COVID-19 Impact on the Global cosmetic pigments Market

The pandemic is estimated to have an impact on various factors of the value chain of the cosmetic pigments market, which is expected to reflect during the forecast period, especially in the year 2020 to 2021. The various impact of COVID-19 are as follows:

IMPACT ON COSMETIC PIGMENTS: The outbreak of the COVID-19 pandemic has resulted in the temporary shutdown of production plants and related activities in most of the major economies across the globe. Besides, it has slow down the growth of various sectors as most of the countries worldwide have resorted to nationwide lockdown as a measure to control the spread of the virus. This has resulted in disruptions in the global supply chains and consequently affected the growth of the cosmetic industry attributed to the shortage of raw materials and other inputs. Likewise, limited transportation, travel restrictions, and halt of manufacturing activities have hampered the growth of the cosmetic pigments market, and the purchase and usage patterns have changed drastically, which has reduced the sales of various beauty segments. In addition, some of the beauty companies, such as Clarins and Estée Lauder Companies Inc, have switched their manufacturing from beauty products to sanitizers. This has impacted the overall growth of the cosmetic industry, which ultimately has created challenges for the players operating in the cosmetic pigments market.

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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.

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.

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Sun Chemical (US) and Sensient Cosmetic Technologies (France) are Leading Players in the Cosmetic Pigments Market

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.

Cosmetic pigments are used in the production of cosmetic colors, along with various other ingredients. A pigment is a colored or colorless insoluble chemical compound, that gives an added richness of color to the product. Most cosmetic and personal care products use fine dry powdered cosmetic pigments. Pigments used for manufacturing color cosmetic products are termed as cosmetic pigments. Pigments are classified into organic and inorganic based on their chemical composition.

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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). The cosmetic pigments market report analyzes the key growth strategies adopted by the leading market players between 2014 and 2021, which include 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. It is one of the leading players in printing inks, coatings, supplies for the packaging, and digital markets. The company is involved in providing quality pigments at competitive prices for the cosmetic industry. It is planning to move swiftly to maximize synergies between the local partner’s marketing capabilities, which will reflect its familiarity with the domestic market. 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 has been one of the leading cosmetic pigments manufacturers, especially organic pigments. The company has adopted a strategy of expanding its production capacity and product lineup. It is focusing on its organic pigment and surface treated pigments segments. 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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Cosmetic Pigments Market Global Opportunity, Growth Analysis and Outlook up to 2024

The cosmetic pigments market is projected to grow from USD 698 million in 2019 and expected to reach USD 1,019 million by 2024, at a CAGR of 7.9%.

The global market for cosmetic pigments is driven primarily by the increasing demand for cosmetic products. Cosmetic pigments are used for manufacturing cosmetic and personal care products for color enhancement. With the growing demand for various cosmetic & personal care products, the use of cosmetic pigments is also increasing.

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Recent Developments

• In June 2019, BASF and siHealth Ltd (UK) announced a strategic alliance, to exclusively market scientifically-based satellite and optronic technologies to the personal care industry globally. This partnership is expected to extend BASF’s offerings, enabling new solutions to the personal care industry.
• In February 2019, Sun Chemical 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. This launch helped the company in strengthening its product offering for personal care applications, such as face powders, body powders, foundation, and other skincare applications

The special effect pigments segment is estimated to lead the cosmetic pigments market, by type, during the forecast period.

Special effect pigments are the fastest-growing segment of the cosmetic pigments market, by type, owing to the presence of a large number of manufacturers of cosmetic pigments. The increasing demand for special effect pigments in cosmetic products such as lip products and eye shadows is expected to drive the market for this type of pigments during the forecast period.

Special effect pigments are used in all types of cosmetic and personal care applications to add color, glitter, luster, and shine. These pigments also help in enhancing the skin tone. Special effect pigments provide cosmetics products with glow and texture improvement benefits.

Based on the region, the cosmetic pigments market has been segmented into APAC, Europe, North America, the Middle East & Africa, and South America. Europe was the largest market for cosmetic pigments, which accounted for the largest share, in terms of value, in 2018. The cosmetic pigments market in Europe is segmented into Germany, France, the UK, Italy, Spain, and Rest of Europe. The cosmetics & personal care industry in Europe produces high-quality products using advanced technology such as surface treatment and pigment dispersion. The demand for high-quality cosmetic and personal care products is driving the cosmetic pigments market in this region.