Cosmetics are material or substances aimed for cleaning, beautification, enhancing the attractiveness and appearance or for improving the skin and hair condition. However, decorative cosmetics are used to enhance the appearance of an individual which include eyes, face, toe nails and finger nails, thus making them more attractive hence boosting their confidence. Decorative cosmetics includes products such as foundation creams, nail polishes, lipsticks, mascaras, pressed powders etc. Furthermore, the growing demand for beauty products has resulted in an increased visibility of decorative cosmetics products especially in the markets of developing and underdeveloped economies which have boosted the growth of the decorative cosmetic ingredient market. In developed market key players are differentiating themselves through their target demographics, pricing and are launching products which contain more natural content and are not tested on animals, as consumers are becoming more conscious of the ingredient and their effect and impact on the environment and society. Moreover, developed market such as Europe and North America, consumers are choosing product with peer review of the raw material & its origin and at the same time are expecting highest level of effectiveness and innovation in the product which has resulted in an increased demand for natural decorative cosmetic ingredients thus driving the growth of decorative cosmetic ingredient market over the forecast period.
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On the basis of geography, the Decorative Cosmetic Ingredient market is segmented into North America, Latin America, Europe, Asia-Pacific, and MEA. Globally, among all regions, Asia Pacific is expected to be the largest market owing to high consumption of cosmetics, which is then closely followed by Europe and then North America. Europe is expected hold substantial market share over the forecast period owing high penetration of decorative cosmetics and region being the fashion hub of the world. In addition, Asia Pacific is anticipated to witness significant growth over the forecast period owing to the increasing demand for decorative cosmetics in luxury, mass market and professional sectors
The decorative cosmetic industry is growing rapidly owing to increasing product advertisement by various popular personalities on the social media as they are considered role models among millennials and generation z. Furthermore, social media focuses on appearance, presentation, and self-expressions which have resulted in an increased consumption of decorative cosmetics, especially among the younger generation. Furthermore, attributed to the increased connectivity among individuals through social media, the younger generation is reinventing fashion and are creating new trends. The demand for high quality decorative cosmetic products coupled with changing lifestyle and increasing per capita spending on cosmetic products especially in developing and emerging countries of Asia Pacific and Latin America is anticipated to drive the market of global decorative cosmetic ingredient over the forecast period. In addition, key players are offering decorative cosmetic products with added health benefits to cater the growing demand in developed market thus catalyzing the growth of decorative cosmetics ingredient market, for instance L’Oréal S.A which is a French cosmetics company offers Lumi Healthy Luminus Makeup under its brand True Match which offers antioxidants, vitamin and UV protection. However, stringent government regulation on the ingredients and increasing trends of makeup free look is anticipated to restrain the growth of decorative cosmetic ingredient market over the forecast period.
Some of the major players operating in decorative cosmetic ingredient market includes BASF SE, Azelis S.A., Behn Meyer Holding AG, Ashland Inc, DuPont, The Dow Chemical Co. and other regional players.