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.
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 lifestyle of rural population coupled with the influence of western culture is also propelling the growth of the cosmetic pigments market globally.
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The cosmetic pigments market size 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 high growth of niche applications consuming cosmetic pigments across the world, coupled with the efficient and superior properties of cosmetic pigments, is driving the market.
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 launch, and merger & acquisition.
Sun Chemical (US) is a member of the DIC group that manufactures and supplies printing inks, coatings & supplies, pigments, polymers, liquid compounds, solid compounds, and application materials. The company is involved in providing quality pigments at competitive prices for the cosmetic industry. The company is focusing on organic growth strategy by innovating new products to increase its portfolio, which helps in enhancing the presence of the company in various fields to gain a competitive advantage over other companies. For instance, in February 2019, the company introduced its new SpectraFlex illusion pigments for soft-focus effects. SpectraFlex Illusion soft-focus effect pigments are used in daily wear makeup primers to help optically blur fine lines and other imperfections.
Sensient Cosmetic Technologies (France) is a unit of Sensient Technologies Corporation, which is a global manufacturer and marketer of flavors & fragrances, colors, cosmetic & pharmaceutical systems, specialty inks & colors, inkjet, and other specialty chemicals. Sensient Cosmetic Technologies is a leading producer and supplier of high-performance colorants and innovative ingredients for makeup, skincare, haircare, personal hygiene, oral care, and fragrance. The company offers a wide range of pearls that are used in manufacturing many cosmetic formulations. All its pigments are either Cosmos grade or Ecocert grade certified.
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