Technology Innovations Influence Market Growth
Personal care active ingredients are responsible for a specific functionality
in a cosmetic product. Improvements in technology act as a major driver by
enhancing the functionalities and features of the active ingredients.
Innovations are the key to increasing the market share and developing a
competitive edge. Chinese competition in prices acts as a major restraint in
this market, as the global suppliers are forced to reduce the prices and lose
their margins. UV filters are expected to grow the fastest, followed by
anti-aging ingredients during the forecast period. Emerging economies, such as
Thailand, Indonesia, and Malaysia, are expected to play a major role in
Asia-Pacific cosmetics market, driven by the prospering middle class segment.