Sales of lipids have witnessed sheer proliferation in recent past in line with the growing demand for personal and cosmetics applications. The adoption of lipids as raw materials and ingredients has grown in the production of cosmetics. The global lipids market is anticipated to value US$ 26.4 BN by 2028-end, proliferating at 4.3% CAGR during the 2018-2028, as per the latest research study by Transparency Market Research (TMR).
The consumer gravitation towards cosmetics and skin care products with organic ingredients has been the primary driving force behind the demand for lipids in personal care and cosmetics industry. As per TMR report on lipids market, lipids find widespread applications in cosmetics due to high adoption in skin-care and make-up, which together account for over half of the value share in global cosmetics market. Lipids immense adoption in cosmetics can be attributed to impressive functional properties of lipids, such as nontoxic and biodegradable nature and skin compatibility. Further, the burgeoning per capita disposable income in developing countries is boosting sales of cosmetics in regions, such as MEA, Latin America, India, and China, finds TMR. The growing urbanization has been bringing tremendous lifestyle changes in diverse regions, which is further underpinning gains in cosmetics and personal care industry. Social media and digitalization are also playing a pivotal role in spreading a word about a wide range of cosmetics, which is boosting their sales.
As per the TMR report on lipids market, with the rapidly changing trends in F&B industry causing myriad health-related issues, nutraceutical industry is luring extensive consumer base. Growing awareness related to heath issues coupled with high healthcare expenses are the primary factors fueling growth of nutraceutical industry, which is further anticipated to pave way for growth in lipids market in the forthcoming years.
Manufacturers Increasingly Focusing on R&D of Customized Products
Amid rigorous competition in global lipids market with numerous global as well as regional manufacturers, manufacturers are increasingly investing in R&D activities to create novel products in order to cater to the burgeoning demand and to withstand the competitive market environment. Several manufacturers are merging with regional players to grow their sales footprint in the region. Moreover the continuing research and developments in pharmaceutical industry have propelled manufacturers to offer customized lipids products.
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China Holds Pole Position in Lipids Market, APAC to Witness High Growth Rate
China is projected to dominate the global lipids market during the foreseeable period with the lipids market likely to accelerate at 4.6% CAGR during 2018-2028. With a notable demand from cosmetics, personal care and F&B industries in China, the region will remain highly lucrative for manufacturers. The expanding F&B sector in China is a primary factor behind the growing sales of lipids in the region. The lipids market is likely to grow in APAC region due to the growing traction for nutraceutical products coupled with highly progressive pharmaceutical industry in the region. India will continue to remain a lucrative market for nutraceutical industry growth due to the increasing health related issues/diseases countrywide, which in turn will bring traction to lipids market.
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