As per the market reports, the waterless cosmetics market is anticipated to reach USD 23.86 billion by 2029 as compared to USD 9.5 billion in 2021. The revenue is expected to rise at a CAGR of 12.2 per cent.
These cosmetics are the ones manufactured water-free, through processing botanical ingredients and sustaining oils as substitutes. One of the major drivers of the waterless cosmetics industry is the technological and manufacturing developments of waterless products. Secondly, with the increased awareness of eco-friendly, sustainable and vegan products there is a surge in demand for these cosmetics.
However, the few elements which might constrain the growth of the waterless cosmetics market during the forecasted period are the increase in the cost of R & D activities and the soaring cost of products.
Some of the key players in this industry are Loreal, Procter & Gamble, Unilever, etc. In 2021 the APAC region dominated the global waterless cosmetic market. With the rising demand in developing countries like China, South Korea, Malaysia and India.
Courtesy: Globe Newswire