The global specialty cosmetic ingredients market is estimated to reach at a value of US$ 16.1 Bn by the end of 2020 and expected to reach at a value of US$ 22.5 Bn by 2028 with a significant CAGR of 4.3%
Global specialty cosmetic ingredients market, By Product Type (Emollients, Surfactants, Conditioning Polymers, Rheology Control Agents, UV Absorbers, Emulsifiers, Antimicrobials, Others), By Application (Skincare, Hair care, Oral care, Make-up, Fragrance, and Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global specialty cosmetic ingredients market is estimated to reach at a value of US$ 16.1 Bn by the end of 2020 and expected to reach at a value of US$ 22.5 Bn by 2028 with a significant CAGR of 4.3%.
As per the report, desiring beauty and good looks is a common human attribute with the view of personal care and achieving good looks, products like honey, milk, clay, or mud were used in the name of cosmetics in bygone days.
In these times, the personal care and cosmetics industry has become a crucial industry to chip in substantially to the world’s gross domestic product (GDP).
At present, the soaring inclination of consumers across the globe towards personal hygiene and grooming is majorly projected to propel the growth of the global specialty cosmetic ingredients market.
Basically, specialty cosmetic ingredients are the concentrated ingredients that are used as a supplement with cosmetics and other body products to offer distinguishing properties to the final product.
The personal care and cosmetics industry is witnessing a rise in the per capita consumption of cosmetics owing to the elevating disposable income of the consumers around the world over the past few years, which in turn is estimated to thrust the growth of the global specialty cosmetic ingredients market in the forthcoming future.
Along with that, there are major giants of the cosmetics industry which are constantly channelizing their efforts to diversify the growth of the global market in emerging regions as well and add to their existing production capability to match the expanding need for specialty cosmetic ingredients. Owing to which, the global specialty cosmetic ingredients market is expected to flourish positively in the near future.
In the similar manner, the increasing understanding of consumers nowadays with regard to harmful effects of cosmetic ingredients that are synthesized using chemical substances and their rising interest towards naturally synthesized cosmetic ingredients is also projected to boost the growth of the global specialty cosmetic ingredients market during the forecast period.
Moreover, the major industry players of the global market are constantly aiming their attention on providing enhanced textural experiences, and producing viable and comprehensive cosmetic products and solutions.
Additionally, the youth of present times are highly influenced by the prevailing beauty trends that have also acted as a major driving factor which is expected to give a positive push to the growth of the global specialty cosmetic ingredients market in the upcoming years.
MMC study identifies some of the key participating players in the specialty cosmetic ingredients market globally are BASF SE, Croda International Plc., Evonik Industries AG, Akzo Nobel N.V., Solvay SA The Dow Chemical Company, Lonza Group, Eastman Chemical Company, Clariant AG, Ashland Global Specialty Chemicals Inc. and Innospec Inc., among others.
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