Rise in demand for upcycled cosmetic ingredients owing to their functional benefits, surge in consumer awareness regarding the benefits of organic components in cosmetic ingredients, sustainability and preference for natural ingredients drive the growth of the global upcycled cosmetic ingredients market
PORTLAND, Ore., March 15, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Upcycled Cosmetic Ingredients Market by Applications (Skin Care, Hair Care, Color Cosmetics): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the upcycled cosmetic ingredients industry generated $231.5 million in 2021, and is estimated to reach $433.5 million by 2031, witnessing a CAGR of 6.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Rise in demand for upcycled cosmetic ingredients owing to their functional benefits, surge in consumer awareness regarding the benefits of organic components in cosmetic ingredients, sustainability and preference for natural ingredients drive the growth of the global upcycled cosmetic ingredients market. Moreover, unsustainable methods of obtaining the ingredients restrain the market growth to some extent. Furthermore, the increase in concerns regarding environmental sustainability coupled with an increase in consumer preference for products that have a low environmental impact are expected to create lucrative opportunities in the industry.
Covid-19 scenario-
- The global upcycled cosmetic ingredients market was negatively impacted by the COVID-19 pandemic, as the collecting and processing of plant materials was affected by state and federal emergency measures. Ingredient buyers also incurred greater transportation costs and delays due to quarantine procedures at ports.
- The COVID-19 pandemic also impacted the availability of natural components, due to the measures implemented by several nations.
- Moreover, upcycled ingredients are gaining popularity after the health crisis, as the pandemic situation has encouraged many cosmetic manufacturers to use locally sourced raw materials.
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The skincare segment held the lion’s share in 2021
Based on applications, the skincare segment has garnered the major share in 2021, generating nearly half of the global upcycled cosmetic ingredients market revenue, and is anticipated to grow by 2031. This is because upcycled ingredients like coffee grounds, seed oils, nutshell powders, fruit peel powders, and extracts are extensively being used in recent years for the production of skincare products. The haircare segment, on the other hand, would display the fastest CAGR of 7.37 % throughout the forecast period. The growth is attributed to an increase in the use of fruit peel extracts and fruit seed extracts in the development of shampoos and conditioners to reduce synthetic ingredients in shampoos while also providing additional benefits to the hair. Newer innovations in products such as hair scrubs and hair masks rise the demand for natural ingredients in hair care products, which increases the demand for upcycled ingredients in hair care product production. The report also analyzes the color cosmetics segment.
North America held the major share in 2021
By region, North America accounted for the highest share in 2021, holding more than two-fifths of the global upcycled cosmetic ingredients market revenue and is projected to rule the roost by 2031. This is because the U.S. has several manufacturers of cosmetics with many of them operating at the international level. Furthermore, there is a prevalence of several smaller manufacturers in the region that use locally sourced ingredients as well as natural ingredients to formulate their products. LAMEA, simultaneously, would portray the fastest CAGR of 7.35% from 2022 to 2031. There is an increase in demand for high-quality products in the LAMEA region, owing to a rise in the middle-class population. The report also analyzes Europe and Asia-Pacific regions.
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Leading Market Players-
- Lignopure GmbH
- Givaudan SA
- Mibelle AG
- Symrise
- SOPHIM
- RAHN AG
- Cargill, Incorporated
- OLVEA Group
- Hair O’right International Corporation
- P2 Science, Inc.
The report analyzes these key players in the global upcycled cosmetic ingredients market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.