Cosmetic Bioactive Ingredients Market Trends
Growth Drivers
- Change in Lifestyle - Cosmetics have become a vital element of modern life. Moreover, the rise in consciousness about external beauty along with an individual’s internal intellect has become one of the major factors driving the cosmetic bioactive ingredients market. For instance, people are more into changing their physical appearance and cosmetics are major things that are changing the lifestyle and boosting the market.
- Growing Demand for Organic Beauty Products - Taking this into account numerous beauty brands are poised to launch sustainable, natural and organic products. This creates opportunities for the cosmetic bioactive ingredients industry. According to a recent survey, about 67% of respondents are looking for products labeled as clean'' and 55% have been influenced by products that were described as organic or natural.
- Product Innovation in Cosmetic Industries –Organizations are looking more closely at all possible aspects of beauty and wellbeing, investigating consumers' attitudes about beauty, understanding the biological basis for hair and skin as well as improving sustainable development methods. This has led to increasing research and development in product innovation. For instance, active use of AHA including malic acid, glycolic acid, and lactic acid is extensively used in the cosmetic industry, that is increasing the market for cosmetic bioactive ingredients.
Challenges
- High Cost of Ingredients:
The cost of producing and processing the bioactive ingredients can be high, resulting in higher product prices that may limit consumer affordability and the use of UV filters in cosmetic products to prevent skin from ultraviolet rays. Although they are identified as new pollutants, which is restraining the market and causing the harm to skin moving on to the factor, this can be a major lead as a challenge in the growth of the market.
- Cause for Environmental Pollution
- Volatility of Raw Materials
Cosmetic Bioactive Ingredients Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.8% |
|
Base Year Market Size (2024) |
USD 52.25 billion |
|
Forecast Year Market Size (2037) |
USD 138.72 billion |
|
Regional Scope |
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