US Cosmetic Chemicals Market to Grow due to Increasing Demand for Personal Care Products
Increasing Hispanic population, aging baby boomers and rising demand for luxury personal care brands to propel demand for cosmetic chemicals in US over the next five years
Cosmetic chemicals are the core ingredients used for formulating personal care products. The surge in domestic demand for personal care products among the aging baby boomers has been propelling the cosmetic chemicals market in the US. The demand for cosmetic chemicals has also been increasing due to growing number of new multi-functional product launches in the country. Use of personal care products is increasing due to rising demand for sun care and other skin and hair care products in the country. The US is one of the largest target markets for a number of global personal care brands like L’Oreal and Estee Lauder.
According to a recently published TechSci Research report, “United States Cosmetic Chemicals Market Forecast and Opportunities, 2019”, the cosmetic chemicals market revenues in the US are projected to grow at a CAGR of about 2.7% during 2014-19.Surfactants and conditioning polymers account for the majority of the consumption of cosmetic chemical ingredients in the country. Major players operating in the US cosmetic chemicals industry include BASF, AkzoNobel Surface Chemistry LLC, Ashland Inc., and Evonik Corporation.
Cosmetic chemical manufacturers are using advanced technologies and innovative bio-based high performance products to address the growing demand for anti-aging, anti-wrinkle and sun protection products. The growing baby boomers population in the US is boosting the consumption of multi-functional high performance products in the country. Companies like L’Oreal and Estee Lauder are developing high quality, premium products to capitalize on the growing domestic demand for hi-end cosmetic products.
“In the country’s cosmetic chemicals market, surfactants account for a significant share in terms of volume, due to their high demand from hair care cleansing market. Active ingredients, in particular, are expected to drive the market during the next five years on account of growing demand for multifunctional products. Moreover, growing male grooming segment would further boost the consumption of cosmetic chemicals in the country”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“United States Cosmetic Chemicals Market Forecast and Opportunities, 2019” has analyzed the potential of the cosmetic chemicals market in the US and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.