Personal care products have become an essential part of the consumer’s life over the past years. They include shampoos, soaps, hair gel, sunscreen products, anti-aging face creams, liquid soaps, moisturizing lotions, hair oil, and many more.
Natural ingredients for personal care include coconut oil, shea butter, beeswax, cocoa butter, arrowroot powder, soy seeds, green tea, essential oils, and dried herbs. Parabens, synthetic colors, phthalates, sodium Laureth sulfate (SLS) or sodium lauryl ether sulfate (SLES), formaldehyde, toluene, and propylene glycol are few synthetic ingredients used in personal care products.
Growing awareness regarding cleanliness and hygiene along with increased purchasing power of consumers and change in the standard of living in emerging economies will likely bolster the global Personal Care Ingredients Market. Furthermore, increased demand in the cosmetic industry expected to fuel the global Personal care ingredients market growth. The exponential rise in the population increased the purchasing power of consumers and change in the standard of living in emerging economies is expected to boost the Personal care ingredients market over the forecast period.
However, The stringent governmental regulations on the use of synthetic personal care ingredients in Japan, China, the U.S., and European countries along with the rise in demand for natural ingredients restrict market growth.
“Global Personal Care Ingredients Market was Valued at US$ 12.3 Bn in 2018 And it is Expected to Reach More than US$ 18.122 Bn by 2027, Likely to Grow with the CAGR of 4.2% During the Forecast Period.”
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The Emollients segment is Expected to Witness the Highest Growth in the Personal Care Ingredients Market Across the Globe.The emollients segment is accounted for the largest share in the personal care ingredients market, in 2018 and is anticipated to grow at a high rate, owing to their use in every application in skin care products, ranging from face creams to skin cleansers, antiperspirants, deodorants, shampoos, and conditioners. The demand is mainly fueled due to soothing and smoothing properties emollients provide to the skin.
However, the organic personal care ingredient is expected as fastest-growing segment owing to the rising consumer awareness regarding the harmful effects of conventional, synthetic chemicals. The segment is expected likely to grow at a CAGR of 5.4% during the forecast period.
The skin care segment is estimated to account for the largest share of the global personal care ingredients market in terms of value, in 2018. This segment was valued at US$ 3.1 Bn in 2018. and It is growing at a significant rate during the forecast period. Skincare products include lotions, creams, moisturizers, sprays, baby care products, etc.
The Asia-Pacific region is estimated to account for the largest share of the global personal care ingredients market in 2018, in terms of value and is estimated to display healthy growth during the forecast period owing to the increased demand for personal care products. Growing population and rapid urbanization along with rising disposal income and increased spending power of the consumer in countries such as China, India, Indonesia, and Thailand, is attributed to the growth of the personal care ingredients market in the region.
While Europe and North America follow the same trend with the increasing consumer inclination towards beautifying products drives the market in these regions. Changing the outlook of the people for looking young and charming in the Western countries is fueling the demand of the global personal care ingredient market.
The personal care ingredients market is relatively fragmented with major companies holding over 40% of the total market share. Some of the key players in the global Personal Care Ingredients Market are Ashland Global Holdings Inc., BASF SE, Croda International Plc., Evonik Industries AG, The Dow Chemical Company, Lonza Group Ltd. , Solvay SA, Akzo Nobel N.V., Clariant AG, and Wacker Chemie AG.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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