MarketsandMarkets has released 360 Quadrant for Top 10 Functional Cosmetics Companies, Worldwide 2024 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.
The functional cosmetics market is projected to experience a value growth, increasing from USD 3.3 billion in 2022 to USD 4.6 billion by 2028, with a CAGR of 5.4%. This growth is driven by global population expansion and a heightened demand for cosmetics. The rising awareness regarding aging skin concerns and the desire for an even skin tone are significant factors contributing to the widespread use of functional cosmetics. Additionally, fluctuating temperatures and increasing heat levels are influencing the rising demand for sun care functional cosmetic products.
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Unveiling the Market Leaders: Honoring Excellence in Functional Cosmetics Markets
- BASF, renowned as a global force in the chemical industry has emerged as a market leader in functional cosmetics, driven by its expansive global reach, strategic partnerships, and a steadfast commitment to cutting-edge research. Through its Care Chemicals division, BASF offers a comprehensive range of high-performance products, including surfactants, emulsifiers, polymers, emollients, chelating agents, cosmetic active ingredients, and UV filters. This diverse portfolio caters to the needs of functional cosmetics, encompassing Conditioning Agents, UV Filters, Anti-Ageing Agents, and Skin Lightening Agents. Among these offerings, standout products include 1,2-PROPYLENE GLYCOL CARE, a versatile ingredient suitable for various personal care applications such as mouthwashes, toothpastes, ointments, skin creams, shampoos, and perfumes. Cegesoft PS 6 is another notable product, characterized by its slow spreading emollient properties, delivering a luxurious and enduring sensation on the skin. Additionally, CETIOL B stands out as a fast-spreading emollient, particularly beneficial in suncare formulations due to its exceptional solubilizing capabilities for crystalline UV-filters. BASF's commitment to addressing specific skincare needs is evident in products like Epispot, designed for blemish-prone skin, targeting the underlying causes related to lipids, microbiota, and the skin's natural defense system. Moreover, Collrepair DG represents an Anti-Ageing Active Ingredient, contributing to skin rejuvenation. Recently, BASF introduced two innovative biotic ingredients, Probiolift and Postbiolift, supporting healthy and graceful skin aging by harnessing the power of naturally occurring skin bacteria, marking a significant advancement in the cosmetics market.
- Nouryon as the prominent name in functional cosmetics, leads the market by providing a comprehensive range of products designed to enhance beauty and well-being. The company's prominence in the industry is highlighted by its innovative solutions, making it the preferred choice for discerning consumers and formulators alike. Nouryon's skin care offerings, including sensory enhancers, emulsifiers, and skin care actives, set industry standards for effective beautification, protection, and moisturization. Specialized conditioning agents, film formers, and surfactants for vibrant and healthy hair, coupled with reliable sun care products against UV radiation, showcase the company's commitment to excellence. From cationic surfactants to anionic surfactants, chelates, cellulose gums, dimethyl ether, and sodium and potassium hydroxide, Nouryon's high-quality and innovative solutions consistently position it as the preferred choice for diverse personal care needs.
- Evonik stands as a global leader in specialty chemicals, pioneering innovative solutions that shape industries and enhance everyday life. Evonik has continually evolved, leveraging its expertise in chemistry to address diverse challenges across various sectors. The company offers specialized concepts for skincare, sun care, color cosmetics, hair care, skin cleansing, active ingredients, alternative preservation, and product stabilization. Harnessing renewable resources and sustainable methods across four technology platforms: organics, silicones, biotechnology, and actives, its diverse portfolio features natural-based emulsifiers, ceramides, glycolipids, enzymatic esters, PG-esters, esterquats, natural-based thickeners, alpha hydroxy acids, cholesterol specialties, advanced botanicals, delivery systems, peptides, amino acids, natural-derived chelating agents, and antimicrobials. Noteworthy products such as ABIL B 8832, ABIL B 8843, ABIL B 8851, ABIL EM 97 S, and ABIL Care XL 80 MB exemplify the company's commitment to innovation and sustainability in the cosmetics industry.
