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.
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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.
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
Global Personal Care Ingredients Market, by
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About
Us
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company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
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techniques to gather and analyze information.
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information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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