The global upcycled cosmetic ingredients market size is forecast to grow nearly 7% a year until 2031, according to a report by Allied Market Research.
Upcycled Cosmetic Ingredients Market estimates the global value will rise to $433.5m in the ten years from the $231.48m value in 2021 – an increase of 87%.
Based on applications, the skincare segment has garnered the major share in 2021, generating nearly half of the global upcycled cosmetic ingredients market revenue.
This is because upcycled ingredients like coffee grounds, seed oils, nutshell powders, fruit peel powders, and extracts are extensively being used in recent years for the production of skincare products.
In hair care, growth is attributed to an increase in the use of fruit peel extracts and fruit seed extracts in the development of shampoos and conditioners to reduce synthetic ingredients in shampoos while also providing additional benefits to the hair.
Newer innovations in products such as hair scrubs and hair masks rise the demand for natural ingredients in hair care products, which increases the demand for upcycled ingredients in hair care product production.
By region, North America accounted for the highest share in 2021, holding more than two-fifths of the global upcycled cosmetic ingredients market revenue and is projected to rule the roost by 2031.
This is because the US has several manufacturers of cosmetics with many of them operating at the international level.
Furthermore, there is a prevalence of several smaller manufacturers in the region that use locally sourced ingredients as well as natural ingredients to formulate their products.
The Latin America, Middle East and Africa region is expected to record the fastest annual growth, some 7.35% from 2022 to 2031.
Leading upcycled cosmetic ingredients players named in the report include Givaudan, Symrise, Cargill, Olvea, Mibelle Biochemistry, P2 Science, Rahn, Lignopure, and Sophim.
