What is the global market size of Functional Cosmetic Market?

Global Functional Cosmetic Market size was valued at USD 3.2 billion in 2021 and is poised to grow from USD 3.37 billion in 2022 to USD 5.05 billion by 2030, growing at a CAGR of 5.2% in the forecast period (2023-2030).

Functional Cosmetic Market Size, Share, Growth Analysis, By Application(Skin care and hair care and others), By Type(Alpha Hydroxy Acids [AHAs], Polyhydroxy Acids, Beta Hydroxy Acid [Salicylic Acid], Hydroquinone), By Function(Cleansing Agent, Moisturizing Agent, Lightening Agent, Anti-aging Agent), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30L2141 | Region: Global | Published Date: February, 2024
Pages: 278 | Tables: 106 | Figures: 76

Functional Cosmetic Market Dynamics

Functional Cosmetic Market Drivers

Increasing Popularity Multifunctional Ingredients to Bring Lucrative Growth Opportunities

To improve the functional properties of cosmetic skin care, functional cosmetics are specialty chemicals that are used.These functional cosmetics include ingredients such as anti aging agents, exfoliators, conditioning agents, UV agents and others. The demand for producing the multiple benefits from a single product is highly increasing. Moreover, there is also a push towards sustainability and reduction of compounds used in cosmetic formulation.

Functional Cosmetic Market Restraints

Expensive Organic Products to Hinder Market Expansion

One of the major drawbacks of cosmetics is side effects. There are several side effects associated with synthetic ingredients.For example, hydroquinone is marketed extensively for use in skin lightening and is used in concentration of up to 2%.This product has bad effects on health as it causes skin cancer, organ system toxicity and respiratory tract irritation.

Functional Cosmetic Market Report Snapshots

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Functional Cosmetic Market size was valued at USD 3.2 billion in 2022 and is poised to grow from USD 3.37 billion in 2023 to USD 5.05 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).

Competition in the global Functional cosmetics market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of products compatible with Functional cosmetics will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years. 'L'Oreal S.A.', 'Estée Lauder Companies Inc.', 'Procter & Gamble Co.', 'Unilever PLC', 'Shiseido Company, Limited', 'Beiersdorf AG', 'Johnson & Johnson Services, Inc.', 'Avon Products, Inc.', 'Kao Corporation', 'Amway Corporation', 'Mary Kay Inc.', 'Oriflame Cosmetics Global SA', 'Revlon, Inc.', 'Colgate-Palmolive Company', 'The Body Shop International Limited', 'Coty Inc.', 'Henkel AG & Co. KGaA', 'The Estée Lauder Companies Inc. (Clinique)', 'Chanel S.A.', 'Elizabeth Arden, Inc.'

To improve the functional properties of cosmetic skin care, functional cosmetics are specialty chemicals that are used.These functional cosmetics include ingredients such as anti aging agents, exfoliators, conditioning agents, UV agents and others. The demand for producing the multiple benefits from a single product is highly increasing. Moreover, there is also a push towards sustainability and reduction of compounds used in cosmetic formulation.

There are various products which are included in the functional cosmetic industry and camellia japonica is one of them. As this flower is rich in antioxidants which help to deliver anti aging effects in skin care products, It is being publicized for beautification as an anti aging natural agent.

Globally, Europe is estimated to hold the highest global Functional cosmetics market share in 2021. Raising awareness about the skin and the major use of functional cosmetics led to the growth of the market. Along with this inclination towards natural and organic personal care and easily biodegradable products is another factor that led to the increase of functional cosmetic products in Europe.

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Functional Cosmetic Market Dynamics

Functional Cosmetic Market Report Snapshots

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