Global market for cosmetic & toiletry ingredients to be $30.5 billion by 2026

The global market for cosmetic and toiletry ingredients should grow from $24.8 billion in 2021 to $30.5 billion by 2026, at a compound annual growth rate (CAGR) of 4.2 per cent during the forecast period of 2021-2026, says a report by ResearchAndMarkets.com.

The global market for cosmetic and toiletry ingredients in the fragrance segment should grow from $4.0 billion in 2021 to $5.2 billion by 2026, at a CAGR of 5.5 per cent during the forecast period of 2021-2026. BASF, Dow Chemical, AkzoNobel and Croda International are among the top companies in the cosmetics and toiletries ingredients industry.

The US, Europe, China and India are the main global markets for North American ingredients due to increased consumer awareness, aging baby boomer populations, the availability of a wide variety of easy-to-use products, the growing significance of organic and natural formulations and aesthetic concerns. Latin America is also showing dynamic growth, primarily driven by Brazil. Brazil’s rapid growth could make the Latin American region a future contender for one of the top three global positions, replacing the Asia-Pacific region. The number one position, however, will continue to be held by Europe, the report said.