Personal Care Ingredients Market Set to Hit $14.2 Billion

WASHINGTON, Sept. 12, 2022 (GLOBE NEWSWIRE) — A comprehensive analysis from Vantage Market Research reveals that the Global Personal Care Ingredients Market is poised for significant expansion. This growth is primarily driven by an increase in global purchasing power and evolving lifestyles. The market demonstrated a robust revenue of USD 11.4 Billion in 2021, indicating a strong foundation for future development.

Forecasts suggest that the Global Personal Care Ingredients Market Size will soar to USD 14.2 Billion by 2028, with a projected Compound Annual Growth Rate (CAGR) of 3.8% during the period from 2022 to 2028. This insightful information is presented in the report titled “Personal Care Ingredients Market Size, Share & Trends Analysis Report by Ingredient Types (Emollients, Surfactants, Emulsifiers, Rheology Modifiers, Conditioning Polymers, Other Ingredient Types), by Applications (Skin Care, Hair Care, Oral Care, Makeup, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028).”

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Essential Insights and Key Findings from the Market Report:

• The global Personal Care Ingredients Market was valued at USD 11.4 Billion in 2021 and is projected to exceed USD 14.2 Billion by 2028, demonstrating a CAGR of 3.8% from 2022 to 2028.
• The application segment accounted for the largest revenue share in 2021 and is forecasted to sustain its leading position throughout the forecast period.
• Revenue from the product segment was the second largest in 2021, with rapid growth anticipated during the forecast period.
• Key drivers of growth include rapid urbanization, technological advancements, and increased investments in developing countries.
• Europe dominated the market in 2021 and is expected to maintain its leadership position in the coming years, driven by numerous personal care ingredients companies and supportive government policies that foster industry growth.

Leading Companies in the Personal Care Ingredients Market:

• BASF SE
• The Dow Chemical Company
• Solvay
• Evonik Industries AG
• Clariant AG
• Ashland Global Holdings Inc.
• Nouryon
• Croda International PLC
• Lubrizol Corporation
• Adeka Corporation
• Air Liquide
• Corbion N.V.
• Eastman Chemical Company
• Elementis PLC
• Dupont
• Innospec Inc.
• Merck KGAA
• Momentive Performance Materials Inc.
• Kao Corporation
• Galaxy Surfactants Ltd.
• Givaudan S.A.
• Oxiteno
• Symrise AG
• Stepan Company
• Wacker Chemie AG

Understanding Market Dynamics Driving Growth:

How Increasing Consumer Purchasing Power and Evolving Lifestyles Foster Market Expansion

The growth trajectory of the Personal Care Ingredients Market is significantly influenced by rising urbanization, evolving consumer lifestyles, and heightened awareness regarding hygiene and skin care. As personal care products gain popularity, consumers are increasingly prioritizing personal health and hygiene, which leads to a surge in demand for skincare and hair care products. This demand spike is further amplified by the growing public knowledge about the chemicals and materials used in personal care products. Additionally, the aging population’s rising interest in anti-aging solutions is expected to further stimulate market growth. The flourishing segment of natural personal care products is also a testament to shifting consumer preferences toward organic and chemical-free options.

In developing regions such as China, India, and Brazil, a remarkable transformation in consumer behavior is being observed. Increased income levels and purchasing power are key factors driving market growth. Additionally, the availability of premium skincare and hair care products in rural areas of China and India positively impacts market expansion. Consequently, these shifts in consumption patterns are significantly propelling the cosmetics and personal care industry.

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Impact of COVID-19 on the Personal Care Ingredients Market:

The COVID-19 pandemic has had profound effects on numerous industries worldwide, including the Global Personal Care Ingredients Market. To combat the spread of the virus, governments implemented strict lockdowns and social distancing measures, significantly disrupting normal operations. During the initial phases of the pandemic, many manufacturing units were forced to halt production, negatively impacting the supply chain and availability of personal care ingredients. Small and medium-sized enterprises, which play a crucial role in providing technology to the Personal Care Ingredients Market, faced direct challenges due to the pandemic. As the situation gradually improved in 2022, the market began to stabilize, and Vantage Market Research has taken the pandemic’s impact into account while analyzing the current and future market landscape.

As we moved into the latter half of 2022, improvements in supply chain dynamics were noted. Vantage Market Research’s analysis of the Global Personal Care Ingredients Market thoroughly considers the consequences of COVID-19 on the industry globally. Factors such as demand and supply chains are integral to estimating the current and projected market size across different regions and countries. Key data points include:

1. Comprehensive Impact Assessment of the COVID-19 Pandemic

a. North America

b. Europe

c. Asia Pacific

d. Latin America

e. Middle East & Africa

2. Quarterly Revenue Forecast for Asia Pacific (2020 & 2021)

3. Strategic Initiatives by Companies to Address COVID-19 Challenges

4. Long-Term Market Dynamics

5. Short-Term Market Dynamics

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Key Highlights of the Personal Care Ingredients Market Report:

• Thorough Assessment of the Market Landscape
• Valuable Premium Insights
• Detailed Competitive Landscape Analysis
• COVID-19 Impact Analysis
• Historic Data, Estimates, and Future Forecasts
• In-Depth Company Profiles

Comprehensive Regional Analysis:

Europe: The Dominant Player in the Global Personal Care Ingredients Market

Europe continues to lead the Global Personal Care Ingredients Market and is expected to retain this dominance throughout the forecast period. This leadership can be attributed to a substantial consumer base, increased usage of skin care and personal care products, and a growing demand for personal care ingredients. The rising popularity of products containing anti-aging agents, UV filters, exfoliants, moisturizers, antioxidants, and antimicrobials is further driving industry expansion. Additionally, the demand for premium makeup products, coupled with rising purchasing power in emerging markets like China and India, and changing consumer lifestyles, is anticipated to contribute significantly to future market growth. Within this context, the Chinese market is notably influenced by the popularity of Korean and Japanese beauty brands, which dominate a significant share of the total cosmetic and beauty product industry.

Explore extensive market data, tables, and figures spread across 146 pages, along with a detailed table of contents in the report titled “Personal Care Ingredients Market Size, Share & Trends Analysis Report by Ingredient Types (Emollients, Surfactants, Emulsifiers, Rheology Modifiers, Conditioning Polymers, Other Ingredient Types), by Applications (Skin Care, Hair Care, Oral Care, Makeup, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.

Recent Developments in the Personal Care Ingredients Sector:

December 2021: BASF SE, a prominent German company, announced its plans to invest in a new Uvinul® A Plus production facility in Asia. This facility, set to be constructed at BASF’s Care Chemicals Jinshan production site in China, will have a production capacity of 1,500 metric tons per year and is expected to commence operations in the first half of 2023. This expansion aims to meet the growing consumer demand in the Asian market, enhancing BASF’s production capabilities, which currently operates Uvinul® A Plus in Ludwigshafen, Germany.

Key Questions Addressed in This Comprehensive Report:

• Which region is projected to experience the highest growth rate in the near future?
• Who are the top five market players, and what are their strengths and weaknesses?
• What future innovations can we anticipate over the next six years?
• Which applications and products are expected to dominate market share?
• What are the primary growth drivers, restraints, and challenges facing the industry?
• What will be the expected CAGR and market size for the base and forecast years?

This market report titled “Personal Care Ingredients Market” will encompass exclusive insights concerning regional analysis, forecasts, and quantitative data, including key market trends and various other aspects as detailed below: