Latin America Cosmetic Bioactive Ingredients Market: Forecast Analysis 2024-2032
Triton’s research report estimates that the Latin America cosmetic bioactive ingredients market is expected to garner revenue at a CAGR of 4.98% during the forecast years 2024-2032.
The cosmetic bioactive ingredients market in Latin America is growing, driven by increasing consumer demand for natural and organic products. As the majority of consumers are becoming aware of the trends in cosmetics beauty products, this region is experiencing a gradual preference for organic cosmetics. This trend is fueled by the region’s rich biodiversity, offering unique ingredients like açai and yerba mate and by evolving regulations that favor natural alternatives. The market presents opportunities for companies to innovate with effective, sustainably sourced beauty products.
The countries studied in this region include Brazil, Mexico, and Rest of Latin America.
Brazil captured the highest share in the cosmetic bioactive ingredients market, obtaining about $59.31 million in 2023.
- A survey conducted by the Brazilian Association of the Cosmetic, Toiletry and Perfumery Industry (ABIHPEC) found that over 40% of Brazilian consumers prefer products made from organic ingredients.
- The country’s unique biodiversity provides an abundance of raw materials for cosmetic formulations, positioning the country as a hub for innovation in bioactive ingredients.
- Brazilians are becoming increasingly knowledgeable about the ingredients in their cosmetic products, which leads to an increase in the demand for bioactive ingredients.
Cosmetic Bioactive Ingredients Market Forecast for Mexico
The Mexican market is also being shaped by regulatory changes and the growing influence of global beauty standards that emphasize safety, efficacy, and transparency. As a result, companies are investing in research and development to innovate with bioactive ingredients that meet consumer demands. In this regard, bioactive ingredients such as antioxidants, peptides, and botanical extracts are gaining popularity in Mexico’s cosmetic industry. Additionally, the shift towards bioactive ingredients is reflective of broader trends in clean beauty, with a significant portion of the Mexican population opting for products that align with their values of health and sustainability.
The cosmetic bioactive ingredients market is segmented based on source and ingredient type. The source segment is further branched into microbial, plant, and animal. Using microbial sources as bioactive ingredients offers benefits like biocompatibility, efficient processing, consistent quality, and reduced environmental impact. Bacteria, for example, produce useful compounds such as enzymes, peptides, and vitamins.
Contender Analysis in the Cosmetic Bioactive Ingredients Market:
Evonik Industries AG is a leading specialty chemicals company, which covers industries like agriculture, transportation and machinery, automotive, paints and printings, coatings, construction, electronics and telecommunications, feed and beverages, environment and utilities, food, lifestyle and personal care, home, etc. Some of its personal care products are Vestamid Polyamide, Silica, Drivosol, etc. It has business operations in Africa, Asia-Pacific, Europe, North America, and Latin America. It is headquartered in Essen, Germany.
Recently, in May 2024, Evonik announced its collaboration with Jland Biotech with an aim to supply commercial quantities of vegan collagen personal care and cosmetic applications.
The key entities in the reviewed market are BASF SE, The Dow Chemical Company, Gattefossé, Solvay, Givaudan, Nouryon, Croda International PLC, Clariant AG, etc.
LATIN AMERICA COSMETIC BIOACTIVE INGREDIENTS MARKET 2024-2032.pdf