Cosmetic Industry: Drivers & Restraints
The demand for good quality cosmetic products is fuelling the cosmetic ingredient market. Changing lifestyle specially in developing regions of Asia Pacific and Latin America brings a sea of opportunities to cosmetic ingredients manufacturers and suppliers. Increase in per capita income, rising awareness about beautification and increasingly urbanized population is offering momentum to the growth of overall cosmetic industry which in turn is escalating the cosmetic ingredients market to its zenith. Though cosmetic industry market size is growing at an impressive rate, various regulations prohibiting the use of certain chemicals as ingredients is a major challenge to the cosmetic ingredients manufacturers. In APAC, China and ASEAN regions are some of the most lucrative regions for increase in consumer spending and rise in GDP.