Jersey City, New JerseyAnd January 24, 2022 /PRNewswire/ – Confirmed Market Research recently published a report, “Functional cosmetics marketBy function (UV filters, skin-lightening agents, conditioning agents, anti-aging agents), by application (skin care, hair care), and geography. According to validated market research, the global functional cosmetics market size has been estimated at 2.9 billion USD In 2020 is expected to reach 4.9 billion USD By 2028, at a compound annual growth rate of 4.3% from 2021 to 2028.
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Overview of the global functional cosmetics market
The rise in disposable income acts as a primary growth driver in the functional cosmetics market. A rise in disposable income, especially in developing economies such as India And China It raises living standards, making these beauty products more accessible to young adults and millennials. Increasing awareness, desire for timeless beauty, men’s grooming, digitalization, and the use of natural and organic products are the main driving factors for the cosmetic market.
Cosmetics are in great demand for people of all age groups and genders. This gave countless opportunities for the cosmetic industry to launch a lot of new products. Different products for different age groups have led to an increase in revenue for the market. Earlier, the advertising source was limited to newspapers and television. With the introduction of the digital world, countless opportunities have also opened up for the cosmetic market. From advertising to selling the actual product online has played a vital role in the total market revenue.
Also, chain marketing became very popular in the 1990s and early 2000s as the cosmetics market showed a positive trend. But due to the excessive use of chemicals in the manufacture of these products, there were a lot of side effects. For example, a burn to the skin, a rash, or a rash. To get around this problem, manufacturers have focused on using organic products which has brought huge revenue to the market. Since there are no side effects of organic products, they have become very popular in a limited period of time and have opened a window of multiple opportunities for the market.
- in a October 2018AkzoNobel launched its AkzoNobel Specialty Chemicals business as Nouryon.
- in a April 2020, a natural polymer introduced by Norion to install sunscreen. SolAmaze Natural is suitable for synthetic and organic sunscreens.
- in a August 2021Clariant AG acquired the remaining 60-70% of the Brazilian personal care company Beraca and took full control.
The main players
The major players in the market are Unilever, Givaudan SA, BASF SE, Clariant AG, Croda International Plc, Evonik Industries AG, Gattefossé SAS, L’Oréal, The Estee Lauder Companies, Shiseido Company, Oriflame, Nouryon, Seppic SA, Procter & Gamble Co. , Beiersdorf AG, among others.
Verified market research has segmented the global functional cosmetics market on the basis of function, application, and geography.
- Functional cosmetics market, by function
- UV filters
- Skin lightening agents
- HVAC Agents
- Anti-aging agents
- Functional cosmetics market by application
- Functional Cosmetics Market by Geography
- North America
- United kingdom
- rest of Europe
- Asia Pacific
- rest of Asia Pacific
- Middle east & Africa
- Latin america
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Top 10 cosmetic companies that polish the look to give it a royal look
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