Cosmetics and toiletries constitute a wide range of chemicals, which are used in the development and manufacturing of products for remedial purposes, sanitation purposes, and improving the physical beauty. The range of chemicals in cosmetics and toiletries include polymers, surfactants, essential oils, and inorganic chemical, which are used to enhance the properties and functionality of the products. Asia-Pacific Market for Chemicals in Cosmetics and Toiletries is expected to witness a CAGR of 7.75% during the forecasted period of 2018 - 2023. China is the largest market for the cosmetics and toiletries chemicals market and is expected to expand at a healthy CAGR, during the forecast period.
Countries like South Korea and Japan spend about an average of USD 173 per annum per person on cosmetic products, like skin and hair care, while US spends only USD 24. This shows the higher demand for the use of these products in the Asia Pacific. Countries, like India, Australia, and Japan, among others, have an increasingly young population that fondly indulges in trying such cosmetic products. Growing concerns regarding skin and hair health among this expanding young population add to the accelerating demand for these products in Asia Pacific region.
The fragrance market is exhibiting a fast growing demand due to easier availability of top brands and a greater choice of products across a range of prices. India is one potential market for fragrance. Rising awareness about personal care products, increasing disposable income, and growing demand in the Asia Pacific market expanding the middle class and the greater availability of choices in affordable perfumes are pushing the demand. The market demand is also propelled by the tropical, hot and humid climatic conditions.
China is the largest market in Asia Pacific region for the cosmetic market. The reason for high demand in China is that the average age of Chinese population is above 38 years. Various anti-aging cosmetic products, like skincare, anti-aging creams, hair care, and personal hygiene products, among others, are in high demand among this Chinese population. The increasing use of these products has led to a rapid expansion of the cosmetic market in China. China is also one of the leading importers of cosmetic and toiletry products in the world. Adding to the expanding market size, the increasing purchasing power in the hands of the young Chinese population has led to higher demand for the cosmetic products. Owing to the increasing disposable income, the young population also experiments with new products from different players and this encourages the market to grow even further in China.
Major Players: Akzo Nobel N.V., Ashland, BASF SE., Croda International Plc, DSM N.V., Eastman Chemical Company, Emery Oleochemicals, Evonik Industries AG, Firmenich SA, The Lubrizol Corporation, and Vantage Specialty Chemicals, Inc., among others.
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