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Compared to $4,550.6 million in 2021, the global bio-based cosmetics and personal care ingredients market is projected to generate $7,271.7 million by 2030, advancing at a CAGR of 5.3% during 2021-2030. The expanding cosmetics industry, spreading awareness regarding the side- Effects of chemicals synthetic on the skin, and surging influence of advertisement strategies on consumer trust are propelling the market.
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Key Findings of Bio-Based Cosmetics and Personal Care Ingredients Market Report
• As per the Organisation for Economic Co-operation and Development (OECD), the growth rate of the household disposable income per capita in the UK advanced from 2.9% during 2013-2014 to 3.8% during 2014-2015.
• This factor plays a key role in driving the sale of cosmetics and personal care products by giving people more to spend. Additionally, with teens and young youths regularly attending social events, the focus on looking good has strengthened in recent years.
• In October 2021, Botanica GmbH was bought by Evonik Industries AG for improving its active cosmetic ingredient portfolio. Botanica GmbH would incorporate into the care solutions business line within nutrition & care, Evonik’s life sciences division.
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In the years to come, derivatives and vitamins are set to advance with around 5% bio-based cosmetics and personal care ingredients market CAGR. As per the World Bank, in 2020, 65% of the total population was between the ages of 15 and 64. Individuals in this age group are more willing to use bio-based cosmetic products, which contain derivatives and vitamins, to improve their appearance, at the same time protecting themselves from the harmful effects of chemical-based ingredients.
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This release was published on openPR.
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