Cosmetic Chemicals Market Size Expected to Reach USD 49.48 Billion by 2033

The global cosmetic chemicals market size was USD 24.91 billion in 2023, calculated at USD 26.81 billion in 2024, and is expected to reach around USD 49.48 billion by 2033, According to Precedence Research.

Ottawa, July 02, 2024 (GLOBE NEWSWIRE) — The global cosmetic chemicals market size is predicted to increase from USD 24.91 billion in 2023 to approximately USD 49.48 billion by 2033, growing at a solid CAGR of 7.10% between 2024 and 2033. The cosmetic chemicals market is driven by increasing use of cosmetics, changing consumer preference and R&D projects.

The cosmetic chemicals market encompasses the global industry involved in the production, distribution, and application of chemicals used in the formulation of cosmetic products. Cosmetic chemicals have been used by humans for generations to improve appearance and self-esteem. The use of chemicals in cosmetics has increased due to industrialization and mass production.

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Surfactants, emollients, preservatives, colorants, sunscreens, and emulsifiers are among the most often used cosmetic compounds. Surfactants remove debris and oil from the skin and hair, whereas emollients moisturize and soften the skin. Preservatives inhibit bacterial growth, whereas colorants offer color to cosmetics. Sunscreens protect the skin from damaging UV rays, whilst emulsifiers provide lotions and creams with a smooth texture. Parabens, a kind of preservatives used in cosmetic, are considered safe by the FDA but may alter hormonal balance.

Global Cosmetic Chemicals Market (USD Million), By Product Type, 2020 to 2023

Product Type 2020 2021 2022 2023
Surfactants 5,735.2 6,185.6 6,668.2 7,194.8
Emollients & Moisturizers 5,797.1 6,285.3 6,812.6 7,391.3
Film-Formers 2,307.1 2,485.5 2,676.4 2,884.6
Colorants & Pigments 1,127.1 1,203.2 1,283.8 1,371.0
Preservatives 782.7 840.7 902.5 969.7
Emulsifying & Thickening Agents 978.1 1,052.9 1,132.9 1,220.0
Single-Use Additives 607.1 652.2 700.3 752.6
Others 2,660.0 2,810.4 2,964.8 3,127.8

Global Cosmetic Chemicals Market (USD Million), By Application, 2020 to 2023

Application 2020 2021 2022 2023
Skin Care 6,887.0 7,448.8 8,052.6 8,713.1
Hair Care 5,207.0 5,617.4 6,057.4 6,537.7
Makeup 2,895.8 3,102.9 3,323.0 3,561.5
Oral Care 2,253.9 2,404.9 2,564.6 2,737.1
Fragrances 1,654.0 1,775.7 1,905.5 2,046.5
Others 1,096.6 1,166.2 1,238.7 1,315.9

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Cosmetic Chemicals Market Key Insights

  • North America dominated the cosmetic chemicals market with the largest revenue share of 36.65% in 2023.
  • Europe is expected to grow at the fastest CAGR of 5.28% during the forecast period.
  • By product type, the emollients & moisturizers segment has contributed more than 29.66% of revenue share in 2023.
  • By application insight, the skin care segment has held the largest revenue share of 34.97% in 2023.

U.S. Cosmetic Chemicals Market Size and Forecast

The U.S. cosmetic chemicals market size was estimated at USD 7.26 billion in 2023 and is expected to be worth around USD 14.74 billion by 2033 with a CAGR of 6.88% from 2024 to 2033.

North America dominated the cosmetic chemicals market in 2023. Large multinational cosmetic chemical makers are gaining a competitive advantage as the need for high-performance, high-purity products, as well as safety and efficacy data, grows. They have additional resources for R&D, technical support, and health and safety testing, which they may employ to serve global cosmetic firms throughout the world. Population growth, more disposable wealth in emerging nations, increasing wellness consciousness, market segmentation, and tighter regulation governing cosmetic chemical safety are all expected to raise formulation development costs.

  • For instance, Sophim, a cosmetic ingredient supplier has selected Essential Ingredients as its distribution channel partner for olive squalane and other natural ingredients in the United States and Canada. This move enables Sophim to focus on quality-driven development while also expanding its network. Essential Ingredients, a leading provider of natural, high-performance, functional ingredients, is proud to service customers in the U.S. and Canada.

