TAGS: Skin Care
Transparency Market Research shares insights about the global functional cosmetics market for skin care application. The market is estimated to expand at a CAGR of 6.2 percent during the forecast period, owing to numerous factors.
Demand for Natural Cosmetics Ingredients
The demand for natural cosmetics ingredients, which are vegan, cruelty free, non-toxic, and palm oil-free has been rising across the globe. This is creating lucrative opportunities for the functional cosmetics market for skin care application.
Rise in concerns about side effects of various chemicals and ingredients or synthetic additives used in cosmetics and personal care products is driving the demand for natural substitutes. In turn, this is boosting the demand for natural cosmetic ingredients in the global market.
Increase in awareness about natural cosmetic products and growth in expenditure on these products are key factors that are driving the natural cosmetics market. Various governments and private corporations are also promoting the use of natural cosmetic ingredients for the formulation of cosmetics in order to prevent and control various side effects of synthetic cosmetics, such as rashes, allergies, and other skin deformities.
Thus, growth of the natural cosmetics industry is likely to create immense opportunities for manufacturers of natural cosmetics.
Dominant Region- Europe
Europe dominates the global functional cosmetics market for skin care applications. The functional cosmetics industry in the region is estimated to expand at a rapid pace between 2021 and 2031. This, in turn, is expected to boost the demand for functional cosmetics for skin care application in Europe.
Germany is also anticipated to be a highly attractive country of the functional cosmetics market for skin care application in Europe during the forecast period. Rise in usage of functional cosmetics by certain age group is witnessing strong growth owing to the increase in skin related issues. This is augmenting the functional cosmetics market for skin care application in Germany.
Asia Pacific is likely to be another highly attractive region of the global functional cosmetics market for skin care application during the forecast period. China held major share of the functional cosmetics market for skin care application in Asia Pacific in 2020. Increase in skin-related issues such as aging in China is propelling the demand for functional cosmetics for skin care applications in the country.
The implementation of stringent regulations on cosmetics ingredients is likely to hamper the global functional cosmetics market for skin care application during the forecast period. The dominance of user age group and working class population is likely to drive the global functional cosmetics market for skin care application in the next decade, as functional cosmetics are extensively used by this population group.
Source: Transparency Market Research