Global Functional Cosmetics Markets, 2021-2026 - Opportunities in Shifting Focus Toward Male-Specific Cosmetics
DUBLIN, March 2, 2022 /PRNewswire/ -- The "Global Functional Cosmetics Market by Functionality (Conditioning Agents, UV Filters, Anti-Aging Agents, Skin Lightening Agents), Application (Skin Care, and Hair Care), and Region (North America, APAC, Europe, MEA, South America) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The functional cosmetics market is projected to reach USD 4.1 billion by 2026, at a CAGR of 5.2% from USD 3.2 billion in 2021
Functional cosmetics are those components in the cosmetic product formulation that impart pharmacological properties or other direct effects in the cure, diagnosis treatment, mitigation, or prevention of diseases. They are used in cosmetics to provide functional properties when applied to the skin. The growth of the functional cosmetics market is dependent on high spending power on cosmetics and the desire to look beautiful.
Accelerating demand for anti-ageing, skin whitening, and sun protection products is one of the factors driving the growth of the market
The rise in global warming and increase in temperature is affecting the skin epidermal layer. The harmful radiation from the sun destroys the epidermal layer leading to water loss and dryness in the skin, thus, destroying the cell and further causing pigmentation disorder, skin cancer, wrinkles, blemishes and sunburns among others.
To protect the skin from such effects, people are getting more conscious to use a variety of products to treat their skin and avoid such situations of their skin getting damaged with the environmental effects. There is a surge in the use of sun protection products with a variety of options to suit every skin's need. From varying SPF (sun protection factor) to additional benefits like pigmentation control, sun protection products are gaining momentum.
The desire for even-toned and light-coloured skin is the major factor driving the demand for skin whitening/lightening products. Skin whitening products are gaining importance in the Asia-Pacific region with India, China and Japan leading the way. This is because, in these regions particularly, fair skin is associated with beauty, youth and prosperity.
The rising standard of living of the middle-class population, strong economic growth and increased per capita spending on beauty products are the key parameters that are increasing the global demand for these products.
Conditioning agent is estimated to be the largest functionality in the functional cosmetics market between 2021 and 2026
The conditioning agents for skin can influence the homeostatic process of repair and growth by augmenting the skin's renewal mechanism. The conditioning agents used in hair have fairly no effect on growth and neither can help in cellular repair. These agents can help in temporarily improving the cosmetic appearance of damaged hair which further needs to be reapplied as the removal occurs.
The market for this segment is driven by the increasing population and rising per capita spending on cosmetics in Asia-Pacific and Europe. However, the market for conditioning agents in North America is projected to register relatively low growth due to the increasing government regulations in the region.
Skincare was the largest application for the functional cosmetics market in 2020
The functional cosmetics used in skincare applications basically cater to problems such as protection from harmful sun rays, wrinkles, blemishes, acne, ageing, and frown lines, among others. Skincare products are widely in demand all across the world due to the common need of humans to look good. The essence of bright and glowing skin is a major thriving factor for the growing demand for beauty and skincare products.
An increase in male-specific cosmetic products and a growing population in the Asia-Pacific region is expected to boost the demand for skincare cosmetic products, thereby increasing the demand of functional cosmetics used in these products.
North America is estimated to be the third-largest functional cosmetics market in 2020, in terms of value
North America was the third-largest functional cosmetics market in 2020. The market in the region has a moderate-to-high growth rate owing to the maturity level of the industrial sector in the region.
North America is a diversified market for petrochemicals due to the presence of many major chemical companies in the region. Intense competition among the major players in the market has led to price stabilization in the past few years. The improving international economic scenario is contributing to the rising demand for functional cosmetics in various end-use industries in the region. The market in the US and Mexico is expected to witness significant growth during the forecast period.
Premium Insights
- High Growth Expected in Emerging Economies During Forecast Period
- Asia-Pacific to be Fastest-Growing Region in Functional Cosmetics Market During Forecast Period
- Germany Accounted for Largest Share in Europe Market
- Skin Care to Dominate Functional Cosmetics Market Across Regions
- India to be Fastest-Growing Functional Cosmetics Market During Forecast Period
Market Dynamics
Drivers
- Increasing Demand for Multifunctional Ingredients
- Accelerating Demand for Anti-Aging, Skin-Whitening, and Sun Protection Products
Restraints
- High Cost of Organic Products
Opportunities
- Shifting Focus Toward Male-Specific Cosmetics
Porter's Five Forces Analysis
Value Chain Analysis
- Raw Materials
- Ingredient Manufacturing
- End-Use Product
Patent Analysis
- Introduction
- Approach
- Document Type
- Insights
- Legal Status of Patents
- Legal Status of Functional Cosmetics Patents
- Jurisdiction Analysis
- Maximum Patents Filed by Companies in China
- Top Applicants
Macroeconomic Indicators
COVID-19 Impact
Companies Mentioned
- Adeka Corporation
- Ashland Inc.
- Basf Se
- Clariant Ag
- Cp Kelco
- Dupont
- Eastman Chemical Company
- Emery Oleochemicals Group
- Evonik Industries Ag
- Gattefosse
- Givaudan Sa
- Innospec Inc.
- Kao Corporation
- Koninklijke Dsm N.V.
- Lucas Meyer Cosmetics
- Momentive Performance Chemicals Inc.
- Nouryon
- Sederma
- Seppic Sa
- Sonneborn LLC
- Stepan Company
- Symrise Ag
- United-Guardian, Inc.
- Vantage Specialty Chemicals
For more information about this report visit https://www.researchandmarkets.com/r/yewhk4
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