Consumer awareness about the use of cosmetic products has increased owing to aggressive campaigning by several government and non-government organizations. The demand for cosmetic products manufactured from natural sources is gaining traction in the global market. Manufacturers are actively working on developing cosmetic products that do not cause harm to the skin, yet are efficient.
The world cosmetic ingredients market is witnessing a strong surge in demand with the market valuing US$14.67 bn in 2015. The market is expected to value US$15.31 bn the following year with a 4.4% growth over the previous year. For the forecast period of 2015 up to 2025, the market is projected to rise at a steady CAGR of 4.5%
Rise in Disposable Income Driving Global Cosmetic Ingredients Market
Majority population, especially in the urban regions are emphasizing on their looks. This has resulted in the rise in the sale of cosmetic products. People want products that as natural, last longer, and easy to use. This has resulted in manufacturers launching attractive products in the market to meet the needs of the consumers. Increased advertising of the cosmetic products and local players foraying into the market has a major role to play in driving the global cosmetic ingredients market.
With the global markets growing at a strong rate, there is an upsurge in the availability of disposable incomes in the households. The consumers tend to spend the extra incomes in procuring luxury items, cosmetics being one of many. This has resulted in pushing the demand for cosmetic ingredients in the global market.
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Launch of Green Products Boosting Market
Consumers are aware about the use of naturally derived cosmetics and its rejuvenating characteristics. Manufacturers are complying with the demand to develop natural cosmetic products for the consumers leading to a rise in the demand for natural cosmetic ingredients market. Companies are investing in the research and development of natural cosmetic products. The launch of new natural products in the market along with skin and hair rejuvenation products is pushing the global cosmetic ingredients market.
Surge in Niche Market Products Furthering Global Cosmetic Ingredients Market
Numerous companies are launching products and brands for a niche market. The acknowledgement of the market segments and building brands to meet the demands has generated added demand in the cosmetic ingredients market. Niche market segments such as baby care, maternity care, and post-menopause care are gaining traction resulting in the rise in demand.
Specialty cosmetics has also been witnessing noteworthy growth in demand owing to the rise in demand for premium cosmetics from the consumers. The rise in disposable incomes among the population in the fast growing and developed market regions has resulted in the growth of specialty cosmetics. This is pushing the global cosmetic ingredients market.
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Major companies in the global cosmetic ingredients market include Colgate-Palmolive Company, COTY Inc., Unilever, The Dow Chemical Company, Eastman Chemical Company, Akzo Nobel N.V., The Estée Lauder Companies Inc., Croda International Plc., BASF SE, and Loréal International.