The pandemic is estimated to have an impact on various factors of the value chain of the cosmetic pigments market, which is expected to reflect during the forecast period, especially in the year 2020 to 2021. The various impact of COVID-19 are as follows:
IMPACT ON COSMETIC PIGMENTS: The outbreak of the COVID-19 pandemic has resulted in the temporary shutdown of production plants and related activities in most of the major economies across the globe. Besides, it has slow down the growth of various sectors as most of the countries worldwide have resorted to nationwide lockdown as a measure to control the spread of the virus. This has resulted in disruptions in the global supply chains and consequently affected the growth of the cosmetic industry attributed to the shortage of raw materials and other inputs. Likewise, limited transportation, travel restrictions, and halt of manufacturing activities have hampered the growth of the cosmetic pigments market, and the purchase and usage patterns have changed drastically, which has reduced the sales of various beauty segments. In addition, some of the beauty companies, such as Clarins and Estée Lauder Companies Inc, have switched their manufacturing from beauty products to sanitizers. This has impacted the overall growth of the cosmetic industry, which ultimately has created challenges for the players operating in the cosmetic pigments market.
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The market size of cosmetic pigments is estimated at USD 645 million in 2021 and is projected to reach USD 960 million by 2026, growing at a CAGR of 8.3%. The global cosmetic pigments market is driven by the growing demand from color cosmetics and personal care applications. Increased need for product differentiation and growing awareness about the improved appearance of products are boosting the market.
Asia Pacific is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make Asia Pacific the most preferred destination for the manufacturers of cosmetic pigments. The use of cosmetic pigments as an important additive in various applications such as nail products, lip products, eye makeup, facial makeup, hair color products, special effect & special purpose as is driving the market in China. Asia Pacific is emerging as a leading consumer of cosmetic pigments due to the increasing demand from domestic as well as international markets.
The key players in the cosmetic pigments market include Sun Chemical (US), Sensient Cosmetic Technologies (France), Merck (Germany), ECKART (UK), Sudarshan (India), Kobo Products (US), Clariant (Switzerland), and Geotech (Netherlands). 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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