Personal Care Ingredients Market size is projected to reach $14.6 billion by 2027

According to a new report published by Report Ocean titled, "Personal Care Ingredients Market by Source, Ingredients Type, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2020–2027,"" the global personal care ingredients market was valued at $10.3 billion in 2019, and is projected to reach $14.6 billion by 2027, growing at a CAGR of 5.9% from 2020 to 2027.

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Personal care ingredients are the ingredients that may be natural or synthetic used in the skin care, hair care, and other personal care cosmetic products. Personal care ingredients such as rheology control agents, emollients, UV absorbers, surfactants, emulsifiers, antimicrobials, and others are used in the production of skin care and other personal care products. Increase in demand for personal care products along with rise in health awareness is driving the growth of the personal care ingredients market during the forecast period. However, stringent government regulations toward harmful synthetic ingredients for skin is expected to restrain the growth of the market in the upcoming years.

The global personal care ingredients market has been analyzed on the basis of source, which includes natural ingredients and synthetic ingredients. The synthetic ingredients segment garnered the highest share of 31.9% in the global personal care ingredients market in 2019. This is owing to increase in demand for skin care and other personal care products from the developing economies along with increase in purchasing power of consumers.

In 2019, on the basis of ingredients type, the surfactants segment dominated the highest market share of around 23.5% and is projected to maintain the same during the forecast period. This is owing to rise in demand for anti-aging formulations from the growing middle-aged and geriatric population and changing beauty trends.

In 2019, the skin care segment accounted for around 33.6% of the global personal care ingredients market share. This is owing to increase in demand for skin care products such as sun care products, body lotions, facial creams, and others from the consumers across the globe. In addition, the use of innovate ingredients such as polyhydroxy acids and plant-based retinol alternatives such as Bakuchiol to manufacture skin care products have created new trends in the skin care market.

Based on region, the global personal care ingredients market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Historically, developed regions such as North America dominated the market, accounting for almost 43.5% of the global personal care ingredients market share and is expected to consolidate its position throughout the forecast period. This is owing to huge consumer base, increase is use of skin care products, and other personal care products in this region.

The market players operating in the global personal care ingredients market are Ashland Global Holdings Inc., BASF SE, Berkshire Hathaway Inc. (The Lubrizol Corporation), Clariant AG, Croda International Plc, DOW, Inc., Evonik Industries AG, J.M. Huber Corporation, KCC Corporation (Momentive Performance Materials), and Solvay S.A. Other players operating in the value chain of the personal care ingredients market are Wacker Chemie AG, Akzo Nobel N.V., Huntsman International, Cargill, Inc., Lonza Group, and others.

Key Findings of the Study:
Based on source, the synthetic ingredients emerged as the global leader by acquiring around 68.1% of the global market share in 2019, and is anticipated to be the largest markets during the forecast period.
Based on ingredients type, the surfactants emerged as the global leader by acquiring around 23.5% of the global market share in 2019, and is anticipated to be the largest markets during the forecast period.
On the basis of applications, skin care segment registered the highest market share of around 33.6% and is projected to maintain the same during the forecast period.
North America is the major consumer of personal care ingredients among other regions. It accounted for around 43.5% of the global market share in 2019 as a result of huge consumer base and increase in demand for personal care products.
U.S. is the major user of personal care ingredients among other countries. It accounted for around 26.5% of the global market share in 2019, followed by France and Mexico with market share of around 12.8% and 12.2%, respectively, across the globe.
Impact Of Covid-19 On The Personal Care Ingridents Market

There is uneven impact of COVID-19 pandemic on the personal care ingredients market, due to the lockdown implemented in almost every economy across the globe to break the chain of spreading of coronavirus. This resulted in shutting off the operations, manufacturing, distribution, and beauty shops.
Thus, there is decrease in demand for cosmetic products from the beauty shops, institutes, salons, and others, which in turn resulted in the sluggish growth in the current and next year.
Increase in demand for personal care & cosmetic products (Sanitizer, Soap, Disinfectants, & others) and other home cleaning chemicals is maintaining the growth rate of the personal care ingredients market, which in turn resulted in less impact of COVID-19 on this sector.
During COVID-19, numerous beauty manufacturers, ingredient suppliers, and allies all value chain were hampered, owing to travel restrictions and sluggish export-import activities. For retailers and salons and spas, the COVID-19 is a very real disruption. Even before large scale quarantines and shutdowns, various retailers like Glossier closed their doors.
In fact, the COVID-19 crisis presents an excellent opportunity to the Indian skin care industry to maintain its dominance at the global level. This will be driven by various factors such as growth in domestic demand, made in India initiative, and others.
However, the key growth accelerator would be our readiness in responding to the strong demand of key global markets to de-risk their supply chain by diversifying their base beyond China.

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This release was published on openPR.