New York, United States, Oct. 25, 2023 (GLOBE NEWSWIRE) -- In cosmetics and personal care, bio-based technologies are becoming more and more popular. Companies that make cosmetics have spent a lot on bio-based compounds over the past ten years because customers want new ways to make cosmetics and chemicals that work. “Vitamins and derivatives are expected to witness the fastest growth in demand,” quoted by the Research Manager at Straits Research P. Ltd.
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Rising Trends
The beauty industry is driven by many cosmetics companies. BPOM says that there were more than 700 businesses making cosmetics in Indonesia's 19 provinces in 2017. Leading cosmetics companies like L'Oreal Group (France), Avon Products Inc. (U.S.), The Estée Lauder Companies Inc. (U.S.), and Oriflame Cosmetics (Luxembourg) are always making new products, which will increase demand for bio-based cosmetics ingredients.
The AAD says that acne affects 50 million Americans and that treatment and prevention costs more than $3 billion each year. The U.S. population's personal disposable income is expected to reach $21,178,2 billion by 2026. Understanding and analysing the environment of the Bio-Based Cosmetics and Personal Care Ingredients Market presents a number of challenges, one of which is the uneven recovery that has occurred in various end markets and geographical areas.
Growth Opportunities
The market grows as more people use natural and organic cosmetics and personal care products. The market for bio-based cosmetics and personal care ingredients will grow as more money is spent on research and development, as processing technology improves, and as more cost-effective production methods are developed. From 2022 to 2030, the demand for natural ingredients and additives in cosmetics is expected to rise as more people learn about how harmful traditional, chemical-heavy synthetic products can be.
Regional Analysis
Based on the regional analysis, the global Bio-Based Cosmetics and Personal Care Ingredients market can be segmented into North America, Europe, the Asia-Pacific, Latin America, the Middle East, and Africa.
In 2021, bio-based cosmetics and personal care ingredients made up 45% of the market in North America. The region's economy is growing because more people want personal care products that can be used for more than one thing and more people are working. North America is a big market for skin care and hair care products because more people are paying attention to them (especially in the male population). High incomes per person in North America increase the demand for skin and hair care products, which in turn increases the demand for bio-based components.
From 2022 to 2030, APAC is expected to grow the most quickly because of its better healthcare infrastructure, rising disposable income, and growing cosmetics sector. India and China are making the market in the area stronger. With a large population and more money in people's pockets, there is a lot of demand for personal care products, which encourages the use of bio-based components.
Key Highlights
- The global bio-based cosmetics and personal care ingredients market size is projected to reach USD 7.75 billion by 2030, registering a CAGR of 5.72% from 2022 to 2030.
- Demand for ingredients of skin and sun care products is highest
- North America contributed the most revenue and is expected to do the same
Competitive Players
- BASF SE
- Ashland Global Holdings Inc.
- Allied Carbon Solutions Co. Ltd.
- Evonik Industries AG
- Clariant AG
- Covestro AG
- DuPont Tate & Lyle Bio Products Company LLC
- Koninklijke DSM N.V.
- The Dow Chemical Company
- Solvay SA
- The Lubrizol Corporation
- Symrise AG
Recent Developments By Key Players
October 2021: Ashland came out with a new line of gentle deodorants called Sensidin. It is a pure skin multifunctional that fights odour-causing bacteria quickly and effectively at very low use concentrations while respecting the microbiome of each person.
June 2021: Symrise launched Hydrolite 7 Green, a bio-based multipurpose cosmetic. The unusual 7 carbon alkane diol is derived from castor bean oil. It's a clear, colourless, tidy component that works on practically all skin types in traditional or green cosmetics.
The Global Bio-Based Cosmetics And Personal Care Ingredients Market
Based on Active Ingredient
- Vitamins and Derivatives
- Ceramides
- Peptides
- Resveratrol
- Potassium Sorbate
- Bio-Succinic Acid
- Hyaluronic Acid
- Glycerin
- Creatine
- Alpha Hydroxy Acids
Based on Application
- Skin and Sun Care
- Hair Care
- Make-up and Color Cosmetics
- Fragrances
Based on Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Get Detailed Market Segmentation @ https://straitsresearch.com/report/bio-based-cosmetics-and-personal-care-ingredients-market/segmentation
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