Personal Care Ingredients Market to Grow at 5.4% CAGR Till 2024 : BASE, Evonik, AkzoNobel, the Dow Chemical Company, Clariant, Solvay
The personal care ingredients market in Asia Pacific is estimated to display healthy growth in the forecast timeframe, owing to the increased demand for personal care products.
Sellbyville, DE -- (SBWire) -- 10/29/2018 --The Personal Care Ingredients Market is set to grow from its current market value of more than $8 billion to over $12 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Global personal care ingredients market will be primarily driven by the rising consumer awareness towards for personal grooming. Rising women participation in urban workforce in the recent years has positively influenced the industry, particularly in Asia Pacific. Consistent new product development by the market players have been encouraging adoption of multifunctional personal care products by consumers. For instance, in October 2016, Cargill had launched Lyceum vegetable oil ingredient which had applications in sunscreen, shampoos, conditioners, moisturizing cream, lipsticks, etc. The company had addressed the drifting focus amongst the populace towards milder ingredients and their preference to plant derived cosmetics over the animal derived ones. The ongoing and ever-rising consumer base for anti-aging and anti-pollution cosmetics will also drive the personal care ingredients market over the forecast period.
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With rising consciousness among the modern consumer for ingredients composition in the personal care products will likely have positive influence on the industry growth by 2024. Significant investments by manufacturers in innovating milder personal care products with natural, nutritional or medicinal ingredients such as aloe, vitamins, etc. will also propel the personal care ingredients market. The widened acceptance of performance oriented ingredients will further boost the industry growth over the forecast timeframe. For instance, traditional preservatives have been replaced with preservative boosters such as caprylyl glycol and glyceryl caprylate in the recent decade for their better emollient properties.
Personal care ingredients industry has been monitored by stringent protocols by the U.S., European Union and other regulatory bodies. Since the market is prone to side effects on any variations in product formulations and consumption, compliance with the stringent government regulations will be challenging to the manufacturers in the near future.
Considering the product based classification, surfactants generated revenue more than USD 780 million in 2016 and will exhibit strong demand by 2024. Promising growth indicators in the surfactants segment will be mainly credited to its widespread applications in cleansers, deodorants, antiperspirants, shampoos, etc.
Personal care ingredients market for hair care held a revenue close to USD 2 billion in 2016. Varying hair grooming patterns among male consumers, growing hair salon services penetration will boost the segment growth. Also, rising preference to professional hair care products over conventional products and growing hair problems such as hair loss, grey hair and dandruff will fuel the hair care products demand.
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In 2016, North America generated over USD 300 million and is projected to witness robust growth over the forecast period. Asia Pacific personal care ingredients market will also rise with promising gains and will exceed USD 4 billion by 2024. Rapid urbanization, improving living standards and rising purchasing power in emerging economies such as India has represented massive growth potential for personal care ingredients market.
Personal care ingredients market share is highly competitive due to presence of some gigantic industry players such as BASF SE, Evonik Industries, Croda International Plc, Akzo Nobel N.V., Dow Corning Corporation, Ashland Inc., Cargill Inc., Clariant, Eastman Chemical Company, Lonza Group Pvt. Ltd., Solvay S.A., LotionCrafter, Wacker Chemie AG, Naturex, etc.
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