This study intends to unfurl the multiple facets of global personal care ingredients market. The insights offered in the report aid in market growth examination during the forecast period.
Market Analysis in Brief
In the backdrop of increasing awareness about 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 personal care ingredients market is fueled by 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. Primary research suggests that the increasing consumer knowledge of the negative consequences of conventional, synthetic chemical-filled products would lead to market expansion potential. Consumer lifestyle changes, rising skincare awareness, and increasing propensity to utilize natural ingredients for personal hygiene products all contribute toward the expansion of personal care ingrdients market. Use of natural, bio-based ingredients is becoming more popular among consumers, shows research.
Key Report Findings
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.
Milder Ingredients to Gain Prominence
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 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 expansion of personal care ingredients market during the projection period.
Expensive Nature of Cosmetic Products
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.
Overview of Key Segments
Emollients Lead with Growing Traction in Skincare
The emollient category dominates the personal care ingredients market. The rise is attributed to the extensive use in manufacturing skincare 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 be potentially 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.
Skincare Category Spearheads
The skincare category dominates the personal care ingredients market. The expansion of this market is primarily driven by rising demand for skincare 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. Climbing sales of cosmetics and beauty products across developing economies are especially expected to drive the growth of personal care ingredients market.
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 US 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.
Growth Opportunities Across Regions
Europe to Dominate as Sales of High-end Cosmetics Heighten
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 skincare 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.
Asia Pacific Reflects Attractive Potential
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 US$838 Mn 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
A 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.
Recent Notable Developments
Regional Classification of Global Personal Care Ingredients Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Personal Care Ingredients Market
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