The cosmetic antioxidants market is projected to grow from USD 115.1 million in 2018 to USD 150.9 million by 2023, at a CAGR of 5.6% between 2018 and 2023. The cosmetic antioxidants market is driven by a rise in aging population, increasing disposable income, and changing the lifestyle of consumers.
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Key players operating in the cosmetic antioxidants market include BASF (Germany), Koninklijke DSM (Netherlands), Wacker Chemie (Germany), Eastman Chemical Company (US), Lonza Group (Switzerland), Croda International (UK), Ashland Global Holdings (US), Evonik Dr. Straetmans (Germany), SEPPIC (France), BTSA Biotecnologías Aplicadas (Spain), Kemin Industries (US), and Barentz International (Netherlands).
These players adopted various strategies such as new product launches and expansions to strengthen their position in the cosmetic antioxidants market.
BASF (Germany) focuses on expansions and new product launches to meet the increased demand for cosmetic antioxidants from consumers across the globe and enter the untapped markets. In October 2016, BASF constructed a new plant in Ludwigshafen, Germany for the production of Vitamin A. This expansion increased the total vitamin A production capacity by 1,500 metric tons. Vitamin A produced by BASF is widely used in the cosmetic industry. In January 2015, BASF launched a new anti-aging solution, Beautiful Faces, for face care in Europe. The new care solution targets the specific needs of customers and helps the company build a strong brand image. These new product launches helped BASF strengthen its position in the global cosmetic antioxidants market.
Koninklijke DSM (Royal DSM), is another leader in the cosmetic antioxidants market. It focuses on the strategy of acquisitions to attain a large share in the cosmetic antioxidants market. In March 2015, Royal DSM acquired Aland (HK) Holding Limited (China), a leading manufacturer of Vitamin C in China. The acquisition helped the company expand its global presence in the personal care industry. This strategy has strengthened the company’s position in the Vitamin C market.
Wacker Chemie (Germany), in September 2015, introduced nature-identical hydroxytyrosol, which is a highly effective antioxidant. This antioxidant is produced using company’s patented process and was launched for use in cosmetics and personal care industries based in Brazil and South America. The product is marketed with the brand name HTEssence for skin and hair care products, such as anti-aging creams, hair masks or leave-in conditioners. This strategy has helped the company to broaden its product portfolio of cosmetic antioxidants. These strategies are expected to help the company expand its market reach to untapped locations and increase its share in the cosmetic antioxidants market.
The cosmetic antioxidants market is projected to grow from USD 115.1 million in 2018 to USD 150.9 million by 2023, at a CAGR of 5.6% between 2018 and 2023. The cosmetic antioxidants market is driven by a rise in aging population, increasing disposable income, and changing lifestyle of consumers.
Based on source, the natural segment is projected to lead the cosmetic antioxidants market during the forecast period. Increasing preference of masses toward natural and herbal cosmetic products has increased the adoption of natural antioxidants in cosmetics. Countries of the European and North American regions have stringent regulations that restrict the use of chemically derived antioxidants in cosmetics. Moreover, the rising demand for high-quality natural ingredients in cosmetics with least side effects is also leading to the increased demand for natural antioxidants in cosmetics.
Based on function, the others segment is projected to lead the cosmetic antioxidants market during the forecast period. Cosmetic antioxidants are widely used in decorative cosmetic products such as foundation, concealers, eye colors, and lip colors, among others. Decorative cosmetics are used to enhance the beauty and physical appearance. These cosmetic products require ingredients such as pigments, along with other nourishing ingredients. Cosmetic antioxidants are used in functions such as coloring and concealing. Additionally, cosmetic products are required to meet long shelf life without incorporation of ingredients that are harmful to skin and hair. Dynamic fashion trends and inclusion of decorative cosmetics in daily life fueled the growth of coloring and concealing functions, which are eventually driving the growth of the cosmetic antioxidants market.
Based on type, the vitamins segment of the cosmetic antioxidants market is projected to grow at the highest rate during the forecast period. The growth of this segment of the market can be attributed to the increased use of vitamin-based antioxidants in cosmetic formulations as these micronutrients rejuvenate skin cells, improve skin radiance, and slow down the aging process.
Based on application, the skin care and mak eup segment is projected to lead the cosmetic antioxidants market during the forecast period. The increased adoption of personal care & beauty care products in the Asia Pacific region is expected to fuel the skin care and make up, thereby leading to the growth of the cosmetic antioxidants market.
The cosmetic antioxidants market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. Increasing population, improving standard of living of masses, and rising e-commerce activities have led to increased demand for cosmetic products in the Asia Pacific region.