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Personal Care Ingredients Market

Personal Care Ingredients Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Chemicals & Materials | Author Name: Harshad

Personal Care Ingredients Market: Overview

The market size for Personal Care Ingredients was USD 11.4  billion in 2021, projected to grow at a CAGR of 4.3 percent during the forecast period. Due to increased awareness of personal hygiene, there has been a continuous demand for personal care ingredients during the pandemic to produce cleaning solutions, soaps, sanitizers, detergents, and personal care products. The global market is fueled by a rising population, shifting consumer lifestyles, increased awareness of wellness and beauty, and a rising trend for skincare products. Growing demand for personal hygiene products with many functionalities and rising consumer disposable income in developing economies further contribute to the industry's expansion.

It is projected that increasing consumer knowledge of the negative consequences of conventional, synthetic chemical-filled products would lead to market expansion potential. Depending on the product, organic products must be consumed between six months to two years of the date of manufacture. For instance, moisturizers lose their potency after six months, while organic shampoo and conditioner last about two years. These products are more prone to hazardous bacterial development if not handled properly since they lack artificial preservatives, including phenoxyethanol, to help extend their shelf life. The market for personal care components has been driven in recent years by a rising tendency among women to choose natural and organic personal care products due to their advantages over synthetic goods. For instance, in January 2018, the Indian manufacturing company Arjuna Natural Ltd introduced an innovative natural preservative mixture. This vegan, oil-soluble, and organic substance finds extensive use in producing vegan and organic foods.

Market participants are rapidly creating products with natural ingredients to provide advantages such as skin repair, cell damage prevention, improved skin immunity, hydration, and anti-aging effects. Consumer lifestyle changes, rising skincare awareness, and rising propensity to utilize natural ingredients for personal hygiene products all contribute to the market's expansion. The use of natural and bio-based products is becoming more popular among consumers, and this, combined with rising health consciousness and large R&D expenditures, encourages market players to create new products. In March 2020, SYN-GLOWTM, a brand-new, tiny cosmetic peptide ingredient from Royal DSM, works with the skin to expose its internal, naturally sun-kissed tone following topical administration in a cosmetic formulation. Demand for personal hygiene products has increased due to new product launches and acquisitions by major market participants and rising demand from emerging nations.

Personal Care Ingredients Market: COVID-19 Impact

Beyond the spread of the illness and efforts to contain it, the coronavirus pandemic has had far-reaching effects. The pandemic hampered personal care ingredients market growth in 2020, which has caused concerns to move from supply-side manufacturing challenges to decreased business. In addition to having a significant impact on the coronavirus pandemic and the ongoing containment efforts for the disease, the current COVID-19 epidemic has significantly impacted consumers' daily lives. Concerns about supply-side manufacturing problems have given way to worries about a decline in business as the pandemic has expanded around the globe. The present pandemic outbreak has had a significant impact on customers' daily lives in addition to affecting cosmetic companies.

Personal Care Ingredients Market: Drivers

Milder Ingredients to Gain Prominence to Drive Market Growth

The growing importance of gentler components in recent years is poised to demonstrate another revolutionary movement in this industry, even though the trend of multifunctional and natural products is now firmly on the professional radar of the personal care ingredients market. Consumers now want kinder, softer products because they believe they will be less harmful and dangerous over time. Though the hair care industry has been at the forefront, the tendency has spread throughout the beauty industry. Shampoos, conditioners, hair masks, and serums with solvent bases are less popular with consumers than those with water bases. Such products are widely used in the developed markets of rich economies. The careful selection of ingredients for cosmetic product composition has also been greatly influenced by government and other regulatory agencies' strict oversight. During the anticipated term, this aspect will fuel the market's expansion.

Multifunctional or One-Product Fits all Approach to Drive Market Growth

To fit everything into their hectic schedules, it has been found that the typical modern consumer prefers to simplify their everyday beauty procedures. Additionally, many customers prefer to utilize a single product rather than various solutions that would be judged appropriate for particular skincare issues. As a result, multifunctional products are enjoying a resurgence in popularity. This is due to the emergence of cosmetics products that can combine several benefits into a single benefit on the global market for personal care ingredients. The introduction of BB creams, which offer the various benefits of moisturizing, brightening, evenness, radiance, lightweight texture, and other types, including anti-aging and UV protection, may have kicked off the trend of multifunctional products. Multifunctional products are expected to increase in value as more and more consumers gravitate toward solutions that combine skincare and makeup. The personal care chemicals market has recognized multifunctional products as practical and affordable beauty solutions. This will fuel the market's expansion during the projection period.

Personal Care Ingredients Market: Restraints

Expensive Nature of Cosmetic Products to Hamper Market Growth

Due to the high cost of personal care goods given by multinational corporations, smaller enterprises in the market frequently turn to produce cheaper substitutes to meet consumer demand. As a result, the availability of low-cost replacements limits the growth of the personal care ingredients market to some extent. Furthermore, the proliferation of counterfeit goods is disorganizing the market. Because of the health dangers and toxicity of antioxidants, restrictions on their usage have been imposed. As a result, there is a substantial interest in and demand for replacing antioxidants with natural plant-based replacements, not only due to safety concerns but also due to rising consumer knowledge and interest in natural products and the potential health advantages of natural antioxidants. This will stifle market expansion.

