The analysts forecast the global cosmetic ingredients market to grow at a CAGR of 4.39% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global cosmetic ingredients market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of cosmetic chemicals in key application areas such as hair care, skin care, color cosmetics, perfumery and others. The report also includes a discussion of the key vendors operating in this market.
The increasing health and wellness trend across the globe has also left its impression on the beauty and personal care products industry. Realizing the growing trend, manufacturers are focusing on developing natural and organic cosmetic products. For instance, Maine Chaga Age-Defying Face Serum uses a unique mushroom-derived formula with high antioxidants and amino acids for younger looking skin. The formula also contains melanin and betulin that, generally, vitamin C serums do not contain. Another company, Pestle & Mortar, has a pure hyaluronic serum product offering that is 100% free of animal-derived raw materials and organic solvent remnants, paraben, propylene glycol, and fragrance, and is not tested on animals.
According to the report, perceptions regarding cosmetics use have changed among male consumers. The increasing emphasis on personal grooming by the male consumer segment is driving the cosmetic ingredients market globally. Hair care products like hair serums are highly popular among male consumers. Male celebrity endorsements are being increasingly used by cosmetics companies to advertise their products.
Further, the report states that the major challenge in the global cosmetic ingredients market is the dependence on cosmetic product sales. Cosmetic ingredients by themselves are not sold to end-consumers, but they are processed further for the creation of cosmetic products. For consumers, the perception of cosmetics varies in accordance with price and affordability. In addition to complying with regulations posed by governments of different countries and adhering to them, manufacturers also must focus on branding, marketing, and endorsements. Added to this, the multi-region structure of the market creates fluctuations in key raw material costs from one region to another. Political and economic disruptions also have an adverse effect on the global sales and profitability.