In a new report from Persistence Market Research, as reported by WhaTech, the global cosmetic ingredients market was valued at US $14.671 bn in 2015, and is expected to grow 4.4% to $15.314 bn in 2016.
Western Europe dominated with a 28.0% share in 2015, and together with North America is expected to account for 54.1% of the total cosmetics ingredients market share in terms of revenue in 2016.
Key trends in the cosmetic ingredients market include rapid urbanization, products with more visible effects, growing disposable income, and increasing emphasis on appearance and good looks.
The report added that, based on ingredient type, the polymer segment will see the highest growth, followed by surfactants. The two segments are anticipated to witness a growth of 3.6% and 5.3%, respectively, from 2015 to 2016.