The market for cosmetic pigments is projected to be worth US$ 12.98 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.45% from 2023 to 2033, or around US$ 24.24 billion.
The demand for cosmetic pigments will significantly increase as a result of their widespread use. During the forecast period, the market for cosmetic pigments will continue to be driven by the increasing trend of men’s grooming.
The growth of grooming salons and consumer spending on cosmetics will favor the market for cosmetic pigments. The antiperspirants and pigments used in cosmetics have a high glitter and matte finish.
The cosmetic pigments collection includes white pigments that look natural, metallic shades, and shiny pigments. The product is used to improve the visual appeal of formulations in a variety of cosmetic products, including lipsticks and eye makeup. The growing fashion and entertainment industries will boost demand for cosmetic pigments, which will benefit the cosmetic pigments market.
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Most recently, regional industrial expansion has advanced across the Middle East and the African continent, particularly in the development of manufacturing facilities. Economic and political instability in Latin America is additional problems that prevent the corporate growth of the cosmetic pigments market.
The changing lifestyle and increasing level of disposable income will cushion the market’s growth rate. As the GDP of emerging economies such as China and India rises, so does their standard of living. As a result of rising income levels and changing lifestyles brought about by urbanization, the demand for cosmetic pigments and personal care goods is skyrocketing.
Strict laws governing the usage of some pigments will slow the market’s expansion.
The usage of some pigments is subject to stringent regulations, which will slow the cosmetic pigment market expansion. Manufacturers of cosmetic pigments are expected to follow tight guidelines for cosmetics products. Labeling, packaging, and the ingredients used to make products are all subject to various restrictions.
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The Demand for Organic Cosmetics will Rise, Creating New Business Prospects
Several hazardous compounds are still used as cosmetic components. When multiple cosmetic goods are worn at the same time, these chemicals may have an adverse effect on human health and increase the chance of health difficulties.
As a result of increased public interest and market shifts in the cosmetics industry, cosmetic pigment manufacturers are looking for more natural and sustainable cosmetic emulsifiers. Organic pigments that are environmentally friendly and produced using sustainable methods are in high demand.
Asia Pacific Outlook
Due to the increasing adoption of organic pigments in cosmetics and personal care products there, Asia-Pacific is predicted to grow during the forecast period. People want to purchase goods that will enhance their overall appearance as they become wealthier. They are buying more cosmetics, which accounts for the increasing demand for cosmetic pigments that has been shown as well as the rising sales of cosmetic pigments.
Key Takeaways
- In the forecast period, the cosmetic pigments market segment with the biggest revenue share based on elemental composition is inorganic pigments.
- By application, the facial cosmetics category has dominated the market for cosmetic pigments in the forecast period.
- The greatest market share for cosmetic pigments in the forecast period, according to geography, is in Europe.
- The region of Europe generated 35% of the revenue share for cosmetic pigments in the forecast period.
Key Segments
By Elemental Composition:
- Inorganic Pigments
- Organic Pigments
By Application:
- Facial Makeup
- Eye Makeup
- Lip Products
- Nail Products
- Hair Color Products
- Special effect & Special Purpose Products
- Others
By Type:
- Special Effect Pigments
- Surface Treated Pigments
- Nano Pigments
- Natural Colorants
By Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Recent Development
- To market satellite and optronic products with a scientific foundation to the global personal care market, leading chemical solutions provider BASF formed a strategic alliance with UK-based start-up siHealth Ltd in June 2019. The partnership should facilitate new technological developments in the personal care industry while accelerating BASF’s products.
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