Northbrook, IL 60062 -- (SBWIRE) -- 05/27/2022 -- The functional cosmetics market size is estimated to be USD 3.2 billion in 2021 and is expected to reach USD 4.1 billion by 2026, at a CAGR of 5.2% during the forecast period. Factors such as increasing demand for multifunctional ingredients, and accelerating demand for anti-aging, skin whitening, and sun protection products are major driving factors. Shifting focus towards male specific cosmetics is the major growth opportunity for the market. However, High cost of organic products is a major restraining factors in this market.
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The key market players profiled in the report include 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).
Players in the functional cosmetics market are mainly concentrating on new product launches, mergers & acquisitions, agreements, partnerships, and expansion to meet the growing demand for functional cosmetics for various applications.
The growth of the functional cosmetics market has been largely influenced by new product launches, mergers & acquisitions and expansion that were undertaken between 2016 and 2020. Nouryon, BASF SE, and Clariant AG has adopted organic growth to enhance their market position.
In October 2018, AkzoNobel relaunched its AkzoNobel Specialty Chemicals business as Nouryon. The Carlyle Group and GIC further acquired the company and marked its transition to becoming an independent, global specialty chemicals leader. Nouryon serves agriculture; building and infrastructure; cleaning and personal care; packaging materials; paints, coatings and inks; polymer production and processing; oil, gas, and mining; food, pulp, and paper; transportation; and other markets. The company's success has been built on strong partnerships, and it believes that collaboration is key to success. Nouryon operates in regions such as Asia Pacific, North America, South America, Middle East and Europe.
In April 2020, Nouryon introduced a natural polymer for sunscreen formulation. SolAmaze Natural is compatible with organic and synthetic sunscreen formulations. The product is bio-based and biodegradable
BASF SE is a diversified chemical solution provider and manufacturer of a broad range of chemical products with high-end industrial applications. The company operates through sevenbusiness segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. The company offers functional cosmetics through nutrition & care business segment and the chemicals business segment. Under the nutrition & care business segment and care chemicals division, the company offers a broad range of ingredients for personal care, home care, industrial & institutional cleaning, and technical applications. The care chemicals division's high-performance product portfolio includes surfactants, emulsifiers, polymers, emollients, chelating agents, functional cosmetics, and UV filters. The company has its production and development sites globally and is expanding its presence in emerging markets. It primarily operates in Europe and has an active presence in North America, Asia Pacific, South America, Africa, and the Middle East.
In August 2020, BASF SE launched a naturally derived and biodegradable product, Lamesoft. It can be used for the stabilization of products in skin and hair cleansing formulas. It can be used to stabilize surfactant-based and wax-based opacifiers.
In the same month, the BASF SE also introduced a new production line at the Kaohsiung site in Taiwan to double the production of Uvinul A Plus, an ingredient used for UVA (UV longest wavelength) protection. It is used in various sun and skin formulations. The production line is introduced to meet the rising demand of consumers in the Asia Pacific market.
Clariant AG is engaged in developing, manufacturing, distributing, and selling a wide range of specialty chemicals. It offer products for additives, catalysts, functional minerals, industrial & consumer specialties, oil and mining services, and pigments. The company currently operates under three business segments: natural resources, care chemicals, and catalysis. The company offers functional cosmetics through its care chemicals business segment. It operates in Europe, Asia, Africa, the Americas, and Australia through more than 100 group companies
In August 2021, Clariant AG acquired the remaining 70% of Brazilian personal care specialty company Beraca and took over full control. This acquisition will strengthen its functional cosmetics business, assuming full operational ownership of Beraca's broad portfolio of natural ingredients.