The global cosmetic ingredients market is projected to reach $33.8 billion by 2025, according to a report by Transparency Market Research (TMR).

The market is projected to grow at a steady CAGR of 4.60% from 2017 to 2025, the study says. Analysts predict the market to touch a valuation of $33.8 billion by the end of the forecast period.

The market was valued at noted at a $22.8 billion in 2016 — so the rise represents a major jump. A rising disposable income is supporting market growth, forecasters say.

The competitive landscape of the global cosmetic ingredients market is highly fragmented, due to the presence of a large number of players in both the global and regional markets, according to the report.

Competition among key players is likely to increase over time, as players fight to sustain their market position and increase market penetration. 

The players in the global cosmetic ingredients market are focusing towards innovation, so as to achieve product proliferation — and encouraging consumers to purchase a specific product for a specific problem. For instance, separate creams for acne, moisturizer and fair complexion are sold in most places. This is attributed to expansions expected to occur in the cosmetic ingredients market in the forecast period.

In addition, the inclination to maintain a good appearance is growing, among consumers — and is one of the strongest factors driving market growth. There is also growing popularity of cosmetic products among males, which is likely to create further opportunities for the cosmetic ingredients market in the forecast period.