“R&D into reducing the concentration of homosalate in cosmetic products to 0.5%, as a result of SCCS suggestions, is poised to remain a market-defining characteristic,” says a Fact.MR analyst.
United States, Rockville, MD, June 20, 2022 (GLOBE NEWSWIRE) -- As per the latest market analysis report on homosalate by Fact.MR, a market research and competitive intelligence provider, the global market is valued at US$ 116.9 million in 2022 and is predicted to evolve at a CAGR of around 5.8% over the 2022-2032 forecast period.
Demand for homosalate in the past has been triggered by increasing usage in the production of sunscreen products across geographies as per permissible limits, be it 10% in the European Union or 15% in the U.S.
However, there have been regulatory changes at the global level, wherein, SCCS (Scientific Committee on Consumer Safety) of the European Union concluded that homosalate usage in concentrations above 0.5% in consumer products could not be considered safe. This resulted in SCCS adopting to drastically reduce the permissible limit from 10% in European countries to a mere 0.5%.
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This would not only negatively hamper the overall sales of the product in the European market in the short term, which is one of the largest demand generators, but also act as a restraint to market growth in adjoining regions, which are bound to adopt such product level-restrictions on a broader scale, and, in turn, promote R&D into alternate product development.
Key Takeaways from Market Study
By form, liquid homosalate usage is projected to provide an absolute revenue opportunity of US$ 74.9 million over the forecast period (2022-2032).
Based on purity, demand for below 99% purity grade is poised to increase at a CAGR of around 6.3% and be valued at US$ 81.5 million by 2032-end.
Based on use case, solubilizer/mixing agents are set to expand around 5.3% CAGR.
By application, usage in skin care products is anticipated to remain a vital contributor to market revenue and is expected to account for 64.9% market share by 2032.
Europe is anticipated to capture around 34.5% of the global homosalate market share by 2032.
East Asia is expected to provide an absolute revenue opportunity of US$ 23.4 million by 2032.
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Ampak Company, Chemical Brothers, Spectrum Chemical, Amadis Chemical, ATK Chemical, ZX Chem, Siyang Liaoning Biochem, ZhenYiBio Technology Inc, Natural micron chem tech, and Universal Esters are key suppliers of homosalate.
Chemical-based skin care products are gaining attention due to their negative effects on the skin, producing allergies and other skin-related concerns, indicating an unstable market scenario for homosalate.
Top homosalate manufacturers and top cosmetics manufacturers are investing in the homosalate market and are looking to create revenue-generating opportunities in target markets.
Key Segments Covered in Homosalate Industry Research
Homosalate Market by Use Case :
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As the homosalate market is entirely dependent on sunscreen and facial cream manufacturers for consistent revenue generation, companies should invest in forming collaborations with cosmetic manufacturers. They should work towards developing and pioneering discoveries in newer cosmetic formulations, which will not only limit the usage of homosalate to 0.5% in facial creams but also keep the functional characteristics intact, ensuring futuristic opportunities in the market.
To keep up with the ever-changing beauty business requirements, next-generation cosmetic formulations must be manufactured, and numerous studies are already ongoing for this purpose. European homosalate makers are currently in the advanced stages of producing newer cosmetic formulas, and Asian firms must decide whether to collaborate with them, try to catch up, or use inorganic growth tactics such as acquisitions and mergers to jump to the next technical cycle.
Fact.MR, in its new offering, presents an unbiased analysis of the homosalate market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on form (liquid, powder), purity (<99%, 99% and above), use case (solubilizers/mixing agents, UV absorbers/filters), and application (skin care (makeup liners, lip balms, body sprays, sunscreen, moisturizers), hair care (treatment formulations, serum/conditioners)), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analysed the chemicals and material industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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