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)
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.
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Skincare is the largest application segment of the functional cosmetics market. Europe is projected to be the largest market during the forecast period because of the high per capita spending power of consumers on cosmetic products. The rising employment opportunities are primarily responsible for the high demand for active ingredients for cosmetics. This is because the increasing employment rate will improve the standard of living and thereby will encourage the population to look for products that take care of their skin and hair. Key market players such as BASF SE (Germany), Evonik Industries AG (Germany), and Clariant AG (Germany) are expanding their functional cosmetics business in Europe as it is the most lucrative market. On the other hand, Asia Pacific was the second-largest market in 2020, and Japan was its largest market.
Anti-ageing agents is estimated to be the fastest-growing functionality in the functional cosmetics market for the forecast period.
The anti-ageing agents-based functional cosmetics accounted for the third-largest share, in terms of value, in 2020. It is also forecasted to grow at the highest CAGR between 2021 and 2026. This dominance is expected due to the current scenario across the globe with rising population, increased pollution level, global warming and other environmental factors are damaging the skin. The harmful UVA sun rays penetrate the skin and cause premature aging. The aging process gradually encompasses the deterioration of various body organs along with the visible impacts on skin. The loss of collagen production leads to frown lines, blemishes, wrinkles and pigmentation changes which signifies aging of skin. People in the age of 30-35, start using the anti-aging products as a precaution to protect their skin from outside environmental impacts. The desire of humans to look and stay young has positively impacted the market to grow.