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 Insights

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).

Functional cosmetics are becoming popular since they Primarily focus on the prevention of skin problem. This market has deep roots in Asia, the market for ingestible beauty products as proliferated around the world with dietary supplements, fortified foods and nutritional beverages that target. Demand for multifunctional ingredients, accelerating demand for anti aging, skin whitening and sun protection are the factors which have positive impact on market. Protection from harmful sun rays, wrinkles, blemishes, acnes, aging, front lines and others are provided by functional cosmetics used in skin care applications.

US Functional Cosmetic Market is poised to grow at a sustainable CAGR for the next forecast year.

Functional Cosmetic Market Report Snapshots

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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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