Transparency Market Research has published a new research report titled “Personal Care Ingredients Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023” to their report store.
Albany, NY -- (SBWIRE) -- 09/12/2016 -- The information presented in this review is based on a Transparency Market Research report, titled, "Personal Care Ingredients Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." 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.
According to a new publication released by Transparency Market Research, the competition in the global market for personal care ingredients is expected to remain intense over the coming years, owing to its fragmented nature. The multinational companies have a strong hold over the regions they operate in, creating a chain based on long-term contracts and goodwill.
The threat posed by new entrants to personal care ingredients is expected to remain high till 2023, due to the greater number of investors that this market's growth rate will attract. The high demand will also create a greater concentration of regional players over time.
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APAC Demand for Skin Care Products Soars
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.
The Asia Pacific region is showing a high demand for high quality skin care products, a demand which is only expected to increase over the coming years. As this demand increases, it will generate more attention from the leading providers of skin care products and cosmetics, further bolstering the position that personal care ingredients manufacturers hold in this region.
Skin care has consistently been the priority for personal care ingredients manufacturers over the year. By the end of 2023, this application segment is expected to generate a revenue of US$3.94 bn, attributed to the massive demand for skin care products in both emerging and developed economies.
Personal Care Product Demand Rises as Economies Improve
"As an industry completely controlled by consumer demands and marketing strategies, the personal care product makers have always faced the problem of managing product quality with cost. The scenario is changing, as more and more people from emerging economies are today in a position to easily purchase high quality and premium personal care products," states a TMR analyst.
This is most apparent in China, where the booming economy coupled with a massive population strength is expected to generate a staggering demand for consumer goods such as personal care products.
Regulatory Restrictions Hamper Growth of Certain Personal Care Ingredient Requirement
There are some products that have been widely in use over the years that are now suffering from the increasingly stringent government policies relevant to their manufacture and development. A lot of restrictions have been mounted against several personal care ingredients in North America and Europe, severely cutting down their consumption rate.
The U.S., for instance, puts the FDA in control of personal care ingredients quality control and development status through the Federal Food, Drug and Cosmetic Act. Meanwhile, the European Union Cosmetics Directive (Annex II) has put a ban on almost 1,300 personal care ingredients in Europe, deterring many players from expanding in this region.
The analyst adds, "Two ways to counter these strict measures is to adopt greener ingredients that are proven non-toxic to both humans and the environment. Additionally, manufacturers of personal care ingredients in developed economies that have a global presence can focus more on Latin America and its skyrocketing demand for personal care products such as sunscreens and cosmetics."
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BASF SE, Evonik, and Akzo Nobel N.V. were the leading manufacturers of personal care ingredients in 2014, racking up a collective share of 24.4% in market value. Their lead in this highly fragmented market allows them to take up a larger part of the value chain from a global perspective.
-Surfactants are expected to form the leading product segment in personal care ingredients, reaching US$1.07 bn by 2023.
-Skin care applications of personal care ingredients expected to be the leading application segment, projected to reach US$3.94 bn by 2023.
-Asia Pacific expected to generate a revenue of US$4.07 bn by 2023 in personal care ingredients.
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