NEWS

The global cosmetic raw material market is expected to reach a value of $14.67 billion by 2024, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 5.7% during the forecast period. The growing demand for natural and organic cosmetic products, as well as the increasing consumer awareness about the harmful effects of synthetic chemicals, is expected to drive the market growth.

The report states that the rising disposable income of consumers, especially in developing economies, is fueling the demand for high-quality cosmetic products. This, in turn, is driving the demand for cosmetic raw materials. Additionally, the increasing influence of social media and the fashion industry is also contributing to the growth of the market.

In terms of product type, the report identifies emollients as the largest segment in 2015, accounting for over 30% of the market share. Emollients are used to soften and moisturize the skin, and their widespread use in various cosmetic products is driving their market growth.

Furthermore, the report highlights the increasing demand for natural and organic cosmetic raw materials. Consumers are becoming more conscious about the ingredients used in their cosmetic products and are seeking products that are free from synthetic chemicals and are environmentally friendly. This trend is expected to drive the demand for natural and organic cosmetic raw materials, such as plant extracts, essential oils, and natural preservatives.

The report also points out the challenges faced by the cosmetic raw material market, such as the volatility in raw material prices and the strict regulations pertaining to the use of certain ingredients. However, the increasing focus on research and development activities to create innovative and sustainable raw materials is expected to present new opportunities for market growth.

In terms of regional analysis, the report highlights the dominance of the Asia Pacific region in the cosmetic raw material market. The region accounted for over 40% of the market share in 2015, and this trend is expected to continue during the forecast period. The growing consumer base and the rapid expansion of the beauty and personal care industry in countries such as China and India are driving the market growth in the region.

The report also identifies Europe as a significant market for cosmetic raw materials, given the high demand for premium and luxury cosmetic products in the region. The presence of leading cosmetic and personal care companies in Europe is also contributing to the growth of the market.

In conclusion, the global cosmetic raw material market is poised for significant growth in the coming years, driven by the increasing demand for natural and organic cosmetic products, as well as the growing disposable income of consumers. The market is also expected to benefit from the increasing focus on research and development activities to create innovative and sustainable raw materials. However, the market may face challenges in terms of raw material prices and regulations, but these are expected to be mitigated by the industry's efforts to adapt and innovate.