Depending on the type of product, the polymers segment should expect the largest growth.
NEW YORK, NEW YORK, INDIA, September 15, 2022 /EINPresswire.com/ — The global market for cosmetic ingredients was valued at US$14,671.2 million in 2015 and is expected to grow at an annualized rate of 4.4% to reach US$15,313.9 million in 2016. Western Europe dominated the global ingredients market with a 28.0% share in 2015. Western Europe and North America combined are expected to account for 54.1% of the total market share for cosmetic ingredients. by revenue in 2016
Key trends in the global ingredients market include rapid urbanization, the introduction of innovative products with more visible effects, an increase in disposable income, and a growing emphasis on looks and appearance.
Depending on the type of product, the largest growth should be expected in the polymers segment, followed by the surfactants segment. In 2016, these two types of products are expected to grow at an annualized rate of 3.6% and 5.3%, respectively.
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Based on the application, the global market for cosmetic ingredients is segmented in hair care, skin care, perfumes, makeup, oral care and products, including shaving kits and body hair removers. Skincare is the largest app segment with a market share of 31.6% in 2016. This segment is expected to grow by 5.2% in 2016 and reach $4816.4 million in revenue. .
By functional purpose, the cosmetic ingredients market is divided into foaming agents and cleansers, moisturizers, fragrances, tonics and dyes. Among these segments, moisturizers are the largest segment in terms of revenue with a 25.1% share in 2015. This segment is expected to grow at an annualized rate of 4.8% in 2016 and reach 3856.4 million USD.
Regionally, Western Europe will continue to be the largest market for cosmetic ingredients in 2016. The Western European market is expected to grow by 3.8% in 2016 and reach US$4,256.9 million in revenue. Key factors fueling the market in the region include a growing demand for skin and hair care ingredients such as surfactants, emollients, polymers, especially specialty cosmetic ingredients such as antimicrobials and UV absorbers.
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Other trends driving the growth of the market include rapid urbanization in developing countries and the development of new and innovative products by various market participants. North America, the world’s second largest market for cosmetic ingredients, is expected to grow by 4.6% in 2016.
The major participants in the global ingredients market are Akzo Nobel NV, BASF SE, Croda International Plc, Eastman Chemical Company and The Dow Chemical Company. Major companies using cosmetic ingredients include Unilever, L’Oréal International, The Estée Lauder Companies Inc., Colgate-Palmolive Company, and COTY Inc.
The global cosmetic ingredients market is expected to grow at a CAGR of 4.5% during the forecast period 2015-2025.
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