Latin America Cosmetic Bioactive Ingredients Market 2022-2028
MARKET OUTLOOK
Triton’s research report infers that the Latin America cosmetic bioactive ingredients market is set to witness growth at a compound annual growth rate of 5.09% during the forecasting years 2022-2028. Brazil, Mexico, and Rest of Latin America outline the market in this region.
In Brazil, the cosmetic industry has grown significantly due to the rise of domestic companies such as Natura and Grupo. These companies are introducing products containing bioactive ingredients to meet the rising demand. For instance, Natural provides cocoa butter for deep hydration and soft skin. This has encouraged other companies to introduce new products to compete in the market. Besides this, the ban on certain ingredients like chlorophene and isobutylparaben has increased the demand for bioactive ingredients in cosmetic products. Therefore, these factors are estimated to augment the cosmetic bioactive ingredients market’s growth.
In Rest of Latin America, Argentina has a valuable source of flora and fauna, which is majorly used in beauty products. The majority of people opt for products containing natural ingredients. Brands like L’Oreal, Unilever, and Amway have gained significant popularity. The rising consumer awareness and companies’ desire to replace synthetic ingredients with natural alternatives drive the cosmetic bioactive ingredients market’s development across Argentina.
COMPETITIVE OUTLOOK
The major firms in the cosmetic bioactive ingredients market include Symrise, Lubrizol, Croda International, BASF SE, Ashland Global Holdings Inc, and Nouryon.
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