Personal Care Ingredients Market to Exhibit Impressive Growth During 2015 - 2023
According to a new publication released by Transparency Market Research, the competition in the global market for personal care ingredients is expected to remain intense over the coming years, owing to its fragmented nature. The multinational companies have a strong hold over the regions they operate in, creating a chain based on long-term contracts and goodwill.
The threat posed by new entrants to personal care ingredients is expected to remain high till 2023, due to the greater number of investors that this market’s growth rate will attract. The high demand will also create a greater concentration of regional players over time.
The global market for personal care ingredients is projected at a CAGR of 5.2% within a forecast period from 2015 to 2023, in terms of revenue. This market is expected to reach US$8.19 bn by the end of 2016 and US$11.76 bn by 2023.
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APAC Demand for Skin Care Products Soars
Owing to its sheer population density, rising disposable incomes, and an overall improvement in the quality of products available here, Asia Pacific is expected to solidify its lead in consumption of personal care ingredients by 2023. By the end of 2023, US$4.07 bn is expected to be generated within the Asia Pacific region by personal care ingredients producers.
The Asia Pacific region is showing a high demand for high quality skin care products, a demand which is only expected to increase over the coming years. As this demand increases, it will generate more attention from the leading providers of skin care products and cosmetics, further bolstering the position that personal care ingredients manufacturers hold in this region.
Skin care has consistently been the priority for personal care ingredients manufacturers over the year. By the end of 2023, this application segment is expected to generate a revenue of US$3.94 bn, attributed to the massive demand for skin care products in both emerging and developed economies.
Personal Care Product Demand Rises as Economies Improve
“As an industry completely controlled by consumer demands and marketing strategies, the personal care product makers have always faced the problem of managing product quality with cost. The scenario is changing, as more and more people from emerging economies are today in a position to easily purchase high quality and premium personal care products,” states a TMR analyst.
This is most apparent in China, where the booming economy coupled with a massive population strength is expected to generate a staggering demand for consumer goods such as personal care products.
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Regulatory Restrictions Hamper Growth of Certain Personal Care Ingredient Requirement
There are some products that have been widely in use over the years that are now suffering from the increasingly stringent government policies relevant to their manufacture and development. A lot of restrictions have been mounted against several personal care ingredients in North America and Europe, severely cutting down their consumption rate.
The U.S., for instance, puts the FDA in control of personal care ingredients quality control and development status through the Federal Food, Drug and Cosmetic Act. Meanwhile, the European Union Cosmetics Directive (Annex II) has put a ban on almost 1,300 personal care ingredients in Europe, deterring many players from expanding in this region.
The analyst adds, “Two ways to counter these strict measures is to adopt greener ingredients that are proven non-toxic to both humans and the environment. Additionally, manufacturers of personal care ingredients in developed economies that have a global presence can focus more on Latin America and its skyrocketing demand for personal care products such as sunscreens and cosmetics.”
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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