CHICAGO, Aug. 20, 2019 /PRNewswire/ -- According to the new market research report "Cosmetic Pigments Market by Composition (Organic, Inorganic), Type (Special Effect, Surface treated, Nano), Application (Facial Makeup, Eye Makeup, Lip Products, Nail Products, Hair Color Products), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Cosmetic Pigments Market is projected to grow from USD 698 million in 2019 and expected to reach USD 1,019 million by 2024, at a CAGR of 7.9%.
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The global market for cosmetic pigments is driven primarily by the increasing demand for cosmetic products. Cosmetic pigments are used for manufacturing cosmetic and personal care products for color enhancement. With the growing demand for various cosmetic & personal care products, the use of cosmetic pigments is also increasing.
The special effect pigments segment is estimated to lead the cosmetic pigments market, by type, during the forecast period.
Special effect pigments are the fastest-growing segment of the cosmetic pigments market, by type, owing to the presence of a large number of manufacturers of cosmetic pigments. The increasing demand for special effect pigments in cosmetic products such as lip products and eye shadows is expected to drive the market for this type of pigments during the forecast period.
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Special effect pigments are used in all types of cosmetic and personal care applications to add color, glitter, luster, and shine. These pigments also help in enhancing the skin tone. Special effect pigments provide cosmetics products with glow and texture improvement benefits.
Facial Makeup is the fastest-growing application of cosmetic pigments.
Cosmetics products were traditionally made of chemical compounds; however, recently, there has been a significant demand for cosmetic products derived from natural sources. The application of cosmetic pigments includes nail products, lip products, eye makeup, facial makeup, hair color products, special effect & special purpose, and others (toothpaste, hair shampoo & conditioner, and sunless tabbing products). Facial makeup accounts for the largest application of cosmetic pigments market. The increasing demand for root makeup products such as foundations and face powders is expected to drive the market in this application segment.
High economic growth rate and growing facial makeup application in China, Japan, and India are projected to lead the cosmetic pigments market in APAC during the forecast period.
APAC is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make APAC the most preferred destination for the manufacturers of cosmetic pigments. The use of cosmetic pigments as an important additive in various applications such nail products, lip products, eye makeup, facial makeup, hair color products, special effect & special purpose as is driving the market in China. APAC is emerging as a leading consumer of cosmetic pigments due to the increasing demand from domestic as well as international markets.
The key players in the Cosmetic Pigments Market include Sun Chemical (US), Sensient Cosmetic Technologies (France), Merck (Germany), BASF (Germany), ECKART (UK), Sudarshan (India), Kobo Products (US), Clariant (Switzerland), and Geotech (Netherlands). These players have established a strong foothold in the market by adopting strategies such as expansion, new product launch, and merger & acquisition.
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