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%. According to Food & Drug Administration (FDA), a functional cosmetic is any component that provides pharmacological activities or other direct effects in the diagnosis, cure, mitigation, treatment, or prevention of disease, or to affect the structure or any function of the body of humans or animals. They are used to provide the actual function of the product it is intended for, say anti-acne agents such as benzoyl peroxide and salicylic acid are used in anti-acne creams, hydroquinone is used as a skin-lightening agent in skin whitening creams, and so on.
“UV filters is expected to be the second fastest-growing functionality type of the functional cosmetics market, in terms of value, during the forecast period.”
UV filters are used in cosmetic products to absorb or reflect the UV rays emitted from sunlight or artificial light. The UV rays that reach the Earth’s surface falls in the ultraviolet A (UVA) range and ultraviolet B (UVB) range. UVA rays penetrate the layers of skin because of longer wavelengths and cause premature aging, while UVB rays stay on the upper layer of the skin due to shorter wavelengths and cause burning and tanning. Cosmetic product manufacturing companies are more interested in including UV filters in their products to protect the skin and scalp from damage caused by UV radiation. Some UV filters products include sunscreens, shampoos, and sprays
“Haircare accounted for the second largest share of the functional cosmetics market, in terms of value, in 2022.”
The hair care segment deals with the products that help regulate the behavior and properties of the hair so that it can be maintained desirably. The hair care application involves hair sprays, hair conditioners, hair straighteners, shampoos, and tonics, among others used to improve the appearance of hair or protection of scalp. There is an increasing awareness among consumers of the effects caused due to the harsh environmental conditions which damage the hair follicle. The demand for hair care products is substantially high in Brazil as consumers are keen to spend more on hair care products.
“Asia Pacific is projected to be the fastest growing region, in terms of value, during the forecast period in the Functional cosmetics market.”
The Asia Pacific functional cosmetics market is mainly characterized by high demand for low and medium-cost functional cosmetics and a consistent rise in population which is further fueling the demand. 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.
- By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%
- By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%
- By Region: North America - 32%, Europe - 21%, Asia Pacific - 28%, Middle East & Africa - 12%, South America – 7%
The key players profiled in the report include 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)among others.
This report segments the market for functional cosmetics based on functionality, application and region and provides estimations of value (USD million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, key strategies, associated with the market for functional cosmetics.
Reasons To Buy this Report
This research report is focused on various levels of analysis ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the functional cosmetics market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on functional cosmetics offered by top players in the global market
- Analysis of key drives: (growth in automotive sector, demand from medical application, and growing healthcare expenditure and favorable reimbursement scenario), restraints (high initial and maintenance cost of machine), opportunities (rising trend of electric vehicles), and challenges (skilled personnel for operations) influencing the growth of functional cosmetics market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the functional cosmetics market
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for functional cosmetics across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global functional cosmetics market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the functional cosmetics market