Growth opportunities in the personal care ingredients market look promising over the next six years. This is mainly due to the rising purchasing power of consumers, increase in demand for higher quality personal care ingredients, and growth in multifunctional personal care ingredients.
Personal Care Ingredients Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The increasing purchasing capacity of consumers, primarily in developing nations, led by the boost in multifunctional personal care ingredients is one of the key drivers stimulating the growth of the global personal care ingredients market. Also, factors like rapid urbanization, the increasing number of working women, and the remarkable lifestyle changes are indirectly responsible for the market growth. The boost in the higher quality personal ingredients demand is further accelerating the market growth. Moreover, the ongoing expansion across the leading players will strengthen the market share. For instance, BASF SE, in 2020, entered into a partnership contract with BTC Europe as a distribution partner for its care creation portfolio. The partnership helped to enhance the efficiency and simplification of the supply chain for these customers.
However, the widespread COVID-19 pandemic has negatively influenced the personal care sector growth which has impacted the growth of the industry. Also, the shift towards essential products is hampering the demand for other products. This fall in non-mandatory expenses, such as hair styling and makeup products, fragrances is adversely impacting the market growth.
Type Segment Drivers
Based on the ingredient type, emollients are projected to expand at a higher CAGR during the forecast period owing to their escalating use in several products like cleaners, deodorants, and antiperspirants. Emollients are highly effective to sooth and heal dry skin caused by frequent washing of hands or working with harsh chemicals or reasons such as atopic dermatitis, diabetes, hypothyroidism, among others.
Regional Drivers
On the basis of regional coverage, Europe is predicted to witness a faster to grow at a higher CAGR over the forecast period. The enormous demand for personal care ingredients, mainly for luxury products such as hair care, makeup products, oil care, and skincare products, contributes to the growth of the market. Additionally, the growing demand for good quality natural cosmetics will drive market growth.
Personal Care Ingredients Market’s Leading Manufacturers:
- Lonza
- Croda International Plc
- Ashland
- EVONIK
- BASF SE
- Solvay
- The Lubrizol Corporation
- Nouryon
- Clariant
- Dow
Personal Care Ingredients Market Segmentation:
Segmentation by Ingredient Type:
- Emollients
- Surfactants
- Conditioning Polymers
- Rheology Modifiers
- Emulsifiers
- Others
Segmentation by Application:
- Skin care
- Hair care
- Make-up
- Oral Care
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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