Personal Care Ingredients Market Size 2024 evolution boosting the growth worldwide | Key Players Wacker Chemie, Ashland, Clariant, Lonza, Cargill, Solvay, Eastman Chemical Company, Evonik, BASF, AkzoNobel, Croda, The Dow Chemical Company
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With rising consciousness among the modern consumer for ingredients composition in the personal care products will likely have positive influence on the industry growth by 2024. Significant investments by manufacturers in innovating milder personal care products with natural, nutritional or medicinal ingredients such as aloe, vitamins, etc. will also propel the personal care ingredients market . The widened acceptance of performance oriented ingredients will further boost the industry growth over the forecast timeframe. For instance, traditional preservatives have been replaced with preservative boosters such as caprylyl glycol and glyceryl caprylate in the recent decade for their better emollient properties.
Personal care ingredients industry has been monitored by stringent protocols by the U.S., European Union and other regulatory bodies. Since the market is prone to side effects on any variations in product formulations and consumption, compliance with the stringent government regulations will be challenging to the manufacturers in the near future.
Considering the product based classification, surfactants generated revenue more than USD 780 million in 2016 and will exhibit strong demand by 2024. Promising growth indicators in the surfactants segment will be mainly credited to its widespread applications in cleansers, deodorants, antiperspirants, shampoos, etc.
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Personal care ingredients find application in cosmetics, skin care, hair care and oral care products. Synthetic ingredients hold the maximum share in the personal care industry, but the demand for natural ingredients will rise in future. The hair care segment held a revenue of USD 1.9 billion which is anticipated to rise at a healthy rate. The increasing awareness about the products through advertisements has led to increased sales of shampoos, conditioners, etc.
The sales of the product is likely to be high in Asia Pacific personal care ingredients market, as the demand for cosmetics and personal care products is expected to escalate. The region is expected to record a market revenue of 4.4 billion by 2024. LATAM is expected to witness decent growth over the forecast period. The increasing number of cosmetic brands being established in countries such as Mexico and Brazil will significantly affect the personal care ingredients market growth. The personal care ingredients market in the Middle East is expected to witness a decent growth rate the exceptional growth of local personal care product brands.
Personal care ingredients market is fragmented. Some of the key industry participants in personal care ingredients market include BASF SE, Croda International Plc, Evonik Industries, Dow Corning Corporation, Akzo Nobel N.V., Wacker Chemie AG, Lonza Group Pvt. Ltd., Clariant and Ashland Inc.
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