According to analysts from Transparency Market Research the dynamics of the market of cosmetic ingredients is a significant jump in 2016, caused by the increase in disposable income of today’s consumers.
Recall that the global ingredients market for cosmetics was valued at 22.8 billion U.S. dollars in 2016. Experts say that the increase in disposable income and sustained market growth. According to analysts Transparency Market Research, the market will grow with an average annual growth rate equal to 4.60% from 2017 to 2025. Such dynamics will lead to the fact that by the end of the forecast period the market will reach the rating at 33.8 billion dollars.
In addition, according to the report, the high level of competition inherent in the global market for cosmetic ingredients caused by the presence of a large number of players, both at the international and regional levels. Besides, the market itself is highly fragmented. Competition between the key players, probably will go up because players are struggling to preserve their position and increase market penetration.
Players in the global market of cosmetic ingredients focused on innovation to expand production and encourage consumers to buy specific product for a specific problem. For example, special creams for the treatment of acne, to moisturize the skin or lightening the skin tones of the face are sold in most places. This is due to the anticipated expansion in the market of cosmetic ingredients during the forecast period.
In addition, among consumers there is a growing tendency to maintain a good appearance, which is one of the strongest factors in the growth of the market. There is also a growing popularity of cosmetic products among men that can create additional opportunities to market cosmetic ingredients during the forecast period.
Indicative in this respect is the market the Asia-Pacific region, because countries belonging to it, are in the lead in the global market in 2016, with the total share of 32,02%. Strengthening the economy of Asian States have increased the disposable income of consumers, which greatly affects their quality of life, and therefore influences their aesthetic consciousness. With the growth of the purchasing power of consumers are willing to spend on expensive cosmetic products premium to look good. This, consequently, can greatly stimulate the market of cosmetic ingredients in Asia-Pacific region in the coming years, ensuring its dominance in the global market.
Ashland Inc., Croda International Plc, BASF SE, Akzo Nobel NV, Evonik Industries AG, Dow Chemical Co., Innospec Inc., Solvay SA, Lonza Group AG and Clariant are some of the key suppliers of cosmetic ingredients in the world.
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17 April, Moscow will host the conference of the company Mesopharm “a Scientific approach to aesthetic medicine. Current issues and trends in the industry.”