

Skin care is estimated to be the leading part of application segmentation.

"Growing Awareness about Anti-Aging Products to Incite Market Growth"

Increasing awareness about anti-aging products is expected to propel market growth. Skin aging has become a major concern among the population. Growing need to reduce fine lines and wrinkles is projected to boost product adoption. Also, increasing pollution and unhealthy lifestyle are predicted to propel market growth. Growing number of tanning and increasing demand to protect skin from harmful UV rays are estimated to surge market growth. Increasing need to get rid of pigmentation is predicted to surge market growth. Growing demand for organic cosmetic products is projected to drive market growth. Increasing demand for hair dye among the young population to look different and trendy is anticipated to boost product demand. Increasing awareness about self-caring and pampering is estimated to boost product adoption. Growing number of salons and skin clinics globally is expected to surge cosmetic raw materials market growth during the forecast period.

"Growth in Cosmetic Industry to Stimulate Market Growth"

Increasing demand for cosmetic products is predicted to fuel market growth. Rising awareness about the benefits of cosmetic products is anticipated to propel market growth. Increasing investment by major market players in developing new products is projected to drive market growth. A wide range of offers available in cosmetic products is estimated to boost product adoption. Growing research and development (R&D) activities in cosmetic raw materials are expected to increase market growth. The presence of different ranges of products and in different price ranges is estimated to fuel market growth. Increasing disposable income among consumers is predicted to accelerate market growth during the forecast period. The most common active ingredients used in cosmetics are phenols, alcohols, surfactants, and alcohols. These chemical components help to make cosmetic products more efficient. Further, some products are 100% natural or organic which helps to hydrate and bring moisture to the skin. Today, in cosmetic products there is a presence of a various range of options and helps in target actions. Such benefits are projected to boost cosmetic raw materials market growth.

"High Cost of Raw Materials to Reduce Product Adoption"

High cost associated with cosmetic raw materials is expected to reduce market growth. The presence of multiple vendors’ fluctuating prices is estimated to hamper product adoption during the forecast period.

"Increasing Demand for Personal Care Products in Asia Pacific to Drive Market Share"

Asia Pacific is estimated to hold the largest part of cosmetic raw materials market share due to increasing demand for personal care products. Rising consumer awareness about skincare products is predicted to accelerate market growth. Increasing disposable income in the region is estimated to surge market growth. Increasing growth in the cosmetic industry is predicted to accelerate market growth during the forecast period. Rising population adopting organic skin care routines is estimated to propel market growth.

North America is estimated to show considerable market growth due to increasing consumer spending on cosmetics. Increasing awareness about the benefits of cosmetic products is projected to drive market growth. Growing investment in developing new products is predicted to propel product adoption. Higher demand for grooming and self-care among the population is anticipated to stimulate cosmetic raw materials market growth during the forecast period.

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the Industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.

Market Size Value In

US$ 25530 Million in 2021

Market Size Value By

US$ 36800.2 Million by 2031

Growth Rate

CAGR of 3.7% from 2021 to 2031

Forecast Period

2024-2031

Base Year

2023

Historical Data Available

Yes

Regional Scope

Global

Segments Covered

Types & Application

The global cosmetic raw materials market is expected to reach USD 36800.2 million by 2031.

The cosmetic raw materials market is expected to exhibit a CAGR of 3.7% by 2031.

Drivers of this market are growing awareness about anti-aging products and growth in cosmetic industry.

BASF, Evonik, Givaudan, DuPont, Firmenich, International Flavors & Fragrances, Nippon Seiki, AkzoNobel, Solvay, Lonza, Croda, Lubrizol, AAK Personal Care, Eastman, Symrise, Kao, Ashland, Innospecinc, Stepan, DSM, Seppic, Jarchem, Clariant, Galaxy Surfactants, Followers Song, Tinci Materials, Zhejiang Zanyu, Guangzhou DX Chemical, Shanghai Delta Industry, and Guangzhou Startec.