The global market for functional ingredients used in cosmetics and toiletry products is expected to reach a value of US$22.7 billion in 2015, according to a new report from ReportLinker. The market is forecast to grow at a compound annual growth rate (CAGR) of 4.7 percent annually to reach a value of almost US$30 billion by 2021.
According to the report, the specialty additives segment will grow at a rate comparable to the market as a whole, climbing at an average of 4.7 percent annually from US$4.7 billion in 2016 to reach US$6 billion by 2021.
Meanwhile the active ingredients sector will multiply at 4.8 percent a year, swelling from US$2.6 billion in 2016 to US$3.3 billion by 2021.
Despite successive upheavals in the world economy, the market as a whole is expected to remain robust, with dynamic growth in developing markets such as China, India and Brazil acting as a buffer against any downward trends in more industrialized countries.