June 24, 2022 11:30 ET | Source: FACT.MR FACT.MR
Rockville, Maryland, UNITED STATES
United States, Rockville MD, June 24, 2022 (GLOBE NEWSWIRE) — : According to a recent Fact.MR analysis, the worldwide cosmetic chemicals market is expected to exceed US$ 39 Billion by 2032, rising at a CAGR of 6%. Growth is largely driven by a thriving global cosmetics business, as consumers increase their expenditure on personal care items in response to rising disposable incomes.
Previously, sales of cosmetic chemicals rose at a CAGR of slightly less than 5%, reaching a valuation of over US$ 21 Billion by 2021. In 2020, the market will have topped US$ 21 billion; however, COVID-19-induced slump hindered hopes in the first half of the preceding fiscal year. Massive shop closings reduced cosmetic product sales, causing a disruption in the availability of cosmetic ingredients for future manufacturing.
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The high usage of organic cosmetics is projected to have a significant impact on future sales prospects. As consumer concerns about sustainability grow, they are intentionally shifting away from inorganic cosmetic items in favor of natural alternatives. Growth is particularly noticeable in the skincare and hair care product segments, with major cosmetic companies attempting to provide 100% organic goods.
Cosmetic Chemicals Market Revenue Analysis 2015-2021 vs. Future Outlook 2022-2032
The analysis of cosmetic chemical demand from 2015 to 2021 showed a historical growth rate of less than 5% CAGR, with general expansion of the cosmetics & personal care industry driving growth as consumers increased spending amid rising disposable incomes.
In 2020, the market was worth approximately US$ 20 Billion, and it is expected to be worth slightly more than US$ 21 Billion by 2021. Initial recessionary downturns brought on by the COVID-19 pandemic in the form of lower cosmetic sales, store closures, and manufacturing cycle interruptions momentarily halted growth hopes.
However, since infection curves have flattened from 2022, industrial production activity in important markets have restarted. As a result, Fact.MR’s cosmetic chemicals demand projection predicts a CAGR of 6% by 2032.
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Key Segments Covered in the Cosmetic Chemical Industry Survey
Competitive Landscape
Major cosmetic chemical producers included in Fact.MR’s study are Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Clariant International Ltd., Dow Inc., Firmenich SA, Givaudan SA, International Flavors & Fragrances Inc., LANXESS AG, Lonza Group Limited, and P&G Chemicals.
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Key players in the Cosmetic Chemical Market
Key Takeaways from Cosmetic Chemical Market Study
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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