The net revenue earned by functional cosmetic ingredient producers was nearly US$ 3,409.5 million in 2023. The global demand for functional cosmetic ingredients is expected to increase at a CAGR of 5.7% from 2024 to 2034. By following this promising growth rate, the overall market value is predicted to rise from US$ 3,580 million in 2024 to US$ 6,232.1 million by 2034.
Customers looking for solutions to treat a variety of skin conditions like moisturizing, anti-aging, brightening, and soothing qualities are expected to raise the demand for functional cosmetic ingredients. Anti-aging functional cosmetic components are also in great demand as older customers are seeking more cosmetic products like antioxidants, retinoids, and peptides to keep their skin young.
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“The ongoing promotion of functional cosmetic ingredients by influencers is expected to create buzz and increase the visibility of functional cosmetic products. Modern consumers, especially in younger age groups, are more likely to try products recommended by influencers they trust, contributing to the rapid growth of the next-gen skincare components sector,” says an FMI analyst.
Key Takeaways from the Global Functional Cosmetic Ingredient Market Study Report
- The United States currently holds a sizable share of the global market and is expected to advance further at a 4% CAGR through 2034.
- China is aiming to capture the global cosmetic market by increasing its production of functional cosmetic ingredients at a CAGR of 5.8% till 2034.
- Throughout the projection period, India is anticipated to increase at a 7.6% CAGR through 2034 due to its rapidly expanding cosmetics and beauty care sector.
- Australia is an emerging market for functional skincare products, which is poised to develop at a 6.6% CAGR through 2034.
Competitive Landscape in the Functional Cosmetic Ingredient Market
Though the cosmetics industry is quite diverse and competitive, the supply of functional active ingredients used in its making is concentrated within a relatively small market. However, the growing demand for functional cosmetic products in recent years is anticipated to encourage the emergence of new market players, gradually intensifying the competition.
Recent Developments by the Functional Cosmetic Ingredient Market Players
- In November 2022, the Rootness Awake product line by Clariant won Gold in the Environment and Actives categories of the BSB Innovation Awards, a prestigious European accolade with a 20-year history. Rootness Awake is an innovative and powerful active ingredient that combats eye bags and under-eye circles, making it a very desirable ingredient in anti-aging products.
- In March 2023, Global Bioenergies announced the debut of its cosmetic component, Isonaturane® 16, during the 2023 In-Cosmetics Global Trade Exhibition in Barcelona. It is the second cosmetic component developed by the firm a year after releasing Isonaturane® 12 at In-Cosmetics Paris. In accordance with ISO 16128, the company sells this new naturally derived substance, which is made solely in France and under the brand name Isonaturane® 16.
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Key Segments Covered by Functional Cosmetic Ingredient Industry Survey Report
By Ingredient:
- Emollients and Moisturizers
- Antioxidants
- Sunscreen Agents
- Anti-Aging Agents
- Whitening Agents
- Anti-Inflammatory Agents
- Peptides and Proteins
- Botanical Extracts
- Vitamins and Minerals
- Other Ingredients
By Application:
- Skin care product
- Hair care products
- Oral care products
- Makeup products
- Other Applications
By Functionality:
- Moisturizing and Hydrating
- Anti-Aging and Wrinkle Reduction
- Sun Protection
- Skin Brightening and Whitening
- Acne Treatment and Oil Control
- Hair Repair and Nourishment
- Color Enhancement and Pigmentation
- Dental Health and Whitening
- Other Functionalities
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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