Global biobased cosmetic market to reach revenues of $8.8 billion by 2032, study finds

In Canada, Emergen Research reported that the global biobased cosmetics market is forecast to reach a value of $8.86 billion by 2032.

The market reached a value of $4.95 billion in 2022 and is expected to expand at a CAGR of 6% during the period.

“Rising consumer interests for natural or organic ingredients for cosmetics, increasing research and development activities for formulation of natural cosmetics, and growing market trend for probiotic-based skin care products are some of the major factors driving revenue growth of the bio-based cosmetics market,” the report stated.

“One of the major challenges restraining revenue growth of the market is high cost of organic or natural formulations for cosmetics. The cost of organic certification, higher labor costs, and the price of companion planting for pest management are additional expenses for the manufacturer,” it added.