According to a new market research report, the “Functional Cosmetics Market by Functionality (Conditioning Agents, UV Filters, Anti-Aging Agents, Skin Lightening Agents), Application (Skin Care, and Hair Care), and Region (North America, APAC, Europe, MEA, South America) – Global Forecast to 2026″, The functional cosmetics market is projected to reach USD 4.1 billion by 2026, at a CAGR of 5.2% from USD 3.2 billion in 2021.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 high spending power on cosmetics and desire to look beautiful.
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This report also provides a comprehensive analysis of the companies listed below:
Ashland Inc. (US), Stepan Company (US), BASF SE (Germany), Nouryon (Netherlands), Clariant AG (Germany), Evonik Industries AG (Germany), Gattefosse (France), Lucas Meyer Cosmetics (Canada), Sederma(France), Seppic SA (France), CP Kelco (US), Eastman Chemical Company (US), Emery Oleochemicals (Malaysia), Givaudan SA (Switzerland), Symrise AG (Germany), Sonneborn LLC (US), Vantage Specialty Chemicals (US), United-Guardian, Inc. (US), Innospec Inc. (US), KAO Corporation (Japan), Momentive Performance Materials Inc. (US), ADEKA Corporation (Japan), DuPont (US), and Koninklijke DSM N.V. (Netherlands)
Players in the functional cosmetics market are mainly concentrating on new product launches, mergers & acquisitions, agreements, partnerships, and expansion to meet the growing demand for functional cosmetics for various applications.
Impact of COVID-19 on Functional Cosmetics Market
The global pandemic has affected almost every sector in the world. The functional cosmetics market has shown negative growth as it was affected due to disruptions in the global supply chain and fall in the oil prices. This situation arise due to fall in demand from the cosmetics industry. Europe is the largest region in terms of value for the functional cosmetics market.
In Asia Pacific, a reduction in cosmetics was seen from South Asia constituting countries, such as India, Bangladesh, Sri Lanka, and Central Asian countries. This lowered the demand for functional cosmetics in the region. China holds a major market share in the functional cosmetics market in the Asia Pacific region but was severely affected by the pandemic initially. Millions of people were quarantined, thus putting a pause on all supply chains dependent on China. The travel bans and lockdown imposed in most of the major cities in China had reduced the production of oil in the country. It has also affected the workforce community without which, many ports, such as Shenzhen and Shanghai, are closed for operations. However, the country has shown signs of recovery after the lockdown of three months. Most of the businesses have reopened, which is expected to generate the demand for functional cosmetics.
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The growth of the functional cosmetics market has been largely influenced by new product launches, mergers & acquisitions and expansion that were undertaken between 2016 and 2020. Nouryon, BASF SE, and Clariant AG has adopted organic growth to enhance their market position.
In October 2018, AkzoNobel relaunched its AkzoNobel Specialty Chemicals business as Nouryon. The Carlyle Group and GIC further acquired the company and marked its transition to becoming an independent, global specialty chemicals leader. Nouryon serves agriculture; building and infrastructure; cleaning and personal care; packaging materials; paints, coatings and inks; polymer production and processing; oil, gas, and mining; food, pulp, and paper; transportation; and other markets. The company’s success has been built on strong partnerships, and it believes that collaboration is key to success. Nouryon operates in regions such as Asia Pacific, North America, South America, Middle East and Europe.
In April 2020, Nouryon introduced a natural polymer for sunscreen formulation. SolAmaze Natural is compatible with organic and synthetic sunscreen formulations. The product is bio-based and biodegradable.
BASF SE is a diversified chemical solution provider and manufacturer of a broad range of chemical products with high-end industrial applications. The company operates through sevenbusiness segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. The company offers functional cosmetics through nutrition & care business segment and the chemicals business segment. Under the nutrition & care business segment and care chemicals division, the company offers a broad range of ingredients for personal care, home care, industrial & institutional cleaning, and technical applications. The care chemicals division’s high-performance product portfolio includes surfactants, emulsifiers, polymers, emollients, chelating agents, functional cosmetics, and UV filters. The company has its production and development sites globally and is expanding its presence in emerging markets. It primarily operates in Europe and has an active presence in North America, Asia Pacific, South America, Africa, and the Middle East.