The net revenue earned by functional cosmetic ingredient market producers was nearly USD 3,409.5 million in 2023. The global demand for functional cosmetic ingredients is expected to increase at a CAGR of 5.7% from 2024 to 2034. By following this promising growth rate, the overall market value is predicted to rise from USD 3,580 million in 2024 to USD 6,232.1 million by 2034.
Customers looking for solutions to treat a variety of skin conditions like moisturizing, anti-aging, brightening, and soothing qualities are expected to raise the demand for functional cosmetic ingredients. Anti-aging functional cosmetic components are also in great demand as older customers are seeking more cosmetic products like antioxidants, retinoids, and peptides to keep their skin young.
Key Takeaways from the Global Functional Cosmetic Ingredient Market Study Report:
- The United States currently holds a sizable share of the global market and is expected to advance further at a 4% CAGR through 2034.
- China is aiming to capture the global cosmetic market by increasing its production of functional cosmetic ingredients at a CAGR of 5.8% till 2034.
- Throughout the projection period, India is anticipated to increase at a 7.6% CAGR through 2034 due to its rapidly expanding cosmetics and beauty care sector.
- Australia is an emerging market for functional skincare products, which is poised to develop at a 6.6% CAGR through 2034.
Competitive Landscape in the Functional Cosmetic Ingredient Market
Though the cosmetics industry is quite diverse and competitive, the supply of functional active ingredients used in its making is concentrated within a relatively small market. However, the growing demand for functional cosmetic products in recent years is anticipated to encourage the emergence of new market players, gradually intensifying the competition.
Recent Developments
- In February 2022, Merck, a major scientific and technology business, introduced two new cosmetic components for its consumers. The product RonaCare® Baobab offers strong protection of skin matrix components, particularly elastin and collagen, and also lessens skin irritation. RonaCare® Hibiscus reduces skin irritation, aids in the care of sensitive skin, guards against oxidative stress, preserves collagen from deteriorating, and boosts the vitality of skin cells.
- In March 2022, Dow Personal Care introduced its ECOllaboration Concepts Collection and five new innovations to expand its line of functional cosmetic products. The firm aims to acquire more consumers with the introduction of its innovative products in response to the rising need for inclusive and sustainable solutions.
Key Players Profiled in the Functional Cosmetic Ingredient Market Report
- BASF SE
- Dow Inc.
- Croda International Plc
- Ashland Global Holdings Inc.
- Clariant International Ltd.
- Evonik Industries AG
- Givaudan SA
- Lonza Group Ltd.
- DSM Nutritional Products AG
- Solvay SA
- Lubrizol Corporation
- Innospec Inc.
- Eastman Chemical Company
- Wacker Chemie AG
- Seppic SA
Get Connected with Our Expert Analyst on Email: sales@futuremarketinsights.com
Key Segments Covered by Functional Cosmetic Ingredient Industry Survey Report
By Ingredient:
- Emollients and Moisturizers
- Antioxidants
- Sunscreen Agents
- Anti-Aging Agents
- Whitening Agents
- Anti-Inflammatory Agents
- Peptides and Proteins
- Botanical Extracts
- Vitamins and Minerals
- Other Ingredients
By Application:
- Skin care product
- Hair care products
- Oral care products
- Makeup products
- Other Applications
By Functionality:
- Moisturizing and Hydrating
- Anti-Aging and Wrinkle Reduction
- Sun Protection
- Skin Brightening and Whitening
- Acne Treatment and Oil Control
- Hair Repair and Nourishment
- Color Enhancement and Pigmentation
- Dental Health and Whitening
- Other Functionalities
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
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