The growth of cosmetic pigments market is attributed to high product utilization across numerous application avenues such as nail care, hair care, eye make-up, facial make-up, and lip care, says this report.
Selbyville, Delaware, Sept. 30, 2020 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the global cosmetic pigments market was estimated at $700 million in 2019 and is slated to surpass $1 billion by 2026, registering a CAGR of 6.5% from 2020 to 2026. The report provides a detailed analysis of the market estimations and size, top investment avenues, wavering industry trends, drivers & opportunities, key winning strategies, and competitive scenarios.
As per market analysis, cosmetic pigment is largely utilized in cosmetic and personal care products for incorporating glitter, shine, luster, and color in the products. The incorporation of cosmetic pigments in personal care and cosmetic products offers numerous benefits such as improvement in skin glow and texture. These factors are likely to boost the cosmetic pigments market growth over the coming years.
In terms of product, nano pigments segment is anticipated to grow over 4.0% by the end of the forecast time period. Surging use of nano pigments including carbon, zinc oxide, and titanium dioxide to manufacture decorative make ups and sunscreens due to its superior hiding properties is likely to fuel the cosmetic pigments market. Likewise, growing need among cosmetics manufacturers for producing attractive and unique products in order to fulfill rising demand for cosmetics will augment the industry growth.
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The COVID-19 outbreak has had a major impact on the global economy and the global market for cosmetic products has also shown declining growth rate. Due to nationwide lockdowns, several cosmetic manufacturers had to bring production to a halt at their respective units as a result of the labor shortage. In fact, various cosmetic stores were also forced to shut down owing to these circumstances, which also impacted the cosmetic pigment market. However, with several economies steadily lifting their lockdowns, a steady recovery trend is likely to be seen in the forthcoming time with the cosmetic pigments market showcasing a respectable jump in revenues.
Key reasons for global cosmetic pigments market growth:
- Rising demand for skin care products.
- High demand for organic pigments.
- Increasing consumer awareness towards personal grooming.
2026 forecasts anticipate the ‘nail care’ applications segment showing appreciative growth:
In terms of application, nail care application segment is likely to grow over 5.0% by the end of the forecast time period. Cosmetic pigments are mainly used in nail care products like nail paints and nail lacquer which further helps in incorporating rich nail coating and changing base color, resulting in increasing product demand. In addition, by 2022, the global nail care products market is forecasted to grow over $11 billion due to increasing trend of artistic nail designing among the young population. Furthermore, rising use of different nail shades among consumers for informal and formal occasions would further drive the cosmetic pigments market share.
Asia-Pacific and Europe to witness remunerative growth:
APAC cosmetic pigment market is anticipated to witness substantial growth over the coming years. In 2019, the regional market held a valuation of approximately $165 million and is anticipated to grow over 6.5% by the end of the analysis time period. This growth is ascribed to the shifting lifestyles, and rising disposable incomes of consumers, as well as the increasing development of products with multifunctional properties by various brands.
Furthermore, rapidly increasing number of online retail platforms are expected to generate more business growth opportunities. Overall, by 2024, the APAC cosmetics business is likely to exceed a valuation of approximately $140 billion. Increasing demand for men’s grooming products and rising working woman population is likely to augment the demand of cosmetics products, subsequently fueling the cosmetic pigments market demand across the region.
Europe cosmetic pigments market presently holds significant share in the overall market and is further projected to grow substantially due to surging cosmetic products production across the region. In the Europe cosmetic pigments market, Italy has emerged as “cosmetic valley” since nearly 65% of cosmetic products sold worldwide are produced in Italy.
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Leading market players:
Notable market players analyzed in the cosmetic pigments industry report include Merck Performance, BASF, Sudarshan Chemical, Geotech, Kobo Products, Huntsman, Sun Chemicals, and Sensient Cosmetic among many others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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