BASF SE, Evonik, and Akzo Nobel N.V. were the leading manufacturers
of personal care ingredients in 2014, racking up a collective share
of 24.4% in market value. Their lead in this highly fragmented market
allows them to take up a larger part of the value chain from a global
perspective.According to a new publication released by Transparency
Market Research, the competition in the global market for personal
care ingredients is expected to remain intense over the coming years,
owing to its fragmented nature. The multinational companies have a
strong hold over the regions they operate in, creating a chain based
on long-term contracts and goodwill.
The threat posed by new entrants to personal care ingredients is
expected to remain high till 2023, due to the greater number of
investors that this market’s growth rate will attract. The high
demand will also create a greater concentration of regional players
over time.The global market for personal care ingredients is
projected at a CAGR of 5.2% within a forecast period from 2015 to
2023, in terms of revenue. This market is expected to reach US$8.19
bn by the end of 2016 and US$11.76 bn by 2023.
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APAC
Demand for Skin Care Products Soars
Owing to its sheer population density, rising disposable incomes, and
an overall improvement in the quality of products available here,
Asia Pacific is expected to solidify its lead in consumption of
personal care ingredients by 2023. By the end of 2023, US$4.07 bn is
expected to be generated within the Asia Pacific region by personal
care ingredients producers.
The Asia Pacific region is showing a high demand for high quality
skin care products, a demand which is only expected to increase over
the coming years. As this demand increases, it will generate more
attention from the leading providers of skin care products and
cosmetics, further bolstering the position that personal care
ingredients manufacturers hold in this region.
Skin care has consistently been the priority for personal care
ingredients manufacturers over the year. By the end of 2023, this
application segment is expected to generate a revenue of US$3.94 bn,
attributed to the massive demand for skin care products in both
emerging and developed economies.
Personal
Care Product Demand Rises as Economies Improve
“As an industry completely controlled by consumer demands and
marketing strategies, the personal care product makers have always
faced the problem of managing product quality with cost. The scenario
is changing, as more and more people from emerging economies are
today in a position to easily purchase high quality and premium
personal care products,” states a TMR analyst.
This is most apparent in China, where the booming economy coupled
with a massive population strength is expected to generate a
staggering demand for consumer goods such as personal care products.
Regulatory
Restrictions Hamper Growth of Certain Personal Care Ingredient
Requirement
There are some products that have been widely in use over the years
that are now suffering from the increasingly stringent government
policies relevant to their manufacture and development. A lot of
restrictions have been mounted against several personal care
ingredients in North America and Europe, severely cutting down their
consumption rate.
The U.S., for instance, puts the FDA in control of personal care
ingredients quality control and development status through the
Federal Food, Drug and Cosmetic Act. Meanwhile, the European Union
Cosmetics Directive (Annex II) has put a ban on almost 1,300 personal
care ingredients in Europe, deterring many players from expanding in
this region.
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The analyst adds, “Two ways to counter these strict measures is to
adopt greener ingredients that are proven non-toxic to both humans
and the environment. Additionally, manufacturers of personal care
ingredients in developed economies that have a global presence can
focus more on Latin America and its skyrocketing demand for personal
care products such as sunscreens and cosmetics.”
The information presented in this review is based on a Transparency
Market Research report, titled, “Personal Care Ingredients
Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2015 - 2023.”
Key
Takeaways:
- Surfactants are expected to form the leading product segment in personal care ingredients, reaching US$1.07 bn by 2023.
- Skin care applications of personal care ingredients expected to be the leading application segment, projected to reach US$3.94 bn by 2023.
- Asia Pacific expected to generate a revenue of US$4.07 bn by 2023 in personal care ingredients.
Key
segments of the Global Personal Care Ingredients Market
Global
Personal Care Ingredients Market, by Products
- Surfactants
- Conditioning polymers
- Emollients
- Rheology control agents
- Emulsifiers
- Antimicrobials
- Others
Global
Personal Care Ingredients Market, by Application
- Skin care
- Hair care
- Oral care
- Cosmetics
- Others
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Us
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