How Does Skincare Awareness Help Cosmetic Chemicals Market Grow?

A number of factors such as the growing disposable income of people in developing countries such as India and China, the increasing focus of people on physical appearance, and the surging consumption rate of beauty products by female professionals of big corporations will help the cosmetic chemicals market display a considerable growth between 2021 and 2030. Moreover, the increasing focus of leading players on R&D to innovate new products will also help the industry grow in the future.

The mounting public concerns about hair loss, gray hair, skin health, and physical outlook, and the changing hairstyling trends will accelerate the global demand for cosmetic chemicals. The changing scenario is encouraging more people to make hefty investments in premium cosmetic products. The soring expenditure on personal care products can be ascribed to the booming disposable income of people. To cater to the escalating demand, players are focusing on advertising and commercialization of premium haircare, skincare, personal care, and beauty products.

According to P&S Intelligence, in 2020, the skincare category, within the application segment, accounted for the largest share in the cosmetic chemicals industry. This was on account of the growing public concerns regarding skin health and the increasing availability of new and improved chemicals to produce improved skincare products. Due to these factors along with the soaring demand for sunscreens, face creams, and body lotions, the category is expected to generate the highest revenue in the coming years as well.

In contemporary years, major players in the cosmetic chemicals industry are introducing new products to stay ahead of their competitors. For instance, in January 2020, BASF unveiled a portfolio of new skincare active ingredients. This portfolio includes Inolixir, Hydagen Aquaporin, Hydrasensyl Glucan, and bioactive ingredients for makeup applications. Other players engaging in such strategic measures are The Dow Chemical Company, P&G Chemicals, Bayer AG, Givaudan S.A., Croda International Plc, and Eastman Chemical Company.

Therefore, the increasing public awareness about skincare and hair care and the rising availability of innovative products are the key contributors to the market growth, worldwide.