The cosmetic market has been steadily growing due to the rising awareness of one’s physical appearance and efforts to improve it by using cosmetic products to better the quality of one’s hair and skin. With the introduction of anti-aging ingredients in cosmetic products, the relevant global cosmetic ingredients market has received a significant impetus.
A research study by Transparency Market Research projects the global market for cosmetic ingredients to clock US$33.80 bn by 2025-end. The market which was valued at US$22.89 bn in 2016 will likely reach the estimated figure by expanding at a 4.6% CAGR during 2017 and 2025.
Which are the most prominent drivers of the global cosmetic ingredients market?
Growing consciousness among people to appear presentable is a significant driving factor for the global cosmetic ingredients market. This is mainly observed in an urban population, wherein shoppers may have a greater urge to buy cosmetic products that can help contribute towards self-beautification.
What are prime restraints affecting the global cosmetic ingredients market?
Many governmental bodies from different nations have implemented stringent government regulations and rules regarding use and sale of certain cosmetic products and associated ingredients. These may act as a restraint for the cosmetic ingredients market in the near future. However, with rapid urbanization and expansion of cosmetic brands all over the globe, players will likely still see steady grow.
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How is the global cosmetic ingredients market’s market segmentation?
Based on functions of cosmetic products, the global cosmetic ingredients market has been divided into following segments: moisturizing agents, coloring agents, and cleansing agents. Of these, the moisturizing agents occupy the dominant spot owing to their widespread use in products that deal with hair care, skin care, and beauty care. Even in the upcoming years, this segment is expected to continue holding its leading stance.