According to the market research report "Cosmetic Dyes Market by Type (Natural and Synthetic Dyes), Application (Facial makeup, Eye makeup, Hair color, Lip products, Nail products, Toiletries), and Region (Europe, North America, APAC, South America, and MEA) - Global Forecast to 2023", The Cosmetic Dyes Market is projected to grow from USD 280 million in 2018 to USD 366 million by 2023, at a CAGR of 5.5%, from 2018 to 2023.
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The global cosmetic dyes market is driven by the increasing use of cosmetic dyes in the cosmetics and personal care products. The use of cosmetic products, such as foundations, eyeliners, lipsticks, blushers, and nail polishes is increasing. This is driving the cosmetic dyes market since cosmetic dyes is an essential ingredient of these products. However, stringent regulatory policies restrain the growth of cosmetic dyes market.
On the basis of application, the hair color products segment is estimated to lead the cosmetic dyes market in 2018.
The market in the hair color products application segment is projected to register a higher CAGR during the forecast period. The hair coloring industry is growing as people are willing to experiment with their hair color. The major reason for people choosing hair coloring is for covering of grey hair and because colored hair is regarded more fashionable. There are different types of hair coloring, namely permanent, demi-permanent, semi-permanent, temporary color, and alternative color. Permanent coloring is done for getting permanent color using oxidation. Demi-permanent coloring uses color that have alkaline agents other than ammonia. Changing trends in cosmetic industry, increasing millennial population, rising urbanization, growing youth population in emerging economies, and rising standard of living of people are boosting the cosmetic dyes market in the hair color application.
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Increasing use of synthetic dyes owing to its low cost and easy availability is projected to lead the cosmetic dyes market during the forecast period.
Synthetic dyes is expected to account for the largest share, in terms of value as well as volume, of the cosmetic dyes market in 2018. This trend is projected to continue during the forecast period, owing to the easy production method, low cost, and easy application process of synthetic dyes, which makes the synthetic dyes suitable for cosmetic applications, thereby, fueling the cosmetics dyes market. Synthetic dyes are mainly used for a wide range of shades; brightness; and vibrancy.
High economic growth rate and growing manufacturing industries of cosmetic dyes in the APAC region are projected to lead the cosmetic dyes market in 2018.
APAC is the fastest-growing cosmetic dyes market owing to high consumption of dyes in the hair color products application. The high economic growth rate, growing manufacturing industries, cheap labor, and the global shift of the consumption and production capacity from the developed markets to the emerging markets are a few factors leading to the growth of the cosmetic dyes market in APAC. Most of the global companies are focusing on R&D and distribution networks in this region. China, India, Japan, and South Korea are some of the key cosmetic dyes markets in the region.
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The key players in the cosmetic dyes market include Sensient Cosmetic Technologies (France), Clariant (Switzerland), DyStar (Singapore), Neelikon (India), Chromatech (India), Pylam (US), Organic Dyes and Pigments (US), Koel Colours (India), Aakash Chemicals and Dyestuffs (US), and Goldmann Group (Germany). These players have established a strong foothold in the market by adopting strategies, such as expansion, new product launch, and merger & acquisition.
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