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 desire to look beautiful.
Accelerating demand for anti-aging, 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 sun destroys the epidermal layer leading to water loss and dryness in skin, thus, destroying the cell and further causing pigmentation disorder, skin cancer, wrinkles, blemishes and sun burns among others.
To protect the skin from such affects, 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 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, the sun protection products are gaining momentum. The desire for even toned and light-colored 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 middle-class population, strong economic growth and increased per capita spending on beauty products are the key parameters which are increasing the global demand of 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 the 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 the Europe.
However, the market for conditioning agent 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 functional cosmetics market in 2020 The functional cosmetics used in skincare application basically caters to problems such as protection from harmful sun rays, wrinkles, blemishes, acne, aging, and frown lines, among others.The skincare products are widely in demand all across the world due to the common need of humans to look good.
The essence of a bright and glowing skin is a major thriving factor for the growing demand of beauty and skin care products. An increase in male-specific cosmetic products and growing population in the Asia-Pacific region is expected to boost the demand of 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. In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows: • By Company Type: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27% • By Designation: C-Level - 21%, Director Level - 23%, and Others - 56% • By Region: North America - 41%, Europe - 30%, APAC - 18%, Middle East & Africa - 7%, and South America - 4%
The key market players profiled in the report include Ashland Inc. (US), Stepan Company (US), BASF SE (Germany), Nouryon (Netherlands), Clariant AG (Germany), Evonik Industries AG (Germany), Gattefosse (France), Lucas Meyer Cosmetics (Canada), Sederma(France), Seppic SA (France), CP Kelco (US), Eastman Chemical Company (US), Emery Oleochemicals (Malaysia), Givaudan SA (Switzerland), Symrise AG (Germany), Sonneborn LLC (US), Vantage Specialty Chemicals (US), United-Guardian, Inc. (US), Innospec Inc. (US), KAO Corporation (Japan), Momentive Performance Materials Inc. (US), ADEKA Corporation (Japan), DuPont (US), and Koninklijke DSM N.V. (Netherlands).
Research Coverage This report segments the market for functional cosmetics on the basis of functionality, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, expansions, and mergers & acquisitions associated with the market for functional cosmetics.
Reasons to buy this report This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the functional cosmetics market; high-growth regions; and market drivers, restraints, and opportunities
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on functional cosmetics offered by top players in the global functional cosmetics market • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the functional cosmetics market • Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for functional cosmetics across regions • Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global functional cosmetics market • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the functional cosmetics market • Impact of COVID-19 on functional cosmetics market
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