New York, July 26, 2021 /PRNewswire/ — The booming entertainment and fashion industries in both developing and developed countries such as the U.S., France, South Korea, and India, increasing production of innovative and advanced cosmetic products, rising urbanization rate, burgeoning requirement for premium products, and soaring usage of cosmetic products by millennials are some of the major growth drivers of the global cosmetic chemicals market. Because of these factors, the market revenue rose to $20.0 billion in 2020, and it is predicted to grow even more during 2021–2030, according to P&S Intelligence.
The COVID-19 pandemic massively hampered cosmetics production and sales, due to the implementation of stringent measures by the governments of several countries across the world for curbing the spread of the infection. Moreover, the imposition of lockdowns negatively affected the distribution and supply chain, which, in turn, caused a sharp fall in the sales of cosmetic products, thereby hampering the progress of the cosmetic chemicals market.
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Globally, Asia-Pacific (APAC) contributed the highest revenue to the cosmetic chemicals market in 2020, and it would continue to expand in the forthcoming years. This is ascribed to the existence of several small- and large-scale cosmetic producing companies and suppliers of associated chemicals in the region. Additionally, cosmetic chemical producers are heavily focusing on providing technologically advanced ingredients for the development of advanced cosmetic products.
Browse detailed report with COVID-19 impact analysis on Cosmetic Chemicals Market Research Report: By Product Type (Surfactants, Emollients & Moisturizers, Colorants & Pigments, Preservatives, Emulsifying & Thickening Agents), Application (Skin Care, Hair Care, Make-Up, Oral Care, Fragrances) – Global Industry Revenue Estimation and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/cosmetic-chemicals-market
The players operating in the cosmetic chemicals market are focusing on launching products for enhancing their industry presence. For example, BASF SE launched Luviset 360, which is a new styling polymer that offers efficient styling performance in six unique ways, in May 2020. The product provides a flexible, long-lasting, and firm hold with minimal flaking and protection against pollution. It has been made for use in a plethora of hair styling products such as waxes, gels, and creams.
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Some of the major cosmetic chemicals market players are The Dow Chemical Company, Evonik Industries AG, Givaudan S.A., Cargill Incorporated, Ashland Inc., Bayer AG, Croda International Plc, Eastman Chemical Company, Solvay S.A., Lonza Group, LANXESS AG, and BASF SE.
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Global Dermacosmetics Market – Geographically, Europe held the largest share in the market for dermacosmetics in 2020. This is mainly attributed to the rising prevalence of skin diseases in the region, which is leading to the rising demand for dermacosmetics products.
U.S. Beauty Products Market – The U.S. beauty products market had a valuation of $81.1 billion in 2019 and it is predicted to advance at a CAGR of 4.8% between 2020 and 2030. Furthermore, the market is predicted to generate a revenue of $128.7 billion by 2030.
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