Cosmetic Pigments Market Driver: Increasing income and changing lifestyle
The market size of cosmetic pigments is estimated at USD 645 million in 2021 and is projected to reach USD 960 million by 2026, growing at a CAGR of 8.3%. The global cosmetic pigments market is driven by the growing demand from color cosmetics and personal care applications. Increased need for product differentiation and growing awareness about the improved appearance of products are boosting the market.
The rise in GDP of emerging economies such as China, India, and Brazil is improving the standard of living in these countries. With the increased income level and changing lifestyle due to urbanization, the demand for cosmetic and personal care products is witnessing significant growth.
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The newer generation is experiencing changing standard of living, which is creating a huge demand for cosmetic pigments. Increasing the financial independence of women has resulted in increased disposable income. This has resulted in a shift in the purchasing pattern of women. There is a growing inclination towards color cosmetic products as increasing disposable income has raised affordability. Change in the lifestyle of the rural population coupled with the influence of western culture is also propelling the growth of the cosmetic pigments market globally.
High economic growth rate and growing facial makeup application in China, Japan, and India are projected to lead the cosmetic pigments market in Asia Pacific
Asia Pacific is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make Asia Pacific the most preferred destination for the manufacturers of cosmetic pigments. The use of cosmetic pigments as an important additive in various applications such as nail products, lip products, eye makeup, facial makeup, hair color products, special effect & special purpose as is driving the market in China. Asia Pacific is emerging as a leading consumer of cosmetic pigments due to the increasing demand from domestic as well as international markets.
The key players in the cosmetic pigments market include Sun Chemical (US), Sensient Cosmetic Technologies (France), Merck (Germany), ECKART (UK), Sudarshan (India), Kobo Products (US), Clariant (Switzerland), and Geotech (Netherlands). These players have established a strong foothold in the market by adopting strategies such as expansion, new product launches, and mergers & acquisitions.
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