A recent study published by Transparency Market Research on the global cosmetics ingredient market covers global industry analysis and opportunity assessment for 2020-2030. The complete revenue generated from the global cosmetics ingredient market is valued at US$ 30 Bn in 2020 that is anticipated to surge at a CAGR of 5.6%, to reach US$ 51.6 Bn by 2030.
Rising Demand for Anti-aging Ingredients Paving Way for Cosmetics Ingredient Market
The growing aging population endures to push up the demand for anti-aging cosmetic products. Moreover, increasing demographic of individuals looking for better appearance is likely to drive the growth of the anti-aging ingredient sector. Several ingredients that are used in anti-aging have moisturizing and skin healing properties. These ingredients heal skin conditions, including wrinkles, acne, blemishes, eczema, and make the skin lustrous and smooth. Additionally, these ingredients also prevent sagging skin and dark spots, which are boosting the demand for anti-aging products. Hence, the rising demand for premium skin and anti-aging products is expected to augment the demand for cosmetic ingredients.
Offering Premium Cosmetic Ingredients to Create Lucrative Avenues for Market Growth
The increase in the number of working people across the world is resulting in rising per-capita expenditure ability on cosmetic products, which is a prominent factor for sales of premium quality cosmetic ingredients. The increasing population of working women that are spending more on enhancing their appearance to appear more professional and presentable is a significant factor fueling growth of the global cosmetics ingredient market across the world. Thus, the rise in disposable incomes and working women population is directly proportional to the total spending on premium cosmetic products, which serves as an opportunistic platform for players in the global cosmetics ingredient market.
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Heightened Demand for Natural Ingredients to Boost Sales
Growing concerns about side effects of various chemicals and ingredients or synthetic additives used in cosmetics and personal care products increase the demand for natural substitutes. At the back of this factor, the demand for natural cosmetic ingredients is increasing in the global market. Rising awareness and increasing expenditure on natural cosmetic products are key factors that contributed to the growth of the natural cosmetics ingredient market. Moreover, government and private corporations are also promoting use of natural cosmetic ingredients with a view to prevent and control various side effects of synthetic cosmetic ingredients, such as rashes, allergies, and other skin deformities.
Impact of COVID-19: Cosmetics Ingredient Market
The global outbreak of COVID-19 pandemic has boosted the sales of personal cleansing and hygiene products, including liquid soaps, sanitizers, and skincare products. Thus, the skin care segment, including several brands, which are focusing on the personal hygiene, along with cleansing is anticipated to drive the sales of cosmetic ingredients such as surfactants, antimicrobials, emulsifiers, emollient, anti-oxidants, humectants, and thickeners.
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Moreover, the global crisis caused due to the novel coronavirus has significantly changed the global market dynamics. This outbreak was started in China and transmitted all around the world. Due to the outbreak of the virus, governments around the world have forced complete/partial lockdown to inhibit the spread of the COVID-19 that has adversely deteriorated the supply network of several cosmetic ingredient manufacturers. The uncertainty caused by the occurrence of the novel coronavirus has interrupted the trade (import & export) of cosmetic ingredients due to the closing of international borders.
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