CHICAGO, July 19, 2023 /PRNewswire/ -- The report "Functional Cosmetics Market by Functionality (Conditioning Agents, UV Filters, Anti-Ageing Agents Skin-Lightening Agents), Application (Skin Care, Hair Care), and Region(Europe, Asia Pacific, North America) - Global Forecast to 2028", size was USD 3.3 billion in 2022 and is projected to reach USD 4.6 billion by 2028, at a CAGR of 5.4%, between 2023 and 2028.
Functional cosmetics are cosmetic ingredients that help whiten the skin, decrease wrinkles, protect from ultraviolet (UV) rays, change hair color, remove hair or nourish hair, and correct dryness, cracking, or peeling skin.
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150 – Tables
49 – Figures
198 – Pages
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Conditioning agents segment to account for larger share in functional cosmetics market, in 2022.
The conditioning agents for skin can influence the homeostatic process of repair and growth by augmenting the skin's renewal mechanism. The conditioning agents used in hair have fairly no effect on growth, and neither can help in cellular repair. These agents can help temporarily improve the cosmetic appearance of damaged hair, which further needs to be reapplied as the removal occurs. The market in this segment is driven by the increasing population and rising per capita spending on cosmetics in Asia Pacific and Europe.
Skincare to lead functional cosmetics market, during the forecast period.
The functional cosmetics used in skin care cater to problems such as protection from harmful sun rays, wrinkles, blemishes, acne, aging, and frown lines, among others. The demand for skin care products is increasing rapidly worldwide due to the common need of humans to look good. The essence of bright and glowing skin is a major thriving factor for the growing demand for beauty and skincare products. The skin care application segment is categorized into three sub-type: body care, face care, and sun care.
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"Asia Pacific is expected to be the fastest-growing region, in the overall functional cosmetics market, during the forecast period"
The high economic growth of emerging economies and the increasing disposable income of people make Asia Pacific an attractive market for functional cosmetics manufacturers. The increasing population and availability of cheap products are primarily responsible for the high demand for functional cosmetics in the region. UV-filters-based cosmetic products are also being increasingly used due to rising heat levels in the region. Consumers in Asia Pacific are more considerate about their skin tone, due to which they are more aware and willing to use sun care or body care cosmetics in day-to-day operations.
The key players profiled in the report include BASF SE (Germany), Nouryon (Netherlands), Ashland Inc. (US), Clariant AG (Germany), Evonik Industries AG (Germany), Gattefosse (France), Stepan Company (US), Lucas Meyer Cosmetics (Canada), Croda International Plc (UK), and Air Liquide S.A. (France).
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