The Asia Pacific region has a large and youthful population that is increasingly adopting modern lifestyles and trends. Young consumers are more inclined to experiment with new cosmetic products and are highly influenced by social media and beauty influencers. This dynamic demographic drives the demand for innovative and trendy cosmetic products, thereby boosting the need for cosmetic chemicals.

South Korea (K-Beauty) and Japan (J-Beauty) are influential markets in the global beauty industry. The trends and innovations from these countries often set the standard for beauty products worldwide. The popularity of K-Beauty and J-Beauty products, known for their innovative formulations and unique ingredients, drives the demand for specialized cosmetic chemicals in the region.

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Sope of Cosmetic Chemicals Market

Report Attribute         Key Statistics
Cosmetic Chemicals Market Size in 2033 USD 49.48 Billion
Cosmetic Chemicals Market Size in 2024 USD 26.81 Billion
Growth Rate From 2024 to 2033 CAGR of 7.10%
Base Year 2023
Historical Year 2021-2022
Forecast Period 2024 to 2033
Segments Covered Product Type, Application, and Regions
Regional Scope North America, APAC, Europe, Latin America, and Middle East & Africa

Cosmetic Chemicals Market Report Highlights

Product Type Insight

The emollients & moisturizers segment dominated the cosmetic chemicals market in 2023. Emollients and moisturizers can help soothe and treat dry skin caused by a variety of disorders, like atopic dermatitis, eczema, psoriasis, diabetes, hypothyroidism, and renal disease. They can also cure radiation-related burns and diapers rash. Emollients are classed as oily and greasy based on the cause and severity of the illness.

Emollients are categorized into three types: creams, ointments and lotion. Lotions are water-based and less hydrating, making them ideal from daytime usage, although they must be reapplied often owing to skin absorption. Creams are less greasy and simpler to apply than ointments, which are both oily and hydrating.

Application Insight

The skin care segment dominated the cosmetic chemicals market in 2023. Customized skin care products can help prevent acne, reduce outbreaks, and increase suppleness. High-quality components, which are commonly found in natural products, can help combat wrinkles, loss of elasticity, and prevent and repair skin discoloration.

These products also assist in preventing and treating skin aging by increasing collagen levels. Patients who use tailored skin care can get better and longer-lasting effects from medical aesthetic Anti-aging treatments, resulting in a healthier and more youthful appearance.

Browse More Insights:

  • Oral Care Market Size and Forecast: The global oral care market was valued at USD 44.57 billion in 2023 and is expected to reach over USD 76.14 billion by 2033, poised to grow at a CAGR of 5.5% from 2024 to 2033.
  • Aromatherapy Market Size and Forecast: The global aromatherapy market size was valued at USD 2 billion in 2022 and it is expected to surpass around USD 5.7 billion by 2032 with a notable CAGR of 11.1% during the forecast period from 2023 to 2032.
  • Dermocosmetics Skin Care Products Market Size and Forecast: The global dermocosmetics skin care products market size reached USD 52.47 billion in 2022 and it is expected to hit around USD 132.66 billion by 2032, poised to grow at a CAGR of 9.71% between 2023 to 2032.
  • Cosmetic Pigments Market Size and Forecast: The global cosmetic pigments market size was exhibited at USD 700 million in 2022 and is projected to hit around USD 1,532.31 billion by 2032 with a registered CAGR of 8.2% during the forecast period 2023 to 2032.
  • Cosmetic Oil Market Size and Forecast: The global cosmetic oil market size was evaluated at USD 6 billion in 2022 and is projected to hit around USD 19.05 billion by 2032 with a registered CAGR of 12.3% during the forecast period 2023 to 2032.
  • Vegan Cosmetics Market Size and Forecast: The global vegan cosmetics market size was USD 17.12 billion in 2023, calculated at USD 18.20 billion in 2024 and is expected to reach around USD 31.59 billion by 2033, expanding at a CAGR of 6.32% from 2024 to 2033.
  • Cosmetic Preservatives Market Size and Forecast: The global cosmetic preservatives market size was exhibited at USD 399 million in 2022 and is projected to hit around USD 711.16 million by 2032 with a registered CAGR of 6% during the forecast period 2023 to 2032.
  • Cosmetic Ingredients Market Size and Forecast: The global cosmetic ingredients market size was exhibited at USD 32 billion in 2022 and is projected to hit around USD 55.44 billion by 2032 with a registered CAGR of 5.7% during the forecast period 2023 to 2032.
  • Halal Cosmetics Market Size and Forecast: The global halal cosmetics market size was evaluated at USD 38 billion in 2022 and is expected to hit around USD 118.55 billion by 2032 with a registered CAGR of 12.1% from 2023 to 2032.
  • Cosmetic Surgery Market Size and Forecast: The global cosmetic surgery market size was estimated at USD 70 billion in 2022 and it is projected to hit around USD 139.64 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 7.2% during the forecast period 2023 to 2032.

