The global market for functional ingredients used in cosmetic and toiletry products is expected to reach $30.0 billion in 2021
Wellesley, Mass. (PRWEB) June 17, 2015
In the U.S. and Europe, the trend toward natural products in the cosmetics and toiletries industry is driving more consumers to use organic products. BCC Research reveals in its new report that formulations with enhanced and natural ingredients, novel product design and innovative packaging solutions are major focus areas for manufacturers.
The global market for cosmetics and toiletries ingredients is projected to reach $29.9 billion in 2021, reflecting a compound annual growth rate (CAGR) of 4.7% from 2016 to 2021. The estimated market value for 2016 is $23.8 billion, up from $22.7 billion in 2015. Specialty additives as a segment will grow from $4.7 billion in 2016 to nearly $6 billion in 2021 at a CAGR of 4.7%. The active ingredients segment should grow from $2.6 billion in 2016 to $3.3 billion by 2021, reflecting a CAGR of 4.8% during the forecast period.
Factors driving to this steady growth include expected improvements in the global economy, particularly in developing countries, and the introduction of new consumer-friendly products using more natural and organic ingredients. Rising environmental concerns and the growing health consciousness of consumers is driving the demand for 100% biodegradable cosmetic and skin care products with natural ingredients. The herbal wave that has been sweeping the skin care segment in recent years is perceived as the hottest and fastest growing trend. With the huge potential of this segment, most of the existing players have expanded their product ranges to include herbal variants.
“Natural cosmetics and toiletries will experience strong growth over the next few years, but sales will continue to be lower compared with those of mainstream products. The greatest potential for growth in the natural cosmetics and toiletries market lies in segments such as baby care, bath and shower products, and hair care,” BCC Research analyst Srinivasa Rajaram. “In the future, manufacturers are likely to increase the amount of natural ingredients used in their products to satisfy consumers without completely abolishing chemicals that they deem necessary to increase the shelf life or effectiveness of their products.”
Global Markets for Chemicals for Cosmetics & Toiletries (CHM018H) discusses the global market for cosmetics and toiletries in terms of growth, size and opportunities. Because the industry is considered a segment of the overall chemical market, the report analyzes various chemicals and ingredients used in the manufacture of products. The report includes forecasted trends and revenue through 2021.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
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