- Clariant stands as one of the global leaders in specialty chemicals, renowned for its innovative solutions that cater to diverse industries ranging from automotive and textiles to personal care and household goods. The company offers an extensive range of products and services, including innovative personal care ingredients and premium cosmetic formulations tailored to support hair and skincare needs worldwide. Its offerings extend to specialized solutions for diverse applications such as men’s care, teenage or baby care, wet wipes, color cosmetics, hair styling, and sun protection. Providing a broad spectrum of claims and innovative benefits, from conditioning agents to UV sunscreen and anti-dandruff solutions, the company ensures comprehensive care for various hair and skin concerns. Notable products include Genadvance Hydra, known for its nature-friendly approach in addressing everyday hair wear and tear, NeutroTain DMG, a renewable and versatile neutralizer for hair dyes and straighteners, Galactinol Advanced, which boosts skin resilience mimetically, and Prunizen, a natural active ingredient designed to combat psychoemotional stress-induced hair loss and stimulate hair growth.
- Ashland stands as one of the prominent players in the specialty chemicals industry, offering innovative solutions that cater to a diverse range of sectors worldwide. With a rich history spanning decades, Ashland has established itself as a reliable partner for industries ranging from pharmaceuticals and personal care to food and beverage. The company is dedicated to enhancing sensory experiences by developing captivating textures, integrating UV filters into a wide range of products including hair care, facial creams, cosmetics, and moisturizers, and exploring nature's potential to discover novel biofunctional ingredients combating aging signs and the adverse effects of pollution on hair and skin. Through ongoing research and the adoption of cutting-edge technologies like Zeta Fraction, the company strives to responsibly harness concentrated plant benefits. As a leading global supplier of innovative ingredients to the hair care industry, Ashland adopts a holistic approach to offer comprehensive solutions across all aspects of hair care products. Notable offerings include AquaStyle 300 N styling polymer, Advantage Revive polymer for dry shampoos, Procataline G2 biofunctional, and Styleze ES-1 polymer, among others. Similarly, in skincare, the company provides solutions such as Antaron Soja Glyceride, Softhance MR conditioning agent, Liftyl biofunctional, and Caressence biofunctional, among a diverse range of products.
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Categorization Of Functional Cosmetics Companies On 360 Quadrants
Functional Cosmetics Companies’ evaluation was conducted for 60 companies, of which the top 10 were categorized and placed in a quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
Positioned in the upper-right quadrant, Market Leaders exemplify a combination of an expansive product offering and a formidable market presence. These organizations not only deliver comprehensive solutions but also boast a well-established and influential position in the market. Market Leaders are recognized for their reliability, consistent innovation, and widespread acceptance among customers. Their dominance in both product capabilities and market influence solidifies their status as leaders in their respective industries. These companies include BASF, Nouryon, Evonik, Clariant, and Ashland.
Croda has been recognized as Contender. Nestled in the upper-left quadrant, Contenders possesses a substantial market presence but may encounter challenges in terms of product innovation or differentiation. These companies have already secured a notable customer base and market recognition, positioning them as contenders. While their current offerings are competitive, Contenders have the potential to evolve and enhance their product capabilities to become more visionary and competitive in the future.
Situated in the lower-right quadrant, Innovators are distinguished by their exceptional product innovation and uniqueness. While they may not match the market presence of Market Leaders, Innovators challenge industry norms by introducing cutting-edge solutions. These companies push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. Air Liquide has been identified as the innovator in the quadrant.
Residing in the lower-left quadrant, Emerging Companies showcase a promising product footprint but are in the early stages of establishing their market presence. These companies may excel in specific niche areas or offer unique features that differentiate them, but their impact on the overall market is still evolving. Emerging Companies are considered niche players with significant growth potential as they expand their reach and recognition in the market. This segment of the quadrant has identified Gattefossé, DSM, and Stepan Company as emerging companies.
Evaluation Criteria
The 360 Quadrant maps the Functional Cosmetics Companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Functional Cosmetics’ quadrant. While the top criteria for product footprint evaluation included Functionality (Conditioning Agents, UV Filters, Anti-Ageing Agents, Skin Lightening Agents, Others), Application (Skin Care, Hair Care).
360 Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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