Cosmetic chemicals are the core ingredients used for formulating personal care products and the demand for cosmetic chemicals has been increasing due to the growing number of new multi-functional product launches in the country.
Surge
The surge in domestic demand for personal care products among the aging baby boomers has also been propelling the cosmetic chemicals market in the US.
Increasing Hispanic population, aging baby boomers and rising demand for luxury personal care brands are key drivers propelling demand in the US over the next five years.
"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,” says Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm that has just released a new report on the 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.”
Demand
The TechSci Research report, ‘United States Cosmetic Chemicals Market Forecast & Opportunities, 2019’, states that 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 cosmetics brands such as L'Oreal and Estee Lauder, and market revenues in the US for cosmetics chemicals 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.
Cosmetic chemical manufacturers are now using advanced technologies and bio-based high-performance products to address the growing demand for anti-aging, anti-wrinkle and sun protection products.