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.
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.
For instance, Cargill had launched Lvyeum 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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Speaking of regulations, the United States and Europe are the two major growth grounds that have been advocating the usage of organic cosmetics on a large scale, on the basis of which experts have forecast that personal care ingredients market share in U.S. and Europe to multiply over the forthcoming years. These ingredients basically encompass conditioning polymers, antimicrobials, surfactants, emulsifiers, emollients, and rheology control agents, that are used in a plethora of products related to hair care, dental care, skin care, and most importantly, cosmetics.
Another trend riding on the wave of popularity is that of using multifunctional products, subject to hectic consumer lifestyles. This is especially true for hair care products – of late, manufacturers have been developing products that incorporate the benefits of shampoos, conditioners, and hair moisturizers rolled into one compact product. This trend is also likely to fuel personal care ingredients market size from hair care. Speaking of which, conditioning polymers, used massively in hair care products, is likely to register a CAGR of 6% up to 2024, given the vast product popularity.
Considering the population demographics, i.e., more than 60% of India’s population is under 35 years of age, cites the World Bank, India personal care ingredients industry is sure to attain a profitable business revenue. In addition, the GDP of the country is slated to depict a y-o-y growth of more than 7%, which will impact the regional sales drastically. A leading research report has forecast India personal care ingredients market to become a billion-dollar industry by 2026. APAC personal care ingredients industry alone, has been predicted to cross USD 4.4 billion by 2024, subject to the heavy demand for skin care and hair care products.
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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