The global bio-based cosmetics market is forecast to increase from US$4.95bn to US$8.86bn from 2022-2032, according to research by Emergen Research reported by Globe Newswire.
Increasing consumer interest in natural or organic ingredients for cosmetics, more research and development activities for the formulation of natural cosmetics, and a growing market trend for probiotic-based skin care products were some of the major factors driving revenue growth of the bio-based cosmetics market, the 20 December report said.
In an industry that is increasingly concerned with protecting skin from pollution and protecting the environment, vitamins, plant extracts such as Aloe, peptides with a vegetable origin, and essential oils are the major bio-based components for the future of the cosmetics sector, according to the report.
One of the major factors affecting the revenue growth of the market was increasing research and development investment by major personal care and cosmetic companies into organic skincare ingredients and formulations, the report said.
For example, BASF Care Creations launched Verdessence RiceTouch, a plant-based powder suitable for matte-finish cosmetics due to its tiny particle size, in June 2022.
The global bio-based cosmetics market is fragmented, with many large and medium-sized players accounting for the bulk of market revenue, according to the report.
Major players include BASF, Evonik, the Estée Lauder Companies, L’Oréal Paris and Unilever.
