In terms of value, the functional cosmetics market is estimated to grow from USD 3.3 billion in 2022 to USD 4.6 billion by 2028, at a CAGR of 5.4%. The market research report delivers an in-depth analysis of the leading functional cosmetics market size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
Functional cosmetics are those components in the cosmetic product formulation that impart pharmacological properties or other direct effects in the cure, diagnosis treatment, mitigation, or prevention of diseases. They are used in cosmetics to provide functional properties when applied to the skin. The growth of the functional cosmetics market is dependent on the high spending power on cosmetics and the desire to look beautiful.
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Functional Cosmetics Market Key Players
The key players in this market are BASF SE (Germany), Nouryon (Netherlands), Ashland Inc. (US), Clariant AG (Germany), Evonik Industries AG (Germany), Gattefosse (France), Stepan Company (US), Lucas Meyer Cosmetics (Canada), Croda International Plc (UK), and Air Liquide S.A. (France) and others. The functional cosmetics market is witnessing growth in the past few years; new technologies drive the growth of this market. Market players are introducing new technologies and features to acquire larger market shares.
BASF SE is one of the key players in the functional cosmetics market globally. It is one of the largest chemical companies in the world by revenue. The company has a strong foothold in the European market, especially in Germany. It is focusing on building a diversified product portfolio, which aims at enhancing its presence in varied fields to gain a competitive advantage over other companies. BASF SE produce’s function cosmetics for skin care, hair care, sun care, and other applications. The company produces a wide range of functional cosmetics and is expanding globally. It has strong brand recognition compared to other competitive players.
Nouryon deals with agricultural, cleaning, infrastructure, and personal care products. Its strategy is to expand in emerging markets and deliver customer-centric products that will help the company grow. The transition from ingredient supplier to a solution provider, expansion of sustainable product offerings, and increasing capacity utilization will boost its businesses. The company operates in over 80 countries globally. The company strength includes strong brand recognition, strong financial performance, and experienced and talented employees. Nouryon strengthens its position well to continue to grow and succeed in the years to come. The company is well positioned to take advantage of the growth opportunities in the global specialty chemicals market.
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Skincare to lead functional cosmetics market, during the forecast period.
The functional cosmetics used in skin care cater to problems such as protection from harmful sun rays, wrinkles, blemishes, acne, aging, and frown lines, among others. The demand for skin care products is increasing rapidly worldwide due to the common need of humans to look good. The essence of bright and glowing skin is a major thriving factor for the growing demand for beauty and skincare products. The skin care application segment is categorized into three sub-type: body care, face care, and sun care.
“Asia Pacific is expected to be the fastest-growing region, in the overall functional cosmetics market, during the forecast period”
The high economic growth of emerging economies and the increasing disposable income of people make Asia Pacific an attractive market for functional cosmetics manufacturers. The increasing population and availability of cheap products are primarily responsible for the high demand for functional cosmetics in the region. UV-filters-based cosmetic products are also being increasingly used due to rising heat levels in the region. Consumers in Asia Pacific are more considerate about their skin tone, due to which they are more aware and willing to use sun care or body care cosmetics in day-to-day operations.
