Cosmetic Antioxidants Market Worth 150.9 Million USD by 2023
PUNE, India, June 11, 2018 /PRNewswire/ --
The report "Cosmetic Antioxidants Market by Type (Vitamins, Polyphenols, Enzymes, Synthetics), Function (Anti-Aging, Anti-Inflammatory, UV Protection, Moisturizing, Hair Cleansing, and Hair Conditioning), Source, Application and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Cosmetic Antioxidants Market is projected to grow from USD 115.1 Million in 2018 to USD 150.9 Million by 2023, at a CAGR of 5.6% between 2018 and 2023. The Cosmetic Antioxidants Market is driven by a rise in aging population, increasing disposable income, and changing lifestyle of consumers.
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Among types, the vitamins segment is projected to lead the Cosmetic Antioxidants Market during the forecast period.
Based on type, the vitamins segment led the Cosmetic Antioxidants Market in 2017. Various forms of vitamins such as vitamin E (tocopherols), vitamin C (ascorbic acid), and vitamin A (retinoid) among others are widely used in cosmetic products for moisturizing and nourishment. These vitamins are used in all major cosmetic products such as skin care, hair care, and decorative cosmetics. Rising demand for cosmetic antioxidants based on natural source and wide application base is driving the growth of vitamins segment in the Cosmetic Antioxidants Market, during the forecast period.
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Based on source, the natural segment is projected to lead the Cosmetic Antioxidants Market during the forecast period.
The natural segment led the cosmetic antioxidants in 2017. Natural antioxidants are widely used owing to the growing demand for organic and herbal cosmetic products. Synthetic antioxidants such as Butylated Hydroxytoluene (BHT) and Butylated Hydroxyanisole (BHA) are used in limited volume, as they are chemically derived ingredients. In western regions, cosmetic ingredients derived from chemical processes are strictly regulated and require COSMOS and ECOCERT certification for application in cosmetics
The skincare application segment is expected to lead the Cosmetic Antioxidants Market between 2018 and 2023.
Based on application, the skin care segment led the Cosmetic Antioxidants Market in 2017. The growing demand for cosmetic products such as anti-aging creams, anti-wrinkle creams, and UV protection, particularly in emerging countries, has fueled the skin care segment.
The Asia Pacific region is projected to be the largest market for cosmetic antioxidants between 2018 and 2023.
The Asia Pacific region is the largest consumer of cosmetic antioxidants across the globe and is also projected to lead during the forecast period. The growth of the Cosmetic Antioxidants Market in Asia Pacific can be attributed to the economic growth of emerging economies such as China, India, and Taiwan, among others. Increasing population, improving standard of living of masses, and rising e-commerce activities have led to increased demand for cosmetic products in the Asia Pacific region.
Key players operating in the cosmetic market include BASF (Germany), Koninklijke DSM (Netherlands), Wacker Chemie (Germany), Eastman Chemical Company (US), Lonza Group (Switzerland), Croda International (UK), Ashland Global Holdings (US), Evonik Dr. Straetmans (Germany), SEPPIC (France), BTSA Biotecnologías Aplicadas (Spain), Kemin Industries (US), and Barentz International (Netherlands).
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