Wilmington, Delaware, United States, April 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global bio-based cosmetics market size was worth US$ 4.8 Bn in 2022 and is expected to reach US$ 8.0 Bn by 2031. The global market is likely to advance at a CAGR of 5.9% during the forecast period, between 2023 and 2031.
Expansion of the global bio-based cosmetics market is attributed to growing awareness among consumers about the harmful impact of chemical-based cosmetics on the environment and human health. Moreover, several companies are emphasizing on lowering their carbon footprint. Market development is additionally supported by an increase in government efforts to mitigate the effects of harmful substances on the environment.
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Plant- and animal-based ingredients are becoming more popular among cosmetics producers since they reduce carbon dioxide emissions and offer other advantages such as low toxicity. Additionally, they are cooperating with renowned companies to implement biodegradable techniques and are following the latest bio-based cosmetics market trends to bring a positive change in the world.
Several governmental and regulatory organizations are developing guidelines and standards to protect the environment and enhance sustainability. They are promoting the production of ingredients made from plants for use in personal care and cosmetics. The Bio Economy Strategy, for instance, was launched by the European Union with the intention to promote the use of renewable resources in the making of cosmetics and various other items. This is expected to increase the market value of bio-based cosmetics globally.
Key Findings of Market Report
- Based on application, the skin care segment held a significant share, and accounted for 39.5% of the global market in 2022. There has been an increase in usage of skin care products all over the world, as more people are becoming informed about the value of skin health and necessity for solutions that are both efficient and safe.
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Global Bio-based Cosmetics Market: Growth Drivers
- Increase in use of natural cosmetics is a reflection of a wider change in consumer attitudes toward human health and the environment. Growing awareness about the potential hazards of synthetic chemicals among consumers is increasing the demand for sustainable and natural alternatives. This trend is expected to grow considerably in the coming years, which in turn is anticipated to drive industry growth.
- Several key players in the cosmetics industry are investing R&D initiatives to develop novel bio-based cosmetic products that are visually appealing and more beneficial. Market players are implementing cutting-edge extraction and processing methods to obtain natural components as well as creating novel packaging and formulations to decrease waste and boost sustainability. Increase in R&D is anticipated to drive business opportunities in the global industry.
Global Bio-based Cosmetics Market: Regional Landscape
- In terms of region, Asia Pacific held 33.3% of the global bio-based cosmetics market share in 2022. Its market share is likely to increase at a steady pace from 2023 to 2031. This is due to the presence of highly industrialized nations, where the cosmetics industry has been expanding in the region. India and China are important markets for bio-based cosmetics in Asia Pacific. These markets are driven by rising consumer disposable income and population expansion.
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Global Bio-based Cosmetics Market: Key Players
Some of the key players in the global bio-based cosmetics market are as follows
- LVMH Moët Hennessy Louis Vuitton
- Estee Lauder
- Koninklijke DSM N.V.
- Yves Rocher
- The Body Shop
- Weleda
Global Bio-based Cosmetics Market: Segmentation
Source
- Plants
- Animals
- Microbes
- Others
Material
- Vitamins & Derivatives
- Ceramides Peptides Resveratrol Potassium Sorbate
- Bio-succinic Acid
- Hyaluronic Acid
- Glycerin
- Ceratine
- Alpha Hydroxy Acid
- Others
Product Type
- Emollients
- Conditioning Polymers
- Surfactants
- Emulsifiers
- Rheology Controllers
- Antimicrobials
- Others
Application
- Skin Care
- Hair Care
- Fragrances
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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