Personal Care Ingredients Market: Future Demand and Growth Analysis with forecast 2023
The demand for skin care products is projected to surge over the coming years across the world and especially in China and Europe. This will reinforce the optimism of personal care ingredients manufacturers in these regions, thereby creating a higher production rate to meet the demand.
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Many countries are growing in terms of population density and economic standing, thereby housing a massive number of consumers who are capable of purchasing high quality personal care and skin care products. This complements the industrial strength of countries from Asia Pacific, thus creating a great scope for personal care ingredients manufacturers to take advantage of.
On the other hand, Europe as well as North America have had an increasing stringency of safety and regulatory constraints on personal care products and the ingredients that are used in them. This also includes the ban on several animal testing methods to prevent cruelty to animals.
The global market for personal care ingredients, influenced by the above factors, is expected to expand at a CAGR of 5.2% in terms of revenue. This revenue is projected to reach US$8.19 bn by the end of 2016 and US$11.766 bn by the end of 2023.
APAC Demand for Personal Care Products Soars
Asia Pacific had already garnered a lead in the consumption of personal care ingredients so far and is expected to consolidate that lead over the coming years. By 2023, 41.5% of the total global value of personal care ingredients is expected to be taken up by Asia Pacific. This strong growth in personal care products consumption rate comes from a robust economic development of China, India, and others. The growing disposable income held by China especially, coupled with the nation’s high population is driving the personal care ingredients production rate in the region.
Europe, while not showing as impetuous a growth as China or Asia Pacific in general, has definitely shown a growing inclination towards skin care products. The U.K., Germany, France, and Italy have shown a steady improvement in the consumption rate of skin care products, thereby promoting a higher production of personal care ingredients.
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Growing Skin Care Product Demand Bolsters Personal Care Ingredients Production Rate
By the end of 2023, 33.1% of the overall value of the global personal care ingredients market is expected to be taken up by skin care product ingredients. This includes the ingredients required for sprays, creams, body lotions, hand lotions, baby care products, and baby care products. All of these skin care products are not only in gaining demand in quantity, but quality as well. This is a very positive driver for personal care ingredients manufacturers and will continue to be so for the coming years.
Apart from skin care products, hair care products are also enjoying a massive increase in demand across the world. The U.S. especially is showing a growth in the demand for conditioning polymers. Research and development efforts are creating a high scope of new product launches in the future, enhancing the demand for hair care products including shampoos, conditioners, straighteners, and colors. Oral care products are also showing an increase in demand although at a smaller scale than hair care and skin care products. This is an overall positive sign for manufacturers of personal care ingredients.
The key manufacturers of personal care ingredients from a global perspective include BASF SE, Evonik, Akzo Nobel N.V., Ashland, Dow Corning Corporation, Lonza Group Pvt Ltd., Croda International Plc, Wacker Chemie AG, and Clariant.
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