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.
Personal care products that we used in our daily life including skin care, hair care, cosmetics, and other hygiene products need the personal care ingredients for their production. The personal care ingredients such as undifferentiated bulk chemicals or specialty chemicals including emulsifiers, surfactants, antimicrobials, and others are used to produce skin care and other personal care products. The key factors that drive the growth of the personal care ingredients market include rise in disposable incomes and change in the standard of living of customers. In addition, increase in consumer awareness toward multi-purpose products fuels the personal care ingredients market growth in the upcoming years. However, stringent government regulations toward the synthetic personal care ingredients across the globe is restraining the growth of the market during the analyzed timeframe. Moreover, side effects of chemical based personal care products is expected to hamper the market growth in the upcoming years.
The global personal care ingredients market is segmented on the basis of source, ingredients type, application and region. On the basis of source, the market is bifurcated into natural ingredients and synthetic ingredients. Depending on type, the personal care ingredients market is divided into rheology, control agents, emollients, UV absorbers, surfactants, emulsifiers, antimicrobials, hair fixative polymers, and conditioning polymers.
By application, the market is segmented into skin care, hair care, toiletries, makeup, fragrances, and oral care. Skin care is further sub-segmented into men, baby, sun care, hand/body lotion, and facial treatment. Facial treatment is further divided into anti-aging and others. Region wise, the personal care ingredients market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The ingredient group covered in the market analysis is as shown below in the Figure 01.
The key 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 companies in accordance with personal care ingredients market are Wacker Chemie AG, Akzo Nobel N.V., Huntsman International, Cargill, Inc., Lonza Group, and others.
KEY BENEFITS FOR STAKEHOLDERS
_ The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global personal care ingredients market from 2019 to 2027 to determine the prevailing opportunities.
_ A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
_ Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume.
_ Profiles of leading players operating in the market are provided to understand the global competitive scenario.
_ The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.
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.
KEY MARKET SEGMENTS
- By Source
_ Natural Ingredients
_ Synthetic Ingredients
- By Ingredients Type
_ Rheology Control Agents
_ UV Absorbers
_ Hair Fixative Polymers
_ Conditioning Polymers
- By Application
_ Skin Care
- Sun Care
- Hand/Body Lotion
- Facial Treatment
_ Hair Care
_ Oral care
- By Region
- ·North America
_ Rest of Europe
_ South Korea
_ Rest of Asia-Pacific
_ Saudi Arabia
_ South Africa
_ Rest of LAMEA
Key Market Players
- Ashland Global Holdings Inc.
- BASF SE
- Berkshire Hathaway Inc.(The Lubrizol Corporation)
- Croda International Plc.
- DOW Inc.
- J.M. Huber Corporation
- KCC Corporation (Momentive Performance Materials)
- Solvay S.A.