Albany, NY -- (SBWIRE) -- 11/08/2017 -- The global market for personal care ingredients is projected at a CAGR of 5.2% within a forecast period from 2015 to 2023, in terms of revenue. This market is expected to reach US$8.19 bn by the end of 2016 and US$11.76 bn by 2023.

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Owing to its sheer population density, rising disposable incomes, and an overall improvement in the quality of products available here, Asia Pacific is expected to solidify its lead in consumption of personal care ingredients by 2023. By the end of 2023, US$4.07 bn is expected to be generated within the Asia Pacific region by personal care ingredients producers.

Asia Pacific had already garnered a lead in the consumption of personal care ingredients so far and is expected to consolidate that lead over the coming years. By 2023, 41.5% of the total global value of personal care ingredients is expected to be taken up by Asia Pacific. This strong growth in personal care products consumption rate comes from a robust economic development of China, India, and others. The growing disposable income held by China especially, coupled with the nation's high population is driving the personal care ingredients production rate in the region.

Europe, while not showing as impetuous a growth as China or Asia Pacific in general, has definitely shown a growing inclination towards skin care products. The U.K., Germany, France, and Italy have shown a steady improvement in the consumption rate of skin care products, thereby promoting a higher production of personal care ingredients.

The key manufacturers of personal care ingredients from a global perspective include BASF SE, Evonik, Akzo Nobel N.V., Ashland, Dow Corning Corporation, Lonza Group Pvt Ltd., Croda International Plc, Wacker Chemie AG, and Clariant.

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