Publishing: August 2021 | Report Code: CM12221 | Available Format: PDF
The global cosmetic chemicals market stood at around $20.0 billion in 2020, and it is expected to witness substantial growth during the forecast period (2021–2030). The major factors responsible for the growth are the rising desire of people to improve their physical appearance, increasing disposable income in developing countries, such as China and India, continuous research and development (R&D) for product innovation, and high consumption rate of beauty products by a large number of working women in big corporations.
During the COVID-19 pandemic, there was a negative impact on the cosmetic chemicals market due to the implementation of lockdowns and social distancing measures in several countries across the world. As a result, people stopped moving outdoors except in the cases of necessity, which led to a decline in the customer spending on non-essential products, such as cosmetics, thus leading to a reduction in the demand for cosmetic chemicals.
The emollients & moisturizers category held the major share, both in terms of volume and value, in the cosmetic chemicals market in 2020, and it would continue to lead it during the forecast period, based on product type. This can be credited to the high usage of emollients and moisturizers in several personal care and cosmetic products, such as body lotions, skin moisturizers, face creams, and lipsticks.
In 2020, the skin care category held the largest share in the cosmetic chemicals market, both in terms of volume and revenue, and it is expected to display substantial growth in the upcoming years. This can be attributed to the increase in the demand for skincare products, as people become more concerned about their skin's health. Moreover, several market players are offering new and improved chemicals for the production of enhanced skin care products.
Globally, the APAC region accounted for the major share in the cosmetic chemicals market in 2020, and it would continue to hold this position during the forecast period. This can be ascribed to manufacturers' increasing R&D efforts for technological breakthroughs in ingredient processing and low-cost production of organic personal care products.
People are becoming more concerned about their looks, therefore seeking out better alternatives to the traditional cosmetic products available in the market. Organizations are digging deeper for the development of skin-friendly cosmetic products, delving into all the imaginable aspects of beauty and wellbeing, investigating consumer behavior and beauty aspirations, understanding the biology of the skin, hair, teeth, and oral cavity, and improving sustainable development methods. Hence, the increasing R&D for product innovation has been identified as a major trend in the market for cosmetic chemicals.
The demand for cosmetic products has increased among both men and women. According to L'Oréal S.A., in spite of an unprecedented crisis of supply in 2020, the global cosmetics market is dynamic in nature and saw a significant recovery in the second half of the year, driven by the strong consumer demand. Furthermore, the increasing awareness of superior beauty products, treatments, and grooming therapies has significantly boosted the cosmetics industry, thus resulting in the growth of the market for cosmetic chemicals.
The growing concerns about skin health, physical looks, gray hair, and hair loss, combined with the changing hairstyling trends, are resulting in the rising demand for premium cosmetics. This is further aided by the increase in the personal disposable income in developing countries. Moreover, the increase in the spending by cosmetics manufacturers on advertising and commercialization of premium personal care, skincare, haircare, and beauty products would boost the sales of cosmetic chemicals.
|Base Year (2020) Market Size||~$20.0 billion|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Regional and Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis; Company Profiling|
|Market Size by Segments||By Product Type, By Application, By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||Cosmetic Trade and Professional Associations, Cosmetics Europe, Indian Beauty & Hygiene Association, Cosmetic, Toiletry and Perfumery Association, Personal Care Products Council, Product Development & Marketing Association, Research Institute for Fragrance Materials, Society of Cosmetic Chemists, Synthetic Organic Chemical Manufacturers Association, Women in Flavor and Fragrance Commerce, World Trade Center Denver, World Bank|
Some of the major players operating in the global cosmetic chemicals market are The Dow Chemical Company, Givaudan S.A., Ashland Inc., Eastman Chemical Company, Lonza Group, BASF SE, LANXESS Deutschland GmbH, P&G Chemicals, Solvay S.A., Evonik Industries AG, Cargill Incorporated, Croda International Plc, and Bayer AG.
In recent years, players in the cosmetic chemicals industry have been involved in launching new products in order to gain a competitive edge.
The cosmetic chemicals market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Product Type
Based on Application
The global cosmetic chemicals market generated $20.0 billion revenue in 2020.
The COVID-19 pandemic hampered the progress of the cosmetic chemicals industry.
Asia-Pacific was the largest region in the cosmetic chemicals industry in 2020.
The emollients & moisturizers product category dominated the market for cosmetic chemicals in 2020.
The increasing research and development (R&D) activities being carried out for product innovation is the major trend in the market for cosmetic chemicals.
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