The ASEAN Cosmetic Chemicals market share is projected to reach USD 3226.5 Million in 2032. The growing beauty products market has been increasing the demand for value-enriched cosmetics.
According to FMI, the ASEAN Cosmetic Chemicals market is estimated to be valued at USD 1768.0 Million in 2022 and is projected to increase at a CAGR of 6.2% in the forecast period from 2022 to 2032.
| Attributes | Details |
|---|---|
| Market Size (2021) | USD 1,664.8 Million |
| Market Size 2022 | USD 1,768.0 Million |
| Market Size 2032 | USD 3,226.5 Million |
| Value CAGR (2022 to 2032) | 6.2% |
The market is flooded with various cosmetic chemicals. Cosmetic chemicals are the basic ingredients found in cosmetic products including soap, shampoo, lipstick, mascara, deodorants and other beauty products (excluding the products listed under therapeutic goods).
At present, various cosmetic business enterprises use more than 5000 different chemical compositions to offer selected cosmetic products. Based on its end use applications, cosmetic chemical has been further divided into surfactants, emollients, conditioning polymers, and UV absorbers.
These chemical-based products contain preservatives which hinder microbial growth and thereby offer longer shell life to the cosmetics. In addition, these chemicals contain a variety of vitamins, antioxidants, minerals, herbs, hormones, and fragrances. This vast range of cosmetic chemicals allows business cosmetics to deliver different types of cosmetics in the market, thereby offering a vibrant market to cosmetic industries.
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The analysis of cosmetic chemical demand from 2017 to 2021 showed a historical growth rate of less than 6% CAGR, with general expansion of the cosmetics & personal care industry driving growth as consumers increased spending amid rising disposable incomes.
Initial recessionary downturns brought on by the COVID-19 pandemic in the form of lower cosmetic sales, store closures, and manufacturing cycle interruptions momentarily halted growth hopes.
However, since infection curves have flattened from 2022, industrial production activity in important markets have restarted. As a result, FMI’s ASEAN cosmetic chemicals demand projection predicts a CAGR of 6.2% by 2032.
Their use is widely found in personal care products. A wide range of applications ranging from anti-ageing cream to shampoo is driving the cosmetic chemical market to its zenith. Companies these days are focusing on organic grade cosmetic chemicals as they are considered to be a healthier option when compared to commodity surfactants and petroleum oils.
Growing demand from ethnic groups for beauty products that are tailored to their needs is one of the major driving factors in the cosmetic industry. Furthermore, rising purchasing power, as well as increased awareness and demand for personal care products among aging baby boomers, are expected to drive demand for cosmetic chemicals.
However, rising demand for natural ingredients may stymie the ASEAN cosmetic chemicals market's growth trajectory. Furthermore, major corporations must adhere to industry standards and regulations.
Principal Consultant
Stringent government regulations prohibiting the use of toxic chemicals, combined with an increase in demand for organic products made from natural ingredients, are limiting the ASEAN cosmetic chemicals market's growth.
Many countries only authorize the sale of items that have been deemed safe for use. This permission frequently takes a long period, restricting expansion opportunities.
Furthermore, some cosmetic chemicals may cause genetic mutation, birth defects or reproductive harm, genetic mutation, and cancer, all of which are likely to limit the market growth. An increase in R&D activities by market players with the goal of developing advanced and diverse product portfolios is likely to provide new opportunities for the ASEAN cosmetic chemicals market's growth.
Geographically, the market is sub-segmented into six countries namely Thailand, Malaysia, Indonesia, Singapore, Philippines and Vietnam. Indonesia, and Thailand are the largest consumers of cosmetic chemicals in the ASEAN region. Among all these countries Thailand and Indonesia, collectively accounted for 52.6% of the total cosmetics chemicals market in 2021.
However, Singapore is expected to register highest CAGR followed by Malaysia. The growth in Singapore is supported by rise in disposable income and awareness among the consumers through various promotional techniques. With the rising dominance of non-western beauty culture in Eastern region, the market share is set to shift towards ASEAN region.
