Cosmetic Pigments Market is anticipated to grow at a 7.1% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Cosmetic Pigments Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global cosmetic pigments market was valued at over US$ 500.0 Mn in 2018 and is anticipated to grow at a CAGR of 7.1% from 2019 to 2030.
Growing cosmetic industry is the prime factor driving the market growth. Also, improving lifestyle and rise in purchasing power of the consumer is another factor propelling the market growth. Moreover, shift in trend towards organic and natural ingredients offers huge traction towards the market growth.
Rising demand from Cosmetic Industry
The cosmetic pigments market is driven by growing cosmetic industry. The cosmetic industry is projected to reach over US$ 25 billion by 2030. Cosmetic pigments are used in cosmetic industry to impart colors, enhance the strength and uniqueness in shades of color. The cosmetic industry is driven by rise in purchasing power of the consumer, growing interest to enhance the overall appearance and changing fashion trends. As the market for cosmetics products is witnessing growth, it will in turn support the demand for cosmetic pigments.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Cosmetic Pigments Market by Composition (Organic & Inorganic), Type (Special Effect, Surface Treated, Nano Pigments and Natural Colorants), Application (Facial Makeup, Lip Products, Hair Color Products, Nail Products and Eye Makeup) - Global Analysis & Forecast, 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/cosmetic-pigments-market/60
Asia Pacific Region Offers Huge Market Potential
Asia Pacific region is anticipated to witness fastest growth over the next few years. Rise in purchasing power of the consumer, adoption of western culture, improving lifestyle, and rising awareness regarding self-grooming are the factors driving the market growth. Moreover, Asia Pacific market is also witnessing growth owing to low labor cost and easy availability of raw materials. Furthermore, ongoing R&D initiatives and technological advancement are the factors bolstering the market growth. India, China, South Korea, and Malaysia are the main economies driving the cosmetic pigments market growth in Asia Pacific region.
Stringent Government Guidelines
Cosmetic pigments manufacturers have to follow stringent government guidelines while manufacturing pigments. This is acting as the major factor hampering the market growth. Moreover, maintaining the quality of the product is another challenge face by the manufacturers which impacts negatively towards the market growth.
BASF SE, Clariant, Huntsman, Sensient Cosmetic Technologies, LANXESS and Kobo Products Inc. are some of the key players present in the cosmetic pigments market. To meet the rising demand and to reduce their manufacturing costs players are shifting their manufacturing base in emerging economies such as India and China. New product launches is another strategy adopted by players present in this market.
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