APAC 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 APAC the most preferred destination for the manufacturers of cosmetic pigments. The use of cosmetic pigments as an important additive in various applications such nail products, lip products, eye makeup, facial makeup, hair color products, special effect & special purpose as is driving the market in China. APAC is emerging as a leading consumer of cosmetic pigments due to the increasing demand from domestic as well as international markets.
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.
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.
Cosmetics products were traditionally made of chemical compounds; however, recently, there has been a significant demand for cosmetic products derived from natural sources. The application of cosmetic pigments includes nail products, lip products, eye makeup, facial makeup, hair color products, special effect & special purpose, and others (toothpaste, hair shampoo & conditioner, and sunless tabbing products). Facial makeup accounts for the largest application of cosmetic pigments market. The increasing demand for root makeup products such as foundations and face powders is expected to drive the market in this application segment. Increasing demand for root makeup products such as foundations and face powders is expected to drive the market in this application. Cosmetic pigments are used in facial makeup applications such as foundations, blushers, and powders, where titanium dioxide is used to add brightness.
The key players in the cosmetic pigments market include Sun Chemical (US), Sensient Cosmetic Technologies (France), Merck (Germany), BASF (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.
These companies adopted various organic as well as inorganic growth strategies between 2014 and 2019 to strengthen their position in the market. Expansion was among the key growth strategies adopted by these leading players to enhance their regional presence and meet the growing demand for cosmetic pigments from emerging economies.