The global upcycled cosmetic ingredients market size was valued at USD 243.30 million in 2023 and is expected to be worth USD 254.66 million in 2024. The market is projected to reach USD 400.12 million by 2032, recording a CAGR of 5.81% during the forecast period.
Upcycled food-grade ingredients encompass coffee grounds, fruit seed oils, fruit extracts, and other ingredients rich in natural bioactives and widely utilized in the manufacturing of cosmetic products. Manufacturers' continuous efforts to upcycle food-produced components have aided in the production of varied beauty products to meet specific skincare requirements.
The COVID-19 pandemic had a significant impact on the upcycled cosmetic ingredients market. The lockdowns and other restrictions led to delays in delivery and surged transportation costs of natural ingredients, posing challenges for the manufacturer conducting business operations. However, increased sustainable preferences of consumers toward beauty products made of recycled procedures have aided the repurposed beauty components market growth.
Fortune Business Insights™ displays this information in a report titled, “Upcycled Cosmetic Ingredients Market, 2024-2032."
Browse Detail Summary For the Upcycled Cosmetic Ingredients Market: https://www.fortunebusinessinsights.com/upcycled-cosmetic-ingredients-market-110448
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Givaudan (Switzerland)
- Symrise AG (Germany)
- Groupe OLVEA (France)
- Mibelle AG (Switzerland)
- P2 Science, Inc. (U.S.)
- RAHN AG (Switzerland)
- Lignopure GmbH (Germany)
- Sophim (France)
- Actylis (U.S.)
- The Upcycled Beauty Company (U.K.)
- Cargill, Incorporated (U.S.)
Segmentation:
Skincare Segment Captured Major Share Due to Higher Spending in Development of Formulations of Repurposed Skincare Components
Based on application, the market is classified into skincare, haircare, color cosmetics, and others. The skincare segment captured a major upcycled cosmetic ingredients market share in 2023. Its growth is due to the increase in beauty manufacturers’ expenditures on developing formulations of repurposed skincare components to offer users the advantages of functional skincare.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increase in Development of Advanced Upcycled Bio-active Ingredients to Drive Market Growth
The increase in the development of advanced upcycled bio-active ingredients for applications such as skincare and color cosmetics is expected to fuel the product demand among beauty innovation centers located across the world. For instance, the Upcycled Beauty Company, a leading manufacturer of upcycled ingredients, is transforming the beauty sector by recycling food waste into potential repurposed skincare components. These factors are expected to fuel the market growth for upcycled cosmetic ingredients.
However, the high cost of beauty products composed of upcycled active ingredients hinders the overall product demand among beauty product manufacturers, thereby restricting upcycled cosmetic ingredients market growth.
Regional Insights:
North America Dominates Due to Increased Demand for Innovative Upcycled Components
North American region captured a considerable global share of the market for upcycled cosmetic ingredients. This growth can be attributed to the increased demand for innovative upcycled components in the production of hair care products in the U.S. and Canada.
Europe is expected to witness growth primarily due to the companies’ efforts to prioritize the development of sustainability reports, which is expected to generate new opportunities in the production of sustainable beauty products.
Competitive Landscape:
Prominent Players to Develop Innovative Formulations of Upcycled Beauty Ingredients to Address Skincare Needs of Consumers
The prominent players operating in this market are Givaudan, Symrise AG, Groupe OLVEA, P2 Science, and others. These companies are focusing on introducing advanced and innovative formulations of upcycled cosmetic ingredients to address the distinct skincare needs of consumers.
Notable Industry Development:
April 2024: Sophim, a prominent manufacturer of cosmetic ingredients, completed its acquisition of Novastell, a supplier of nutritional & functional ingredients. With this acquisition, Sophim aims to produce upcycled nutraceutical and cosmetic ingredients in the region of Europe.
Comments
0 comment