The net revenue earned by functional cosmetic ingredient producers was nearly US$ 3,409.5 million in 2023. The global demand for functional cosmetic ingredients is expected to increase at a CAGR of 5.7% from 2024 to 2034. By following this promising growth rate, the overall market value is predicted to rise from US$ 3,580 million in 2024 to US$ 6,232.1 million by 2034. This market is no longer just about aesthetics; it’s about harnessing the power of science to deliver real results. Decision-makers in the cosmetics industry, take note! Here’s why functional ingredients are the key to unlocking future growth:

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The Rise of Functional Beauty:

• Beyond Superficial Appeal: Consumers are moving beyond just makeup coverage. They seek products enriched with functional ingredients that address specific skincare concerns like hydration, anti-aging, and brightening. By incorporating functional ingredients into your product lines, you can cater to this evolving demand for beauty with benefits.
• Science-Backed Solutions: The advancement of cosmetic science is leading to the discovery of powerful bioactive ingredients with scientifically proven benefits. Partnering with research and development teams allows you to leverage these advancements and deliver innovative, results-oriented products.

Personalization: The New Frontier:

• Tailored Beauty Solutions: The one-size-fits-all approach to cosmetics is fading. Today’s consumers seek personalized solutions that address their unique skincare needs. By developing product lines that allow for customization or offering functional ingredients that can be combined for targeted benefits, you can cater to this personalization trend.

“The ongoing promotion of functional cosmetic ingredients by influencers is expected to create buzz and increase the visibility of functional cosmetic products. Modern consumers, especially in younger age groups, are more likely to try products recommended by influencers they trust, contributing to the rapid growth of the next-gen skincare components sector,” says an FMI analyst.

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Key Takeaways from the Global Functional Cosmetic Ingredient Market Study Report

• The United States currently holds a sizable share of the global market and is expected to advance further at a 4% CAGR through 2034.
• China is aiming to capture the global cosmetic market by increasing its production of functional cosmetic ingredients at a CAGR of 5.8% till 2034.
• Throughout the projection period, India is anticipated to increase at a 7.6% CAGR through 2034 due to its rapidly expanding cosmetics and beauty care sector.
• Australia is an emerging market for functional skincare products, which is poised to develop at a 6.6% CAGR through 2034.

Competitive Landscape in the Functional Cosmetic Ingredient Market

Though the cosmetics industry is quite diverse and competitive, the supply of functional active ingredients used in its making is concentrated within a relatively small market. However, the growing demand for functional cosmetic products in recent years is anticipated to encourage the emergence of new market players, gradually intensifying the competition.

Recent Developments by the Functional Cosmetic Ingredient Market Players

• In November 2022, the Rootness Awake product line by Clariant won Gold in the Environment and Actives categories of the BSB Innovation Awards, a prestigious European accolade with a 20-year history. Rootness Awake is an innovative and powerful active ingredient that combats eye bags and under-eye circles, making it a very desirable ingredient in anti-aging products.
• In March 2023, Global Bioenergies announced the debut of its cosmetic component, Isonaturane® 16, during the 2023 In-Cosmetics Global Trade Exhibition in Barcelona. It is the second cosmetic component developed by the firm a year after releasing Isonaturane® 12 at In-Cosmetics Paris. In accordance with ISO 16128, the company sells this new naturally derived substance, which is made solely in France and under the brand name Isonaturane® 16.