Market Highlights
Theglobal inorganic cosmetic pigments marketis estimated to be valued at USD 7,207.32 million by 2027and register a CAGR of around 6.8% during the forecast period.
The global inorganic cosmetic pigments marketis expected to witness a surging growth in the coming assessment period owing to its widespread usage in cosmetics and personal care industry.The extensive use of various inorganic cosmetic pigments such as titanium dioxide, iron oxide, chromium oxides, and zinc oxide in the cosmetics industry and the various advantages offered by their use are the major factors driving their adoption. However, factors such as stringent regulations and price volatility of key raw materials hamper the growth of the market. Nevertheless, projected rise in demand for inorganic cosmetic pigments in emerging economies and continuous expansion and product launch by key manufacturers is likely to bring lucrative opportunity for the growth of the market in the forecast period. In addition to this, the outbreak of Covid-19 has severely impacted the global market owing to the shutting down of factories, reduction in labor, and decline in production output. However,with the lift of lockdown measures and trade restrictions, the demand is expected to gain pace and drive market growth.
Segmental Analysis
According to MRFR analysis, the global inorganic cosmetic pigments market has been segmented based on type, application,and region.
Based on type, the global inorganic cosmetics pigments market has been segmented into titanium dioxide, iron oxide, chromium oxide, mica, zinc oxide, ultramarines, and others. The titanium dioxide segment accounts for largest share of over 30% in the global market in 2019. The growth is attributed to its wide application and high consumption in the facial and nail segment of the growing cosmetics industry.Further, titanium dioxide is expected to gain a traction in the coming years with CAGR over 7.5% from 2020 to 2027.
Based on application, the global market has segmented into facial make-up, lip products, eye make-up, nail products, hair color products, and others.The facial make-up segmentaccounted for the largest market share of around 30% in the global market in 2019. The growth is mainly attributed to the growing consumption by working women and rising consciousness about physical appearance among millennial women. Further, it is expected to witness a healthy CAGR of over 7% between 2020 and 2027.
Regional Analysis
Geographically, the global Inorganic Cosmetic Pigments Market has been segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. As per MRFR analysis, Asia-Pacific region dominated the global market, accounting for the largest share of around 44%in 2019and is expected to register a CAGR around 7.5% during the forecast period. The market growth can be attributed to the high availability of raw materials, cheap labor, rapid industrialization, and commercialization in the region, especially with the growth of the personal care industry. North Americais followed by Asia-Pacific, which accounted for the second-largest share of the global inorganic cosmetic pigments market in2019 and recorded significant growth with CAGR around 7% over the forecast period. Europe region is expected to witness moderate growth, with CAGR around5.5% over the forecast period. Latin America and the Middle East and Africa markets are also likely to witness notable growth with CAGR around 6% during the forecast period, 2020–2027.
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Key Findings of the Study:
- The global inorganic cosmetic pigments market is estimated to be valued at around USD 4,600million in2019 and is expected to register a CAGR of around6.8% to reach around USD 7,200 million by the end of 2027.
- Based on type, the titanium dioxide segment held the largest share of over30% by value in 2019 and is expected to register a CAGR of around 7.5% during the forecast period.
- Based on application, the facial make-up segment held the largest share of around 30% by value in 2019 and is expected to register a CAGR of around7% during the forecast period.
- Asia-Pacificaccounted for the largest share in the global market ofaround 44% by value in 2019.
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