Cosmetic Pigments Market Size

Cosmetic Pigments Market Size

Global cosmetic pigments market size was over USD 700 million in 2019 and is estimated to grow over 6.5% CAGR between 2020 and 2026 owing to increasing applications of cosmetic pigments in personal care and grooming products. Increasing consumer awareness regarding the need to look more presentable in both personal and professional life will promote the market growth.

The ability of cosmetic pigments to transform individual appearances and give better and more presentable look to consumers is likely to raise the cosmetic pigments market demand in the coming years. Increasing consumer acceptance of changing fashion trends globally are compelling consumers to spend higher amounts on cosmetic and personal care products. Rising disposable income of people in developing economies is expected to raise the demand for cosmetic products from developing countries of the world.

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The increasing collaborations, agreements, and joint ventures between cosmetic pigment manufacturers may aid in new product development to meet the rising demands of consumers, thus boosting the cosmetic pigments market growth. For instance, in October 2019, Asahi Songwon Colors Limited, a global leader in blue pigments, announced a 51:49 joint venture agreement with Tennants Textile Colours (TTC) Limited of the U.K. to set up a state of the art red and yellow azopigments plant.

This strategic joint venture would enable the company to set its footprint in the manufacturing of azopigments, which are non-toxic and thus, a better alternative to toxic organic and inorganic pigments. The increasing use of innovative techniques and technological advancements such as pigment dispersion may help product manufacturers to strengthen their foothold in the global market. Furthermore, increasing investments by major stakeholders in manufacturing firms is likely to fuel the cosmetic pigments market.
 

However, the stringent regulations laid down by governing bodies of different countries on the use of color pigments in cosmetics are likely to restrain the growth of the cosmetic pigments market to some extent during the forecast period. For instance, on the basis of regulatory requirements, organic color pigments are classified as D&C Lake Colors (Drug and Cosmetics Lake Colors), FD&C Lake Colors (Food Drug and Cosmetics Lake Colors), Non D&C and FD&C Pigments, and EEC Lake Colours. Pigment manufacturers in India have to abide by the FD&C color guidelines to create cosmetics colour solutions for the US market. EEC Lake colors are prepared in accordance with the directive by the European Economic Community (EEC) for pigment colors used in cosmetics for the European markets.

These strict regulations to be followed by the cosmetic pigment manufacturers to produce color pigments for the cosmetic industry may pose a challenge for cosmetic pigments market manufacturers are likely to decline the growth of the product during the forecast period.