Personal Care Ingredients Market: Segment Overview

Emollients Sector to Dominate Market Owing to its Increased Use in Manufacturing of Skin Care Goods

The emollient category dominates the personal care ingredients market. The rise is attributed to the extensive use in manufacturing skin care goods such as shampoos, creams, deodorants, soaps, and skin cleansers. Emollients are ingredients that soften skin and create a barrier on the skin's surface to help skin retain moisture. Shea butter, cocoa butter, mineral oil, lanolin, petrolatum, and paraffin are emollients. Emollients also add shine and softness to formulations for hair conditioning. Emollients can also be used as a moisturizer to create a barrier that keeps moisture within. Nearly 31 million Americans have eczema-related symptoms, with 17 million experiencing moderate to severe illness. An enormous international corporation called BASF increased its emollient production in China. Emulsifiers are also becoming increasingly popular, used to keep the consistency and homogeneity of formulations in lotions, creams, foams, and sprays.

Skin Care Category to Dominate Market Owing to Rising Demand for Skin Care Products

The skin care category dominates the personal care ingredients market. The expansion of this market is primarily driven by rising demand for skin care products such moisturizers, anti-aging creams, and sunscreens. Products for sun protection use chemicals from personal hygiene to provide improved water resistance, longer UV protection, and better film formation. This market's expansion is anticipated to be fueled by rising demand for cosmetics and beauty products from developing economies. The demand for cosmetics and beauty goods has increased due to the growing acceptance of western styles, rising skincare awareness, and industry players' promotional tactics. The U.S. skincare market is the most significant, benefiting from growing consumer desire for natural and organic goods. With the popularity of top skincare brand Olay Regenerist, anti-aging products have seen strong growth in the US.

Personal Care Ingredients Market: Regional Landscape

Europe to Dominate Market due to Rising Demand for High-End Cosmetics

Over the forecast period, it is anticipated that the Europen market will account for the largest revenue share. This results from the rising demand for personal care ingredients in high-end cosmetics, skincare, hair care, oral care, and other goods. Additionally, the need for high-quality natural cosmetics and the region's high consumer buying power has fueled the expansion of personal care ingredients in Europe. The growing consumer interest in high-end cosmetics drives growth in the German personal care ingredients market. The nation's need for skin care products is fueled by the fact that it is one of the major nations with the fastest aging populations globally. New product innovations are also happening in the German skincare sector. In April 2022, Beiersdorf, a German global corporation, said it would launch its first skincare item to employ recycled CO2.

The Asia Pacific market is anticipated to experience stable revenue growth throughout the forecast period. Consumer lifestyle changes, strong demand for high-end cosmetics, and rising purchasing power in developing nations like China and India will boost market expansion in the region. Additionally, it is anticipated that rising personal care product imports into the nation will spur market expansion. For instance, the United States exported $838 million worth of personal care and cosmetic products to China in 2020, an increase of 2.2% from the year before. India is one of Asia's fastest developing economies. The need for men's grooming products, rising consumer standards, and an increased focus on personal hygiene and wellness have all contributed to the expansion of the Indian personal care ingredients market.

Global Personal Care Ingredients Market: Competitive Landscape

In July 2022, Verdessence RiceTouch, a plant-based sensory powder biopolymer for light and smooth skin, was introduced by BASF. The non-GMO rice used to make the ingredient gives it a mattifying effect, good oil absorption, and shine control. The biopolymer has no preservatives and is easily biodegradable. It is made from renewable feedstocks. Additionally, it shows low microbial activity while reducing stickiness and enhancing spreading capabilities. Similarly, in June 2022, Isobionics Santalol, a co-produced item, was unveiled by BASF SE and Isobionics. It is produced using renewable resources. The item serves as a replacement for sandalwood oil.

Few of the players in the Personal Care Ingredients Market include BASF SE, THE DOW CHEMICAL COMPANY, SOLVAY, EVONIK INDUSTRIES AG, CLARIANT AG, NOURYON, CRODA INTERNATIONAL PLC, LUBRIZOL CORPORATION, ADEKA CORPORATION, AIR LIQUIDE, CORBION N.V., EASTMAN CHEMICAL COMPANY, ELEMENTIS PLC, DUPONT, INNOSPEC INC., KONINKLIJKE DSM N.V., MERCK KGAA, MOMENTIVE PERFORMANCE MATERIALS INC., KAO CORPORATION, GALAXY SURFACTANTS LTD., GIVAUDAN S.A., OXITENO, SYMRISE AG, STEPAN COMPANY and WACKER CHEMIE AG.

Global Personal Care Ingredients Market is Segmented as Below:

By Ingredient Type

  • Emollients
  • Surfactants
  • Emulsifiers
  • Rheology Modifiers
  • Conditioning Polymers
  • Others

By Application

  • Skin Care
  • Hair Care
  • Oral Care
  • Makeup
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Personal Care Ingredients Market

  • Personal Care Ingredients Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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