How will personal care ingredients market perform through 2026? | Companies like Evonik, BASF, Akzo Nobel, Dow, Wacker Chemie, Ashland, Clariant, Lonza Group, Cargill, Solvay

Personal Care Ingredients Market to grow at 5.4% CAGR over the forecast timeframe. Increasing presence of hair salon services coupled with varying hair grooming habits among men could accelerate the growth of hair care products. Earlier in 2016, the hair care segment controlled almost USD 2 billion in revenues. Growing inclination towards professional hair care goods along with rising prevalence of hair problems like grey hair, dandruff and hair loss could drive the development of new hair care products. Cosmetic companies are introducing natural ingredient to hair care products to tackle these issues. For example, companies like Mamaearth are launching natural products like onion hair shampoo that can enhance hair regrowth and lower hair fall.

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Factors like improving living standards, increasing purchasing power and rapid urbanization could play a crucial role in stimulating the demand in personal care ingredients market in Asia Pacific. Estimates suggest that the regional market could record promising growth, exceeding USD 4 billion by the end of 2024. Over the years, emerging economies like India have showcased momentous growth in the cosmetic and personal care sector.

Prominent industry players in the personal care ingredients market like Evonik Industries, BASF SE, Akzo Nobel N.V, Croda International Plc, Ashland Inc., Dow Corning Corporation, Clariant, Cargill Inc., Lonza Group, Eastman Chemical Company, LotionCrafter, Solvay S.A., Naturex and Wacker Chemie AG are focusing on implementing strategic business plans like acquisitions, business expansion and collaboration to enhance their production capabilities and geographical reach. For instance, in September 2020, Layn Natural Ingredients introduced its Nutræ business unit that will offer botanical ingredient solutions apt for personal care and nutraceutical products.

Increasing purchase of personal care products worldwide is anticipated to boost the personal care ingredients market size over 2024. Personal care products have become a vital part of consumer’s daily life. People across the globe have started to use haircare, skincare, and cosmetics products to enhance their aesthetic appearance. According to a study conducted by Global Market Insights, Inc., the global personal care ingredients market may exceed USD 12 billion by the year 2024. However, stern federal regulations regarding the use of ingredients in cosmetics products may impede personal care market growth in the forthcoming years.

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The demand for preservatives in personal care ingredients market has soared in popularity as their use in propelling shelf life and derailing the growth of microorganisms such as fungi and bacteria has surged in recent years. A few of the popular preservatives are parabens, benzyl alcohol, tetrasodium EDTA. Of late, traction for preservatives-free products have surged; however, their shorter shelf life has been a major concern.

Surfactants have been the most invaluable products. Apart from the cosmetics industry, surfactants are increasingly used for emulsifying, foaming, cleansing, antimicrobial effects, among others. One of the notable attributes that makes surfactant molecules stand out is that they are compatible with both water and oil. These features are expected to enhance the demand for surfactants, fueling personal care ingredients market size.

The demand for multifunctional care products has surged considerably over the recent years. Personal care products offer several vital benefits and have gained popularity, especially among people who follow busy work schedules.

To meet this demand, manufacturers and brands are developing products that offer one stop solution to customers personal care needs. With increasing demand for such multifunctional products that offer multiple benefits, the personal care ingredients market may record prominent growth.

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https://www.globenewswire.com/news-release/2020/09/30/2101192/0/en/Cosmetic-Pigments-Market-projected-to-exceed-1-billion-by-2026-Says-Global-Market-Insights-Inc.html

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