The personal care ingredients industry is expected to grow at a strong average compound annual growth rate (CAGR) of 5.0% from 2023 to 2033. Compared to its projected value of US$ 12.55 billion in 2023, it is anticipated to reach a market value of US$ 20.44 billion by 2033. The growing demand for natural and organic components in personal care products across a range of categories, including consumables, cosmetics, and supplements, is the main cause of this growth.
Additionally, the expanding men’s personal care sector, driven by gender-neutral fashion trends, is contributing to market expansion. The popularity of anti-aging and anti-fungal skincare products, coupled with the use of skin conditioning agents, further augments market size. Rising awareness of skincare due to increasing pollution levels is also a key factor propelling the demand for personal care ingredients. The market is expected to witness a transformation as innovative products featuring natural and organic ingredients, devoid of harmful chemicals and side effects, become prevalent.
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Moreover, the accessibility of e-commerce platforms and the increased production of hair and skin care products are garnering significant attention within the industry. Emerging economies hold immense potential, driven by rapid growth in multifunctional personal care applications, with social media channels playing a pivotal role in influencing end users.
Key Points
- The United States market leads the North American personal care ingredients industry in terms of market share in North America. The United States held a market share of 19.8% in 2022. The factors attributed to the higher cosmetic and personal care consumption, new brands launching organic products, and greater influence of social platforms.
- The German personal care ingredients industry held a market share of 11.6% in 2022. Higher imports cause market growth. Europe is the hub of the fashion industry, along with the demand for projects.
- The Indian market thrives at an average CAGR of 5.1% between 2023 and 2033. The growth is attributed to the increased per capita income, changing lifestyle, and the effective influence of social media.
- The Chinese market also thrives at a CAGR of 4.2% during the forecast period.
- Based on product type, the emollient segment leads the market, as it held a market share of 35.1% in 2022.
- Based on application type, the skincare segment strives as it accumulated a revenue share of 35.6% in the global market in 2022.
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Competitive Landscape
The key suppliers focus on launching more products involving organic and natural components. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Clariant AG has introduced a new range of personal care products in India with plant-based actives, vegetable oils, and natural emulsifiers.
- Wacker Chemie AG has recently launched make-up, hair care, sun care, oral care, insect repellant, skincare, and bath care products with the focus of producing natural and chemical effects of higher effectiveness.
Top Key Players in the Personal Care Ingredients Industry
- Croda International Plc.
- BASF SE
- Ashland Global Inc.
- Evonik Industries AG
- Akzo Nobel N.V.
- Clariant AG
- Dow Chemical Company
- Wacker Chemie AG
- Lonza Group Ltd.
- Solvay S.A
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Segmentation Analysis of the Personal Care Ingredients Industry
By Application:
- Skin Care
- Make-Up
- Oral Care
- Hair Care
By Product Type:
- Emollients
- Surfactants
- Emulsifiers
- Antimicrobials
- UV Absorbers
- Conditioning Polymers
- Rheology Modifiers
- Colorants and Preservatives
By Consumer:
- Manufacturer
- Consultants in Chemical Industries
- End-use Industries
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- The Middle East & Africa
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