Global Personal Care Ingredients Market: Snapshot
The global personal care ingredients market is teeming with players of different sizes owing to low entry barriers. This makes the market not just fragmented but also highly competitive. In such a cutthroat environment, the multinational companies lead owing to the greater resources they command. Nevertheless, the regional players are giving them stiff competition.
At the forefront of driving the global personal care ingredients market is the high spending capacity of people worldwide which has driven up demand for personal care products. Besides, availability of a range of products owing to constant thrust of companies on innovation has also had a positive impact on the market. For example, consumers’ newfound penchant for organic products formulated with natural ingredients, sans chemical additives, has opened up new growth avenues for players in the global personal care ingredients market.
Posing a challenge to the global personal care ingredients market are the strict rules pertaining to the usage of certain products. Several regulations have been placed against numerous personal care ingredients in Europe and North America.
A report on the global personal care ingredients market finds that its revenue would rise at a steady 5.2% CAGR between 2015 and 2024. Expanding at this pace, the market is set to attain a value of US$11.76 bn by 2024 from US$8.19 bn by 2016-end.
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Skin Care Products Mainly Driving Demand in Global Personal Care Ingredients Market
Based on applications, the global personal care ingredients market can be segmented into hair care, skin care, cosmetics, oral care, and others. The TMR report projects the skin care products ingredients to account for 33.1% share in the global personal care ingredients market by 2024. Those typically comprise of ingredients for formulating baby care products, hand lotions, creams, sprays, and body lotions. Demand for such ingredients is not just restricted to volume but also quality.
In addition to skin care products, the hair care products are also seeing great demand in the global personal care ingredients market. In the U.S., for example, there is solid demand for conditioning polymers. Further, efforts by players to launch better hair care products touting various USPs is also having a positive impact on the market. Another application segment that is spelling promise in the global personal care ingredients market is the oral care products. It trails the hair care and skin care products with respect to demand generation.
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China and India Prop up Asia Pacific Personal Care Ingredients Market
From a geographical standpoint, the global personal care ingredients market is spread across North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among them, Asia Pacific has emerged as the most lucrative market. This is because of the large population in the region. It is said that China and India account for two thirds of the world population. In addition, the nation’s economies are also the fastest growing in the world. This has created a massive demand for personal care products in the region thereby fuelling the personal care ingredients market.
Reduced labor and land cost has also served to bring down manufacturing costs in the region. This is another factor boosting the global personal care ingredients market. The TMR report finds that the Asia Pacific personal care ingredients market would likely attain a value of US$4.07 bn by 2024-end.
Some of the key players in the global personal care ingredients market are BASF SE, Evonik, and Akzo Nobel N.V.
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