Personal Care Ingredients Market to grow at 5.4% CAGR till 2024 | Key Players Wacker Chemie, Ashland, Clariant, Lonza, Cargill, Solvay, Eastman Chemical Company, Evonik, BASF, AkzoNobel, Croda, The Dow Chemical Company

Essentially driven by the ever-changing consumer preferences, Personal Care Ingredients Market is on its way to become one of many highly regulated industries occupying the billion-dollar fraternity. The latest trend in this business sphere is that of using bio-based ingredients as opposed to chemical ones, to combat the ill-effects of chemical-based products. This has undeniably driven manufacturers to develop products with natural ingredients, thereby creating a fierce competitive ground for personal care ingredients industry players. Azelis, a renowned specialty chemicals giant, for instance, has recently won an award for product innovation in the personal cleaning category, and the product is apparently an anti-microbial liquid possessing superior antifungal and anti-bacterial properties. The ingredient in question is extracted from the paeonia root, and is used in the production of face masks, scrubs, and other skin care applications. With other companies competing in the race to follow suit, personal care ingredients market is certain to demonstrate a CAGR of 5.4% over 2017-2024, with a revenue estimation of more than USD 12 billion by 2024.

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The Asia Pacific belt has registered itself as a fairly lucrative personal care ingredients industry, owing to the escalating demand for personal care products and cosmetics. This demand can be attributed to the changing consumer lifestyles across this region, especially in India and China. India in fact, has been projected to be one of the most opportunistic personal care ingredients market growth grounds, given a slew of drivers, including the rapid economic growth, increasing disposable incomes, and the subsequent change in living standards. 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 trends from skin care applications

The skin care sector may emerge as one of most profitable revenue generating segments of personal care ingredients industry, having held a valuation of USD 2.7 billion in 2016. The product range for skin care has been expanding by the day, and includes lotions, moisturizers, cleansers, toners, creams, sprays, etc. Personal care ingredient market giants, of late, have been utilizing probiotic bacteria such as bifidobacterium and lactobacillus in skin care products, thereby augmenting sales. Extensive innovation in products is thus, likely to emerge as one of the latest trends of personal care ingredients industry over 2017-2024.

A massive range of contemporary ingredients have been pushing their way in personal care ingredients market. Natural face masks made of charcoal, tea, dry sheets, clay, and caffeine, are the rage, and beauty companies have been pulling every string they can, to launch numerous products in the face mask category and beauty products containing herbal ingredients such as kale and the like. The period between 2017 to 2024 is likely to witness a plethora of such trends, which will drive personal care ingredients industry.

Personal care ingredients market trends from hair care applications

Hair care is another extremely lucrative segment of personal care ingredients industry, given the increasing consumer inclination toward multifunctional and water-based products. Global Market Insights, Inc., estimates personal care ingredients market share from hair care applications to grow at a rather healthy rate, having accounted for a valuation of USD 1.9 billion in 2016. Unique products in the category of emollients and conditioning polymers are being utilized in the manufacturing process of shampoos, conditioners, hair moisturizers, hair creams, hair serums, etc., to strengthen the hair and provide a smooth texture. Personal care ingredients industry size from conditioning polymers is anticipated to grow at a rate of 6% over 2017-2024, which will have a direct impact on the growth curve of personal care ingredients market.

Of late, it has been surveyed that water-based products have been gaining preference due to minimal hair damage, which has instigated manufacturers to concentrate on the production of milder, water-based ingredients. The extensive application scope of these ingredients in hair masks, hair serum, hair oils, shampoos, conditioners, hair sprays, hair straighteners, etc., will augment personal care ingredients market share over the coming years.

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Major companies have been experimenting extensively with product innovation. Germany-based Henkel, for instance, has developed a combo of 9 amino acids with keratins for one of its famous hair therapy line called BC Bonacure Hairtherapy. Apparently, these active ingredients provide the necessary elasticity and strength to the hair and lend an aura of shine. Similarly, L’Oréal launched the Intra-Cyclane in 2010, that has been designed to penetrate to the hair roots for creating a molecular network for strengthening the fiber in the core of hair. The product is mostly used in serums. The aforementioned instances stand testimony to the ever-expanding product portfolio of personal care ingredients industry.

Personal care ingredients market is excessively fueled by consumers. The industry is focused on the rapidly changing trends in terms of ingredient usage and regulatory norms. Ever since sustainability has become the ‘go-get-it’ mantra, consumers have constantly been quizzical regarding organic, bio-based products. Cosmetic companies have also been exhibiting a soaring level of consumer-friendliness, which may, in future, lead to the curbing of skin-related ailments caused due to harmful cosmetics. In this regard, it would be fair to state that the changing outlook of personal care ingredients market will have a positive effect on consumer health, and ultimately lead to an enlarged consumer base.

Personal Care Ingredients Market, By Application
o Skin Care
o Hair Care
o Oral Care
o Cosmetics
o Others (Toiletries, fragrances, etc.)

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