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 News

In February 2023, Sharon Personal Care, a leading global innovator and manufacturer of preservative solutions for the cosmetics and personal care markets, consolidated recent acquisitions in order to increase its green product portfolio while strengthening its technological foundation and formulation capabilities.

In May 2022, The merger of DSM and Firmenich will result in the development and innovation leader in the fields of nutrition, beauty, and well-being. To create DSM-Firmenich, two illustrious businesses that had a history of success and a shared commitment to having a beneficial influence on people and the environment merged on an equal footing. ideally situated to foresee and respond to changing consumer needs through customer assistance. utilizing cutting-edge research and complimentary talents in terms of flavor, texture, and nutrition

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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