Personal Care Ingredients Market size worth over $12 billion by 2024
Published Date: June 20, 2017 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Personal Care Ingredients Market size could exceed USD 12 billion by 2024. Rising involvement of women in urban workforce and growing importance of personal grooming has positively influenced product business growth.
People have become more conscious about their appearance which will drive the sales of the personal care products. New product launches will fuel the growth of the industry. Also, the market players are engaged in promotional activities which will considerably increase the sales of personal care products, which in turn will positively impact the personal care ingredients market.
Multifunctional products market has gained momentum over the past few years. The hectic lifestyle has forced consumers to simplify beauty routines giving a thrust to multifunctional product market. Innovative products have been launched with numerous benefits rolled into one. Plant-derived personal care ingredients have witnessed a rising growth curve, because of the negative attitude towards the production process of products derived from animals. Consumers tend to move towards sustainable, eco-friendly and ethical product brands.
People have shifted their focus to milder ingredients which would cause less damage. Anionic surfactants which are sulfate-free are preferred over conventional surfactants such as sodium lauryl ether sulfates. However, certain federal regulations related to the ingredients can impede the personal care ingredients market growth.
Browse key industry insights spread across 140 pages with 155 market data tables & 11 figures & charts from the report, “Personal Care Ingredients Market Size 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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Personal care ingredients include emulsifiers, surfactants, emollients, rheology control agents, conditioning polymers, antimicrobials, etc. In 2016, surfactants segment registered a market revenue of USD 0.78 billion, which is estimated to witness a rising growth curve. Emollients are expected to flourish at a healthy pace with a CAGR of 5.8%.
Personal care ingredients find application in cosmetics, skin care, hair care and oral care products. Synthetic ingredients hold the maximum share in the personal care industry, but the demand for natural ingredients will rise in future. The hair care segment held a revenue of USD 1.9 billion which is anticipated to rise at a healthy rate. The increasing awareness about the products through advertisements has led to increased sales of shampoos, conditioners, etc.
The sales of the product is likely to be high in Asia Pacific, as the demand for cosmetics and personal care products is expected to escalate. The Asia Pacific is expected to record a market revenue of 4.4 billion by 2024. LATAM is expected to witness decent growth over the forecast period. The increasing number of cosmetic brands being established in countries such as Mexico and Brazil will significantly affect the personal care ingredients market share. Middle East is expected to witness a decent growth rate the exceptional growth of local personal care product brands.
The market is fragmented. Some of the key industry participants in personal care ingredients industry include BASF SE, Croda International Plc, Evonik Industries, Dow Corning Corporation, Akzo Nobel N.V., Wacker Chemie AG, Lonza Group Pvt. Ltd., Clariant and Ashland Inc.