Global Cosmetic Active Ingredient Market is Estimated to Reach More Than US $5.40 Billion by 2026
LOS ANGELES, November 29, 2019 (Newswire.com) - With an in-depth analysis of the market, QY Research lately came up with a new publication, titled “Global Cosmetic Active Ingredient Market Insights, Forecast to 2026”, for the forecast period of six years (2019-2026). The global cosmetic active Ingredient market is expected to attain a value of more than US $5.40 billion by the end of 2026, which was more than US $3.50 billion in 2018.
According to the report, the market is anticipated to register a moderate growth rate of 4.5% during the anticipated period.
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Increasing Usage of Skin Care Products Is Driving the Growth of the Market
Increasing demand for skincare and haircare products, along with an unhealthy lifestyle and rising pollution, is driving the growth of the cosmetic active ingredient market. Other major factors contributing to the growth of the market are skin issues, such as acne, pigmentation, and anti-aging. High awareness regarding skincare among youth is contributing to the growth of the market. The availability of over the counter drugs and increasing demand for skin and hair care products on e-commerce portals are further stimulating the Cosmetic Active Ingredient market.
Major Concern of Skin Issues to Fuel the Growth of Skincare Products Segment
Based on product type, the cosmetic active ingredient market is segmented into moisturizers, exfoliators, skin-lightening agents, anti-aging, UV filter, anti-microbial, and others. High demand for creams containing vitamin c, which is an active ingredient beneficial for anti-aging, is contributing to the growth of the segment. Based on applications, the market is bifurcated into hair care products, skin care products, and others.
Product Quality and Pricing is Expected to Propel the Market for Cosmetic Active Ingredients in the Asia-Pacific Region
The presence of leading companies in North America and Europe is expected to boost the market. Developing countries, such as India and China, in the Asia-Pacific region have a large population, along with increasing disposable income, which is expected to propel the market over the next few years. Reasonable pricing of the product and product's quality are two of the most important factors influencing customer preferences. These factors play an important role in boosting the Cosmetic Active Ingredient market in the Asia-Pacific region.
Market Players Are Keen on the Development of New Products to Expand Customer Base
Some of the leading players functioning in the global Cosmetic Active Ingredient market are Clariant, BASF, DSM, Evonik, Symrise, Dow, Seppic, Croda, Solvay, Ashland, Eastman, Gattefosse, Elementis, Nouryon, Lonza, and Lubrizol. Leading players are focusing on the development of new products and are keen to offer innovative products for catering to the requirements of the customers.
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Source: QY Research, Inc.
