Market Trends of Cosmetic Pigments Industry
Inorganic Pigment Segment to Dominant the market
- Inorganic pigments are chemical compounds not based on carbon and are usually metallic salts precipitated from solutions.
- These pigments can be defined as insoluble compounds with a basis of metallic ions. Inorganic pigments are generally very resistant to the effects of light because the energy required to generate a breakdown of bonds is greater than that provided by sunlight.
- Most inorganic pigments are manufactured at high temperatures and are generally not affected by the process temperatures, making them resistant to heat.
- Inorganic colors (pigments) are composed of insoluble metallic compounds derived from natural sources (e.g., china clay, carbon deposits) or are synthesized. Inorganic pigments consist of iron oxides, chromium oxides, ultramarines, manganese violet, white pigments, and pearlescent effects.
- The high stability of inorganic pigment color and high particle dispersion make it a popular choice in the manufacture of cosmetics products. The dispersion benefits of inorganic pigment are expected to increase the industry's growth rate and the development of the worldwide inorganic pigment market in the coming years.
- For instance, Germany is the largest cosmetic market in Europe, followed by France and the United Kingdom. For instance, according to IKW, in 2022, the market value of beauty and personal care in Germany is estimated to be EUR 14,333 Million (USD 15104.11 Million), which shows an increase of 5.36% compared to 2021. Therefore, an increase in the market value of beauty and personal care products in the country is expected to create an upside demand for the cosmetic pigments market in the country.
- The market for men's skincare is expanding as a result of rising disposable income, celebrity endorsements, and increased product launches among men who are becoming more conscious of their personal hygiene and regular grooming. Men's preferences for skincare products are expanding beyond those for traditional grooming. For instance, according to L'Oréal, in 2022, skincare products made up 41% of the global cosmetic market.
- Moreover, due to the increase in advertising and promotional activities, consumers in the United States are purchasing cosmetics. For instance, in 2022, the revenue of the United States cosmetics markets lay at over USD 18 billion . The strongest segment in 2022 was face cosmetics with a revenue of around USD 6.5 billion, followed by the eye cosmetics segment. The natural cosmetics market in comparison generated an annual revenue of USD 1.6 billion.
- Therefore, due to the above-mentioned factors, the inorganic pigments segment is likely to dominate the cosmetic pigments market during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Currently, the Asia-Pacific region dominates the global market for the cosmetic pigments market. China and Japan are the leading consumers of cosmetic pigments in the region.
- The increasing cosmetic production capacities and consumption in countries such as China, India, and ASEAN countries, are expected to increase the demand for cosmetic pigments in the region.
- According to the National Bureau of Statistics of China, in January 2022, the retail trade revenue of cosmetics in China amounted to about USD 9.18 billion and reached about USD 9.76 billion in January 2023. As the demand for cosmetic products expands further in second-and third-tier cities of China, the cosmetic pigments market is expected to maintain its growth momentum in the near future. In addition, the changing attitude among men toward skin care fosters the booming of the men's cosmetics market in China.
- According to Euromonitor International Study, the Indian beauty and personal care (BPC) market is the 8th largest in the world with a total value of USD 15 billion and is growing at ~10%. Furthermore, the market is expected to double by 2030 with skin care and cosmetics driving this growth. Despite having the same demographic advantage as China, the size of the Indian market is 1/5th the size of the Chinese BPC market, primarily due to lack of penetration outside metros and tier 1 cities. Therefore, increasing demand for skin care and cosmetics products in thge country is expected to cretae an upside demand for cosmetic pigments market.
- Moreover, the Asia Pacific accounts for over 42% of the global cosmetics market in the year 2022, which is expected to boost cosmetic pigments market.
- All these factors are expected to make the Asia-Pacific region dominate the global market.
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