Ethnic and cultural diversity in APAC, and particularly in ASEAN region, are driving the cosmetics market vertically upwards. Growing consumer class in ASEAN region from 67 million population to 125 million population by 2025 will offer a lucrative market for various business cosmetic business channels. A large consumer base, ample natural resources, availability of cheap labor and easing of policies such as FDI by government, are the main driving factors for the cosmetic chemicals market in ASEAN markets.
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Key players operating in the ASEAN Cosmetic Chemicals market include Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Dow Inc., Eastman Chemical Company, Evonik Industries AG, Givaudan SA, International Flavors & Fragrances Inc., LANXESS AG, Lonza Group Limited, P&G Chemicals, Solvay SA, The Lubrizol Corporation, and Berkshire Hathaway Inc.
The ASEAN Cosmetic Chemicals market is highly consolidated, with a limited number of large-scale vendors having the lion's share. The majority of companies in Cosmetic Chemicals market invest a large amount of money in detailed research and development, mostly to create new and improved products. The primary strategies taken by the key players in the Cosmetic Chemicals market are product expansion and mergers and acquisitions.
They also engage in mergers and acquisitions and collaborations while obtaining regulatory permissions.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.2% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Tons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Akzo Nobel NV; Ashland Global Holdings Inc.; BASF SE; Dow Inc.; Eastman Chemical Company; Evonik Industries AG; Firmenich SA; Givaudan SA; International Flavors & Fragrances Inc.; LANXESS AG; Lonza Group Limited; P&G Chemicals; Solvay SA; The Lubrizol Corporation; Berkshire Hathaway Inc. |
| Customization & Pricing | Available upon Request |
In 2021, the value of the ASEAN Cosmetic Chemicals market reached over USD 1,664.8 Million.
During the forecast period, the ASEAN Cosmetic Chemicals market is estimated to expand at a CAGR of 6.2% during 2022 to 2032.
The ASEAN Cosmetic Chemicals market is projected to reach USD 3,226.5 Million by the end of 2032.
Indonesia is projected to lead the ASEAN Cosmetic Chemicals market in the forecast period.
The key players operating in the ASEAN Cosmetic Chemicals market are Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Dow Inc., and Eastman Chemical Company.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. ASEAN Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. ASEAN Market Analysis and Forecast 6.1. Product Type 6.2. Application 7. ASEAN Market Analysis and Forecast, By Product Type 7.1. Emollients & Film Formers 7.2. Surfactants 7.3. Additives 7.4. Colorants 7.5. Thickening Agents 7.6. Polymer Ingredients 7.7. Preservatives 8. ASEAN Market Analysis and Forecast, By Application 8.1. Skin Care 8.2. Hair Care 8.3. Make-up 8.4. Oral Care 8.5. Perfumes & Fragrances 8.6. Others 9. ASEAN Market Analysis and Forecast, By Region 9.1. Thailand 9.2. Indonesia 9.3. Malaysia 9.4. Singapore 9.5. Philippines 10. Thailand Sales Analysis and Forecast, by Key Segments and Countries 11. Indonesia Sales Analysis and Forecast, by Key Segments and Countries 12. Malaysia Sales Analysis and Forecast, by Key Segments and Countries 13. Singapore Sales Analysis and Forecast, by Key Segments and Countries 14. Philippines Sales Analysis and Forecast, by Key Segments and Countries 15. Sales Forecast by Product Type and Application for 30 Countries 16. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 17. Company Profile 17.1. Akzo Nobel NV 17.2. Ashland Global Holdings Inc. 17.3. BASF SE 17.4. Dow Inc. 17.5. Eastman Chemical Company 17.6. Evonik Industries AG 17.7. Firmenich SA 17.8. Givaudan SA 17.9. International Flavors & Fragrances Inc. 17.10. LANXESS AG 17.11. Lonza Group Limited 17.12. P&G Chemicals 17.13. Solvay SA 17.14. The Lubrizol Corporation 17.15. Berkshire Hathaway Inc.
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ASEAN Cosmetic Chemicals Market
