Newark, NJ, Aug. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global personal care ingredients market is expected to grow from USD 10.29 billion in 2020 and reach USD 16.4 billion by 2028, growing at a CAGR of 6% during the forecast period 2021-2028.
Consumer buying power was increased by an increase in disposable income, as well as a change in standard of living, which is anticipated to fuel the development of the personal care ingredients industry from 2020 to 2028. Furthermore, the market's growth is fueled by a rise in customer perception of multi-purpose goods. The personal care sector has been impacted by the coronavirus epidemic, which has had a significant effect on the personal care ingredients market. The deterioration is mostly due to the shackles that countries have put in order to adhere to social distancing norms. COVID-19 has resulted in a substantial reduction in disposable costs in the personal care industry, such as fragrances, hair coloring items, and make-up.
Personal care ingredients are the raw materials used to make skin care items all over the world. These ingredients can be used in skin care products as antifungal, anti-aging, skin conditioning, among other properties. Ingredients may also be divided into active and passive categories. Anti-ageing agents, exfoliants, conditioning agents, and UV shielding agents are examples of active ingredients, while surfactants, preservatives, colorants, and polymer ingredients are examples of inactive ingredients. Items that help a person preserve both his or her appearance and hygiene at the same time are referred to as personal care ingredients. Personal care products include soaps, shower gels, shampoos, lotions, and creams, to name a few. Human and synthetic materials are used to create the ingredients.
A rise in the market for beauty products has resulted in an increase in the demand for personal care ingredients. As consumers' disposable income has risen, they have been able to spend more on personal care ingredients. If consumers become more aware of the advantages of maintaining personal hygiene, the demand for personal care items will increase. During the projected period, the market's growth would be limited by the side effects of chemical-based personal care goods and stringent government regulations. In contrast, innovations in skin care products, improved health awareness, and increased demand for personal care products are expected to support the global personal care ingredients industry.
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Key players operating in global personal care ingredients market include Clariant AG, Ashland Global Holdings Inc., DOW, Inc., KCC Corporation (Momentive Performance Materials), BASF SE, Berkshire Hathaway Inc. (The Lubrizol Corporation), Croda International Plc, J.M. Huber Corporation, Evonik Industries AG, and Solvay S.A. Other companies in accordance with personal care ingredients market are Huntsman International, Lonza Group, Akzo Nobel N.V., Cargill, Inc., Wacker Chemie AG, and others. To gain a significant market share in the global personal care ingredients market, the key players are now focusing on adopting strategies such as product innovations, joint venture, recent developments, collaborations, mergers & acquisitions, and partnership. BASF SE and DOW are some of the key manufacturers operating in Personal care ingredients market.
- BASF SE and Isobionics (Netherlands) will launch Isobionics Santalol, a joint offering, in July 2020. It is produced using a sustainable resource. Sandalwood oil may be replaced with this product.
- Dow unveiled ACULYN rheology inhibitors, a natural beauty formulation, in February 2020. This device has a low carbon footprint and is very simple to use.
Synthetic segment dominated the market and held the largest market share of 70.9% in the year 2020
On the basis of source, the global personal care ingredients market is segmented into natural and synthetic. Synthetic segment dominated the market and held the largest market share of 70.9% in the year 2020. This growth is attributed to the demand for skin care and other personal care goods in developed countries, as well as rising consumer buying power.
Surfactants Food segment dominated the market and held the largest market share of 24.5% in the year 2020
On the basis of ingredients type, the global personal care ingredients market is segmented into rheology, control additives, emollients, UV absorbers, surfactants, emulsifiers, antimicrobials, hair fixative polymers, and conditioning polymers. Surfactants held the highest market share of about 24.5 % in 2020, and this is expected to continue throughout the prediction period. This is due to an increase in anti-aging formulation demand from the increasing middle-aged and geriatric demographic, as well as changing beauty patterns.
Skin care segment dominated the market and held the largest market share of 34.6% in the year 2020
On the basis of application, the global personal care ingredients market is segmented into skin care, hair care, toiletries, perfume, fragrances, and oral care. The skin care category accounted for about 34.6 % of the personal care ingredients market share in 2020, according to application. This is due to a rise in market demand for skin care products such as sunscreen, body lotions, face creams, and other similar items.
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Regional Segment of Personal Care Ingredients Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global personal care ingredients market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America is projected to be the fastest growing market due to a growth in demand for personal care ingredients. The industry is expected to grow at a faster pace during the forecasted period due to increased demand for personal care and grooming. During the forecast era, Europe is expected to have the largest market share of personal care ingredients in terms of volume. This is due to the use of personal care ingredients in high-end cosmetics such as skin care, hair care, oral care, and make-up.
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About the report:
The global personal care ingredients market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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