LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global cosmetic ingredients market is expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Global Cosmetic Ingredients Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Mahitha Mallishetty, a lead analyst at Technavio for specialty chemicals research, “Manufacturers are now expanding the luxury segment to cover the full spectrum of the cosmetics market, and as cosmetic ingredients are essential for the production of cosmetics, they are playing a significant role in the growth of the overall cosmetics industry.”
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The market research analysis categorizes the global cosmetic ingredients market into three major application segments. They are:
- Hair care and skin care
- Color cosmetics
- Perfume and fragrance
Hair care and skin care cosmetic ingredients market
Hair care and skin care cosmetics manufacturers offer many products, all asserting that their products have unique properties. Such products can be made from natural ingredients or synthetic ingredients, which are combined with other raw materials to enhance properties of moisturization and protection. Some of the most popular products in this segment are conditioners, serums, shampoos, hair colorants, hair styling gels, scalp nourishing products, and hair masks. The desire for healthy, shiny, and well-groomed hair strongly influences purchase decisions. In addition, fashion preferences among the young generation are fueling the demand for certain hair care products, thereby indirectly driving the demand for ingredients that are required to manufacture these products.
Color cosmetic ingredients market
Cosmetic products such as eyeliners, makeup, colored lipsticks, face powders, and talc provide consumers a large spectrum of colors and the flexibility to opt for the color of choice. Additionally, the colors offered by cosmetic ingredients also become a reflection of the uniqueness of a product. For instance, certain cosmetic products are associated with specific colors, which have become a part of the products' identity and eventually become the products' unique selling point (USP).
Perfume and fragrance ingredients market
The perfumes and fragrances sector is anticipated to witness a steady growth during the forecast period. Fragrances are a complex combination of chemical and natural or synthetic substances. Perfumers work with various ingredients to develop fragrances for different product lines such as home care, personal care, and home design products. Chemical ingredients and additives with unpleasant odors in cosmetic products are masked by fragrances.
The growth of the market is primarily driven by consumer preferences, the increasing demand for natural fragrances, growing demand in developing nations, and significant advances in technology.
“The growth of ingredients in the fragrances segment is driven by the significant demand from manufacturers of fine fragrances, cosmetics and toiletries, soaps and detergents, household cleaners, and air fresheners,” says Mahitha.
The top vendors highlighted by Technavio’s chemicals and materials market research analysts in this report are:
- AkzoNobel
- Ashland
- BASF
- Clariant
- Evonik Industries
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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