Sales demand for cosmetics to rise to $9.9 billion in 2016, says market researcher
According to the report, several segments in the industry, including organic and natural products, male grooming, ethnic products, and anti-aging are poised for rapid growth, directly impacting the mix of the substances used in their formulation.
The main growth drivers are said to be trends favoring organic and natural formulations, a growing Hispanic population prompting formulators to provide items that meet the specific needs of this segment and the country's obsession with youth promoting products.
Moreover, Reportlinker says as more baby boomers move into their 50’s, the number of hair care, cosmetic, and skin care products specifically formulated for grey hair and aging skin will increase, with growth in this segment “boding well for active ingredients, delivery systems, and conditioning and moisturizing agents.”
Specialty additives to pace raw materials
According to the market researcher, specialty additives, emollients and moisturizing agents will register the most rapid growth in demand through 2016, as consumers expect higher performance from their cosmetic and toiletry products. “Active ingredients in particular will post above average gains among specialty additives.”
Consumer preference
Cosmeceutical skin care products featuring enzymes and amino acids are also set to do well as demand for active and natural ingredients continue to drive this sector.
The area of botanical extracts is to benefit from its perception as being more natural and thus more healthful than traditional cosmetic and toiletry chemicals, such as petroleum oils and commodity surfactants.
However, the latter products are only set to experience limited gains, primarily due to the popularity of water based formulations in skin and hair care products, and a “trend away from chemicals perceived as being harsh.”
Finally, the market researcher says men's products, such as specialized facial cleansers and skin care items, and higher value shaving products and hair care preparations will continue to emerge, providing opportunities for many ingredients, including moisturizing additives.
