ALBANY, New York, March 14, 2019
ALBANY, New York, March 14, 2019 /PRNewswire/ -- According to a research report by TMR, the global cosmetic ingredients market is projected to grow at a steady CAGR of 4.60% from 2017 to 2025. The analyst predicted the market to touch a valuation of US$33.80 bn by the end of the forecast period. The global cosmetic ingredients market was noted at a valuation of US$22.89 bn in 2016.
The competitive landscape of the global cosmetic ingredients market is highly fragmented in nature, says Transparency Market Research (TMR). This is due to the presence of a large number of players in both the global and regional markets. The competition among key players is likely to get tougher with the passing time. This is because players are fighting to sustain their market position and increase market penetration. Some of the major players operating in the global cosmetic ingredients market are The Dow Chemicals, AkzoNobel, Croda International, Clariant AG, Solvay SA, Lonza Group, Evonik Industries AG, and Innospec Inc.
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On the basis of function, the moisturizing agents segment is anticipated to account for a major share in the global cosmetic ingredients market. This is because of increasing applications of moisturizing compounds in hair care, makeup, and skin care cosmetics. Based on geography, Asia Pacific is likely to dominate the cosmetic ingredients market with a collective share of 32.02%. This is because of the presence of consumer countries like India, Japan, and China in the region.
Growing Desire to Look Good Fueling Cosmetic Ingredients Market
The cosmetic ingredients can be elaborated as a group of chemicals used in skin care, hair care, oral care, and make-up products. These ingredients enhance physical and functional properties of final products. The players in the global cosmetic ingredients market are focusing towards innovation so as to achieve product proliferation. This is encouraging people to purchase a specific product for a specific problem. For instance, separate creams for acne, moisturizer and fair complexion are sold in most places. This is attributed to expansions expected to occur in the cosmetic ingredients market in the forecast period.
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Apart from this, a growing inclination of people towards maintaining a good appearance is one of the strongest factors driving the global cosmetic ingredients market. Further, growing popularity of cosmetic products among male population is likely to create further opportunities for the cosmetic ingredients market in the forecast period. Moreover, changing lifestyle, growing spending capacity, rising consumer awareness, and increasing urbanization are some other factors boosting the global cosmetic ingredients market.
Stringent Governmental Regulations to Hamper Market Growth
Despite several drivers, growth in the global cosmetic ingredients market is anticipated to suffer owing to stringent rules imposed by several governments due to the use of cosmetic ingredients. Along with this, delays in approval and standardizing of a few medical compounds are few other factors project to hamper growth in the global cosmetic ingredients market in the near future. Nevertheless, increasing availability of affordable cosmetic ingredients and rising demand of the consumers are some other factors projected to make lucrative improvements for the manufacturers of cosmetic ingredients. This in turn will bolster growth in the global cosmetic ingredients market.
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This analysis is based on a recent market research report by Transparency Market Research, titled, "Cosmetic Ingredients Market (Type - Surfactants, Polymers, Emollients, Antioxidants and Preservatives, and Rheology Modifiers; Function - Cleansing Agent, Moisturizing Agent, and Coloring Agent; End User - Skin Care, Hair Care, Make Up, and Oral Care) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025."
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The global Cosmetic Ingredients Market can be segmented as follows: -
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