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"Global Personal Care Ingredients Market was Valued at US$ 12.81 Bn in 2019 and it is Expected to Reach More than US$ 18.56 Bn by 2028, Likely to Grow with the CAGR of 4.2% During the Forecast Period."
Personal care products have become an essential part of the consumer’s life over the past years. They include shampoos, soaps, hair gel, sunscreen products, anti-aging face creams, liquid soaps, moisturizing lotions, hair oil, and many more.
Natural ingredients for personal care include coconut oil, shea butter, beeswax, cocoa butter, arrowroot powder, soy seeds, green tea, essential oils, and dried herbs. Parabens, synthetic colors, phthalates, sodium Laureth sulfate (SLS) or sodium lauryl ether sulfate (SLES), formaldehyde, toluene, and propylene glycol are few synthetic ingredients used in personal care products.
Growing awareness regarding cleanliness and hygiene along with increased purchasing power of consumers and change in the standard of living in emerging economies will likely bolster the global Personal Care Ingredients Market
An Increasing Demand For Beautifying Products and Increasing Purchasing Power of Consumers in Developing Countries Anticipated to Drive the Global Personal Care Ingredients Market
Increased demand in the cosmetic industry expected to fuel the global Personal care ingredients market growth. The exponential rise in the population increased the purchasing power of consumers and change in the standard of living in emerging economies is expected to boost the Personal care ingredients market over the forecast period.
In addition, the huge investments in the R&D activities are attributed to creating new innovations in the personal care ingredients which are driving the global personal care ingredients market growth. The improved functionality and multiple benefits from a single product are attributed to the demand for the multifunctional ingredients in personal care products. The active multifunctional ingredients such as blemish balm (BB) cream that has been promoted as a multifunctional product can treat various skin problems such as aging, dullness, and tanning because of overexposure to the sun.
While rising aging population and rising consumer inclination towards beautification in the young and aged people is fuelling the global market growth. Growing demand for anti-aging products and the addition of multiple compatible ingredients in the same product propel the personal care ingredients market growth in the future.
However, the stringent governmental regulations on the use of synthetic personal care ingredients in Japan, China, the U.S., and European countries along with the rise in demand for natural ingredients restrict market growth. The demand for bio-based and natural ingredients in the personal care products and a rise in healthcare awareness in emerging economies creates a major opportunity for market expansion. The several organizations have started using only natural ingredients in their personal care products owing to the growing awareness among the consumers.
Skin Care Segment is Expected to Dominate the Personal Care Ingredients Market Over the Forecast Period
The skin care segment is estimated to account for the largest share of the global personal care ingredients market in terms of value, in 2019. This segment was valued at US$ 3.1 Bn in 2019. And it is growing at a significant rate during the forecast period. Skincare products include lotions, creams, moisturizers, sprays, baby care products, etc. The personal care ingredients find their major application in skin care products and are projected to drive the personal care ingredients market during the forecast period. The skincare product segment caters to various skin related problems such as anti-aging, fairness, acne, and cracking skin. Some of the common ingredients used in the formulation of skin care products are emulsifiers, emollients, surfactants, antioxidants, thickeners, active agents, antimicrobial, hair fixative agents, and conditioning agents.
In addition, the growing demand for multifunctional ingredients for skincare products for the aging population such as anti-aging and anti-acne creams in countries such as the U.S., U.K., Germany, France, and Japan is also expected to drive the demand for personal care ingredients.
The Emollients segment is Expected to Witness the Highest Growth in the Personal Care Ingredients Market Across the Globe.
The emollients segment is accounted for the largest share in the personal care ingredients market, in 2019 and is anticipated to grow at a high rate, owing to their use in every application in skin care products, ranging from face creams to skin cleansers, antiperspirants, deodorants, shampoos, and conditioners. The demand is mainly fueled due to soothing and smoothing properties emollients provide to the skin.
However, the organic personal care ingredient is expected as fastest-growing segment owing to the rising consumer awareness regarding the harmful effects of conventional, synthetic chemicals. The segment is expected likely to grow at a CAGR of 5.4% during the forecast period.
Asia-Pacific Is Anticipated To Dominate The Global Personal Care Ingredients Market Over The Forecast Period
The Asia-Pacific region is estimated to account for the largest share of the global personal care ingredients market in 2019, in terms of value and is estimated to display healthy growth during the forecast period owing to the increased demand for personal care products. Growing population and rapid urbanization along with rising disposal income and increased spending power of the consumer in countries such as China, India, Indonesia, and Thailand, is attributed to the growth of the personal care ingredients market in the region.
While Europe and North America follow the same trend with the increasing consumer inclination towards beautifying products drives the market in these regions. Changing the outlook of the people for looking young and charming in the Western countries is fueling the demand of the global personal care ingredient market.
The cosmetic industry in North America is anticipated significant growth in the future, due to the high consumption of premium make-up products. The cosmetics segment held recorded a market value of USD 0.7 billion in 2019. However, the decline in consumption in the U.S. due to the strict regulations of government authorities has an impact on market growth.
The personal care ingredients market is relatively fragmented with major companies holding over 40% of the total market share. Some of the key players in the global Personal Care Ingredients Market are Ashland Global Holdings Inc., BASF SE, Croda International Plc., Evonik Industries AG, The Dow Chemical Company, Lonza Group Ltd. , Solvay SA, Akzo Nobel N.V., Clariant AG, and Wacker Chemie AG.
Personal Care Ingredients Market Key Segments:
Personal Care Ingredients Market, By Ingredient
- Rheology Modifiers
- Active Ingredients
- Others (Preservative, Chelating Agents, Fragrances, Solvents, Colorants)
Personal Care Ingredients Market, By Source
Personal Care Ingredients Market, By Application
- Skin Care
- Hair Care
- Oral Care
Personal Care Ingredients Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America