Cosmetic Chemicals Market Dynamics

Driver: Rise in cosmetic usage dur to social media

Rise in cosmetic usage is key driver for cosmetic chemicals market. Influencers and beauty gurus are the new lords of style, influencing the cosmetic business with lessons, product reviews, and beauty tips. This has resulted in more individualized and diversified cosmetic options, emphasizing individual trends and inclusive beauty standards. The real-time nature of social media has sped trend cycles, allowing Cosmetic to remain ahead of the curve by incorporating new designs into their Collections pages.

Platforms such as Facebook, Instagram, and Pinterest function as interactive catalogs, allowing customers to engage with firms and provide quick feedback on their items. The visibility given by social media emphasizes the importance of sustainability and ethical standards in the beauty industry, leading firms to prioritize these factors in their business models. User-generated content, including customer reviews and before-and-after photos, enhances the online beauty community, fostering trust and authenticity.

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Restraint: Strict regulations

Strict regulations regarding the usage of ingredients in products is a major challenge for the cosmetic chemicals market. Cosmetic, which are goods applied to the exterior areas of the human body, have received less regulatory attention than other chemicals since it is assumed that absorption from external surfaces is insignificant. However, formulas are growing more complex, and skin exposure is increasing. Many of the EDCs found in cosmetic goods (PCPs) have been detected in human body tissues, and many of these compounds are often employed in PCPs.

The conventional framework of advice has shifted toward regulation. The EU Cosmetic Products Regulation (EC No1223/2009) applies to all EU member nations, as well as Iceland, Norway, and Switzerland. Cosmetic manufacturers, retailers, and importers in the EU are assigned “Responsible Person” status, which requires them to comply with legislation and maintain product safety dossiers. Cosmetic are controlled by the FDA in the United States and the National Industrial Chemicals Notification and Assessment Scheme (NICNAS) in Australia.

Opportunity: Green cosmetic

Green Beauty is a cosmetic concept that attempts to give body care with natural and ecologically friendly components. It originated in the United States and has grown in popularity across the world as people seek safe, nutritious, and environmentally friendly products. Green beauty products frequently feature 100% recycled paper packaging, eco-friendly inks, or biodegradable packaging.

Green beauty products contain natural, organic substances such as plant extracts, oils, herbs, waxes, flowers, and butters. These ingredients come from sustainable or wild plantations and have been certified natural and ecological. Green beauty products often include at least 95% natural ingredients, which are more easily absorbed by the skin and have a higher concentration of potent active substances.

Cosmetic Chemicals Market Leaders

  • SOLVAY SA
  • Givaudan
  • Symrise
  • Croda International PLC
  • P&G Chemicals
  • Cargill Incorporated
  • Evonik Industries AG
  • Eastman Chemical Company
  • Stepan Company
  • Dow
  • Lanxess
  • Ashland Inc
  • The Dow Chemical Company
  • Lonza Group
  • BASF SE
  • Bayer AG.

Recent Developments

  • In May 2024, The China Beauty Expo, Asia’s largest beauty show, had over 3,200 exhibitors from 40 nations. SK Chemicals demonstrated their sustainable plastic products, including the high-performance Circular Recycle copolyester ECOTRIA CR and ECOTRIA CLARO, which are readily recycled into PET. Their products, including the Circular Recycle copolyester ECOTRIA CR and ECOTRIA CLARO, attracted a lot of attention.
  • In April 2024, Clariant, a sustainable chemical firm, purchased Lucas Meyer Cosmetic, a leading distributor of high-value ingredients for the cosmetic and personal care market, from IFF for USD 810 million (~CHF 720 million). The acquisition price will be adjusted based on net debt and working capital.

Segments Covered in the Report

By Product Type

  • Surfactants
  • Emollients & Moisturizers
  • Film-Formers
  • Colorants & Pigments
  • Preservatives
  • Emulsifying & Thickening Agents
  • Single-Use Additives
  • Others

By Application

  • Skin Care
  • Hair Care
  • Makeup
  • Oral Care
  • Fragrances
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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