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(MoneyNewsWire.Net, March 28, 2018 ) The global active ingredient market for cosmetics was USD 2.63 Billion in 2015 and is projected to register a CAGR of 5.2% from 2016 to 2026. The growth in the market is triggered by the growing population across the globe and the rising demand of consumers to look good. Rising concerns for aging skin and the need for an even skin-tone are also contributing towards the increase in use of cosmetic active ingredients.
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The market is dominated by the skin care application mainly because of the increasing demand of anti-aging, skin lightening, and sunscreen products due to the growing awareness among consumers towards their health and skin. Moreover, the growing demand for men’s grooming products is increasing the demand of skin and hair care products, thereby, leading to a rising demand of active ingredients for cosmetics.
The active ingredient market for cosmetics, based on functionality, is classified into conditioning agents, UV filters, anti-aging agents, skin lightening agents, and others. The others category includes cleansing agents, soothing agents, self-tanning agents, anti-acne, anti-oxidants, emollients, and so on. The conditioning agent segment accounted for the largest share of the market in 2015. Low cost and wide applicability of conditioning agents in skin care and hair care applications makes it more suitable to use in the cosmetics industry. However, the anti-aging agents segment is expected to witness the highest CAGR between 2016 and 2021. The aging baby boomers are expected to drive the market for anti-aging agents by using more anti-aging cosmetic products to cure/improve wrinkles, frown lines, and aging process.
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Europe is projected to be the largest market during the forecast period because of the high per capita spending power of consumers on cosmetic products. The dominance is expected to continue between 2016 and 2021. Key market players such as BASF SE (Germany), Evonik Industries AG (Germany) and Seppic SA (France) are expanding their active ingredient for cosmetics business in the region as it is the most lucrative market.
The major factor restraining the growth of the active ingredient for cosmetics market is the high cost associated with shifting to products from natural or organic origin. The higher feedstock cost is pulling back the ingredient manufacturers to choose organic based products in cosmetic formulations. in addition, there is a concern among consumers towards the long-lasting nature of natural/organic cosmetic products as compared to the synthetic cosmetics, which is further restraining the active ingredients market for cosmetics to grow.
The competitiveness of the cosmetic active ingredients market is continuously increasing with innovative and new product launches. Strategic developments are mostly undertaken by major players such as AkzoNobel N.V. (The Netherlands), BASF SE (Germany), Ashland Inc. (U.S.), Seppic SA (France), Evonik Industries AG (Germany), Clariant AG (Switzerland), and Lonza (Switzerland), among others.
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