Personal Care Ingredients Market size is set to reach USD 20.3 billion by 2030, according to a new research report by Global Market Insights Inc.
Increasing consumption of personal care products and cosmetics in the last few years is expected to enhance the market demand. The cosmetic industry has shown a spike in the last few years due to the implementation of e-commerce platforms where customers select numerous options with a single click.
The growing influence of social networks has led to consumers increasingly focusing on their looks, enhancing the demand for personal care products. With the rise of several new ingredients, both natural and petroleum, the product lines for personal care ingredients have expanded with better and premium products. Furthermore, one of the important factors behind the growth of personal care ingredients is the increased demographic age in Europe and North America along with the increasing demand for anti-aging cosmetics.
Changing lifestyles and rising consumer spending power in developing nations along with the speeding development of multifunctional personal care ingredients are projected to fuel personal care ingredients market size. Manufacturers of personal care products will witness expansion on account of the increasing consumer demand for bio-based and natural ingredients. The demand for products made from natural ingredients is rising owing to increasing pollution and negative consumer perception of chemicals used in personal care products.
Demand for ingredients in personal care products will be influenced by the growing young population. For the expanding number of young people, the desire to look well & presentable drives the need for personal care goods. For instance, there were 1.2 billion young people in the world in 2021, i.e., in the age group of 15 to 24 years, and that number is likely to rise to almost 1.4 billion by 2065.
Browse key industry insights spread across 300 pages with 315 market data tables & 33 figures & charts from the report, “Personal Care Ingredients Market Analysis By Product (Surfactants, Conditioning Polymers, Emollients, Rheology Control Agents, Emulsifiers, Antimicrobials), By Application (Skin Care, Hair Care, Oral Care, Cosmetics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, South Korea,, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Aging population will propel the conditioning polymer segment
Personal care ingredients market from conditioning polymers segment is expected to grow at 5.2% CAGR during the forecast period. In the manufacturing of skin care products, such as hand soaps & shampoos, conditioning polymers are used. The population over the age of 55 years uses conditioning polymer-based products for anti-aging purposes. The increasing use of hard water across major cities and countries has developed major skin and hair problems, which has further enhanced the demand for conditioning products such as conditioning facewashes, shampoos, hair creams, moisturizers, etc.
Additionally, the increasing demand for personal care products with benefits including lather creaminess, conditioning, comfort, and smoothing of hair surfaces will foster the business landscape.
Oral hygiene to accelerate the market forecasts
Personal care ingredients market from oral care segment is set to cross USD 2.4 billion by 2030 owing to the growth of oral care products across the globe. Ingredients including antimicrobial, emollients, and surfactants are used in toothpaste, mouthwashes, and mouth fresheners. Since antimicrobials are the major ingredient in toothpaste and mouthwashes, the increasing demand for oral care will also spur the demand for antimicrobials. The consumer's willingness to adopt good dental hygiene practices is increasing, which is directly reflected in the rising dental care spending, resulting in the increasing sales of personal care ingredients.
The growing number of disorders linked to poor oral hygiene is another factor that will stimulate the oral care segment. In North America and Europe, the high expenses of healthcare force people to make poor lifestyle decisions. As a result, manufacturers are increasing the diversity of their products to provide consumers with more options, which may enhance the demand for various ingredients.
High standards and increasing demand for cosmetics to drive the North America market value
North America personal care ingredients market was valued at USD 2.2 billion in 2021. This is owing to the changing environment and high lifestyle of the general population. Furthermore, Gulf nations have witnessed an increased demand for personal care items, particularly high-end cosmetics in the Middle East & Africa region. Saudi Arabia, Kuwait, and the UAE have populations with higher incomes and purchasing power, which will continue to fuel the desire for high-end cosmetics.
Mergers & acquisitions are one of the major strategic outlooks in the overall industry
Prominent players in the personal care ingredients market are Evonik Industries, BASF SE, Croda International Plc, Dow Corning Corporation, Wacker Chemie AG, Ashland Inc., Clariant, and Lonza Group Pvt. Ltd. Other companies include Cargill Inc., Eastman Chemical Company, Solvay S.A., etc. Most manufacturers have shifted from petrochemical derivatives to organic materials to meet production sustainability.
Players operating in the market are adopting several key growth strategies, such as new product launches, joint ventures, investments & expansion, partnerships & agreements, mergers & acquisitions, etc., to gain a higher market share. For instance, in January 2020, BASF launched new skincare active ingredients and showcased its active portfolio for makeup applications at Cosmet’Agora.
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