Functional Cosmetics Market - Industry Analysis by Size, Share, Growth & Forecast 2028

Functional cosmetics are special types of chemicals that are majorly used for cosmetic skincare products to help improve their functional properties. The products that are used on the skin to cleanse, enhance, or make the face and body more appealing. In addition, Functional cosmetics demand is rising as young people and millennials become more conscious of the need to maintain healthy skin and hair. In recent years, the utilization of organic goods in the skincare industry has had a revolutionary impact on the market's current growth. Hence, these items are frequently utilized by individuals of all ages. Also, cosmetics are so widely accessible in supermarkets, pharmacies, beauty parlors, and online, cosmetic products globally.

The Functional Cosmetics Market is expected to grow at a steady rate of around 4% owing to the increasing demand for multifunctional ingredients coupled with the growing adoption of functional cosmetics products across the globe. Major companies in the market are launching different functional cosmetics products for hair and skin care. For instance, Garnier launched the product named Garnier Fructis Hair Food Range for tackling dry and damaged hair. The product is also available in various variants such as Banana, Papaya, Aloe Vera, and Macadamia.

According to UnivDatos Market Insights (UMI)’ research report “Global Functional Cosmetics Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly because of increasing demand for anti-aging, skin whitening, and sun protection products are escalating the growth of the market.

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Based on functionality, the market is segmented into conditioning agents, UV filters, anti-aging agents, skin-lightening agents, and others. The conditioning agent’s category witnessed the highest CAGR during the forecast period owing to the growing influence of the skin on the homeostatic process of repair and growth by augmenting the skin's renewal mechanism. Conditioning agents can help in temporarily improving the cosmetic appearance of damaged hair which further needs to be reapplied as the removal occurs. Furthermore, the increasing population and rising per capita spending on cosmetics in Asia-Pacific and Europe are adding to the growth of the market. For instance, Function of Beauty has expanded into the United Kingdom at beauty e-retailer Cult Beauty. It is offering personalized treatments to consumers.

On the basis of nature, the market is categorized into natural ingredients and synthetic ingredients. Among these, natural ingredients to hold a significant share of the market in 2020. This is mainly due to the shift towards natural and clean-label cosmetic products by consumers across the globe. As natural products do not have health side effects and are mild and gentle to feel on the consumer’s body. Additionally, many major players are introducing new products in the market to fulfill consumer demand. For instance, in April 2020, Nouryon introduced a natural polymer for sunscreen formulation.

Based on form, the market is segmented into solids, semi-solid, and liquid forms. The liquid forms category witnessed the highest CAGR during the forecast period because they are easy to apply to the body as they are present in many different forms such as gels, ointments, lotions, creams, and other forms as compared to other forms. In addition, on average beauty products contain from 60% to 85% water. For example, Rinse-off products, such as hair care, shower gels, or cleansers, contain up to 95% water, while bar soaps and some make-up products may contain only traces or none which increases the demand for liquid-based products in the market. For instance, in Aug 2022, Kao launched their first liquid-based supplement product under the skincare, cosmetic brand products in Japan.

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On the basis of application, the market is categorized into skincare, haircare, and others. Among these, skincare to hold a significant share of the market in 2020. This is mainly due to the advantages skin care offers as compared to its counterparts. caters to problems such as protection from harmful sun rays, wrinkles, blemishes, acne, aging, and frown lines, among others. Skincare products are widely in demand across the world due to the common need of humans to look good. The essence of bright and glowing skin is a major thriving factor in the growing demand for beauty and skincare products. An increase in male-specific cosmetic products and a growing population globally is expected to boost the demand for skin care cosmetic products, thereby increasing the demand for functional cosmetics used in these products.    

Europe to witness extensive growth

For a better understanding of the market adoption of the functional cosmetics industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, Rest of North America), Europe (Germany, The United Kingdom, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing production and consumption of functional cosmetics backed by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, the preference for natural and organic personal care items as well as quickly biodegradable products is further expected to support the market growth. In addition, Germany is also anticipated to be a highly attractive country in the functional cosmetics market for skin care applications in Europe during the forecast period. The rising usage of functional cosmetics by certain age groups is witnessing strong growth, owing to the increase in skin-related issues. This is augmenting the functional cosmetics market for skin care applications in Germany which is further expected to drive the functional cosmetics market in Europe.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Functional Cosmetics market are Croda International plc, Evonik Industries AG, Gattefossé SAS, Givaudan, Unilever plc, L'Oréal S.A, The Estée Lauder Companies Inc, BASF SE, Clariant AG, Stepan Company.

“Global Functional Cosmetics Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.        

Market Segmentation:

1.      By Functionality (Conditioning Agents, UV Filters, Anti-Aging Agents, Skin-Lightening Agents, and Others)

2.      By Nature (Natural Ingredients and Synthetic Ingredients)

3.      By Form (Solids, Semi-Solid, and Liquid Forms)

4.      By Application (Skincare, Haircare, and Others)

5.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

6.      By Company (Croda International plc, Evonik Industries AG, Gattefossé SAS, Givaudan, Unilever plc, L'Oréal S.A, The Estée Lauder Companies Inc, BASF SE, Clariant AG, Stepan Company)

Key questions answered in the study:

1.      What are the current and future trends of the global functional cosmetics industry?

2.      How the industry has been evolving in terms of functionality, nature, form, and application?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global functional cosmetics industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global functional cosmetics suppliers across various region and countries?