Global Cosmetic Chemicals Market to Reach US$ 24.5 Billion by 2032, Catalyzed by the Increasing Consumer Awareness of Beauty and Personal Care Routines

October 03, 2023 | Retail

According to the latest report by IMARC Group, titled “Cosmetic Chemicals Market Report by Product Type (Surfactants, Polymer Ingredients, Colorants, Preservatives), Application (Skin Care, Hair Care, Make-Up, Oral Care, Fragrances, and Others), and Region 2024-2032,” the global cosmetic chemicals market size reached US$ 15.8 Billion in 2023. Cosmetic chemicals are specialized substances used in the formulation of personal care products such as skincare, haircare, and makeup items. These chemicals range from simple organic compounds to complex synthetic formulations and include ingredients such as emollients, surfactants, emulsifiers, and preservatives. Cosmetic chemicals are manufactured using fatty alcohols, silicones, and mineral oils. They are designed to achieve various effects like moisturization, cleansing, anti-aging, and ultraviolet (UV) protection. Cosmetic chemicals are utilized in a wide array of products like shampoos, lotions, perfumes, deodorants, toothpaste, and nail polish. They also contribute to sensory attributes, such as fragrance, texture, and consistency. These chemicals offer improved product shelf-life, enhanced sensory attributes, and targeted delivery of active ingredients. Cosmetic chemicals also provide cost-efficiency in mass production, regulatory compliance, and the potential for bio-based sustainable alternatives.

Global Cosmetic Chemicals Market Trends:

The increasing consumer awareness of beauty and personal care routines is one of the major factors providing a thrust to the market growth. In line with this, the growing utilization of cosmetic chemicals in various formulations that cater to a wide range of skincare and grooming needs is fueling the market growth. Besides this, the rising technological advancements, such as the introduction of nanotechnology in cosmetic formulations that allow for better absorption of active ingredients, thereby elevating product efficacy, are positively impacting the market growth. In line with this, the growing demand for natural and organic products, pushing manufacturers to focus on sourcing sustainable and eco-friendly materials, is anticipated to drive the market growth. Along with this, the growing consumer emphasis on health and wellness, encouraging the reformulation of cosmetic products to include fewer synthetic ingredients, which, in turn, lead to the development of bio-based cosmetic chemicals, is catalyzing the market growth. Additionally, the growing middle-class population, coupled with rising disposable income levels, propelling the demand for high-quality and premium cosmetic products, is also providing an impetus to the market growth. Furthermore, the increasing oversight on product safety and labeling to ensure that only high-quality and safe chemical ingredients make their way into consumer products is favoring the market growth. Apart from this, the rising e-commerce sector and online retail platforms that offer a broader exposure to products and their ingredients, thus educating the consumer about high-quality formulations, are providing remunerative growth opportunities for the market growth. Looking forward, the market value is projected to reach US$ 24.5 Billion by 2032, expanding at a CAGR of 4.9% during 2024-2032.

Market Summary:

  • Based on the product type, the market has been divided into surfactants, polymer ingredients, colorants, and preservatives.
  • On the basis of the application, the market has been classified into skin care, hair care, make-up, oral care, fragrances, and others.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Ashland Global Specialty Chemicals Inc., BASF SE, Bayer Aktiengesellschaft, Cargill Incorporated, Croda International plc, Dow Inc., Eastman Chemical Company, Evonik Industries AG (RAG-Stiftung), Givaudan SA, Solvay S.A., Symrise AG, The Lubrizol Corporation (Berkshire Hathaway Inc.), and The Procter & Gamble Company.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Ashland Global Specialty Chemicals Inc., BASF SE, Bayer Aktiengesellschaft, Cargill Incorporated, Croda International plc, Dow Inc., Eastman Chemical Company, Evonik Industries AG (RAG-Stiftung), Givaudan SA, Solvay S.A., Symrise AG, The Lubrizol Corporation (Berkshire Hathaway Inc.) and The Procter & Gamble Company
Customization Scope 10% Free Customization
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Global Cosmetic Chemicals Market to Reach US$ 24.5 Billion by 2032, Catalyzed by the Increasing Consumer Awareness of Beauty and Personal Care Routines
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