United States Cosmetic Chemicals Market to Grow with a CAGR of 5.70% through 2028
Policies and initiatives
taken by the government related to production of cosmetic chemicals are the
major drivers for the United States Cosmetic Chemicals Market.
According to TechSci Research
report, “United States Cosmetic Chemicals Market –Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018-2028”, the United
States Cosmetic Chemicals Market stood at USD 5.63 billion in 2022 and is
anticipated to grow with a CAGR of 5.70% % through 2028. This can be ascribed to
collaborations and partnerships among leading companies with a diverse approach
to merge the expertise of individual companies and to strengthen their position
in the market.
The geriatric
population, composed of individuals aged 65 and older, is on the rise in the
United States. According to the U.S. Census Bureau, by the year 2050, the
number of Americans aged 65 and older is projected to nearly double, reaching
over 83 million people. According
to the report published by United States Census Bureau in 2023, it has been
observed that around 23.4% people in United States are above 60 years of age,
followed by 20.7% of people aged above 62 years, 16.8% of people above 65
years, 6.7% of people above 75 years of age and so on. The increasing demand
for specialized cosmetic products tailored to older individuals presents
substantial opportunities for cosmetic chemical manufacturers. Ingredients like
hyaluronic acid, retinol, peptides, and various vitamins have gained prominence
due to their potential to rejuvenate and revitalize aging skin. Cosmetic
chemical manufacturers are capitalizing on this demographic shift by developing
cutting-edge products that cater to the unique needs and desires of older
consumers.
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As the perception of aging evolves, the cosmetic
chemicals market is poised for continued growth, driven by advancements in
research, formulation, and marketing strategies that empower older individuals
to embrace their beauty and confidence. As consumer preferences
and demands continue to evolve, the government has recognized the importance of
fostering innovation, ensuring safety, and promoting sustainable practices in
the production of cosmetic chemicals. To address these concerns, the United
States Food and Drug Administration (FDA) plays a pivotal role in regulating
cosmetic chemicals. The FDA's rigorous evaluation processes, such as pre-market
approval and ingredient testing, help to ensure that cosmetic chemicals meet
stringent safety standards before they reach the market. The U.S. government
has recognized this need and has introduced initiatives that encourage the
development and utilization of sustainable and environmentally friendly
cosmetic chemicals. Moreover, the U.S. government has allocated funding for
research and development (R&D) programs aimed at advancing the science and
technology of cosmetic chemicals. These programs stimulate collaboration
between academia, industry, and government agencies to drive innovation and
develop new, cutting-edge cosmetic ingredients. One of the most impactful
approaches employed by leading companies to drive growth in the cosmetic
chemicals market is through collaborative research and development efforts. By
leveraging pooled resources, expertise, and knowledge, companies can address
complex scientific challenges, discover novel ingredients, and develop
state-of-the-art formulations that cater to evolving consumer preferences.
Collaborative R&D
initiatives often yield the creation of innovative, high-performance cosmetic
chemicals that are incorporated into a wide array of products, ranging from
anti-aging serums to eco-friendly sunscreens. For instance, the Fragrance
Creators Association has established collaborations with regulatory bodies,
such as California regulators, to enhance ingredient transparency and accurate
implementation of regulations in the fragrance industry. These collaborations
aim to ensure the safety and compliance of fragrance ingredients used in
cosmetic products.
However, disruptions in
supply chain and rising cost of research and development related to cosmetic
chemicals are expected to slow down the growth of the market in the coming
years.
The United States
Cosmetic Chemicals Market segmentation is based on Type, Application, By
Company, and Region.
Some of the
major companies operating in the United States Cosmetic
Chemicals Market include:
·
BASF Corporation
·
The Dow Chemical Company
·
Stepan Company
·
AkzoNobel Surface Chemistry LLC
·
Croda, Inc.
·
Clariant Corporation
·
Solvay USA, Inc.
·
Evonik Corporation
·
Ashland, Inc.
·
Wacker Chemicals Corporation
“Certain regions of United
States, particularly the Midwest region, are projected to exert significant
demand for cosmetic chemicals. The growth in the competitive landscape and the
presence of well-established companies in the market, committed to enhancing
their productivity of cosmetic chemicals each year, are expected to contribute
to a remarkable growth of the United States Cosmetic Chemicals Market in the
forecast period," said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based Global management consulting firm.
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United States
Cosmetic Chemicals Market, By Type (Emollients & Moisturizers, Surfactants,
Specialty Additives, Thickening Agents, and Others), By Application (Skin Care,
Hair Care, Color Cosmetics, Toiletries, Oral Care, Nail Care and Others), By
Region, and Competition, Forecast and Opportunities, 2028F has evaluated the
future growth potential of United States Cosmetic Chemicals Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide innovative market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in United States Cosmetic Chemicals Market
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