Personal Care Ingredients Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032

Personal Care Ingredients Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032

The Global Personal Care Ingredients Market reached USD 13.3 billion in 2023 and is projected to grow at a 6% CAGR from 2024 to 2032. This growth is largely fueled by heightened consumer awareness surrounding personal grooming and hygiene. Furthermore, major companies are actively launching products at prominent events, bolstering the market momentum. For example, in March 2024, Clariant, a global leader in personal care ingredients, showcased its offerings at the Personal Care and Homecare Ingredients (PCHi) exhibition held at the Shanghai World Expo Exhibition & Convention Center.

Driven by the growing consumer inclination towards natural and organic products, the personal care ingredients market is poised for significant expansion. As consumers become increasingly informed about the health risks tied to synthetic chemicals, there has been a pronounced surge in demand for products crafted from natural ingredients.

Noteworthy trends are emerging in the personal care ingredients industry, especially the rising appetite for multifunctional ingredients. Today's consumers desire products that amalgamate benefits like moisturization, anti-aging, and UV protection into a singular formulation. This evolving demand is propelling the innovation of ingredients that promise superior performance across diverse personal care applications. Additionally, a surge in company partnerships is further energizing the market. A case in point: in March 2024, Symrise inked a deal with Virchow Group, a pharmaceutical actives manufacturer from Andhra Pradesh, to form a joint venture (JV) aimed at producing personal care ingredients from Symrise's diverse portfolio.

The overall industry is divided into product, application, and region.

The emollients segment in the personal care ingredients market is projected to grow at a 6.2% CAGR from 2024 to 2032. Emollients play a pivotal role in personal care formulations for offering skin conditioning, moisturization, and enhancing product texture and spreadability. The segment growth is largely driven by rising consumer demand for skincare products that promise enduring hydration and a smooth finish.

Accounting for roughly 19% of the market share in 2023, the cosmetics segment is on track to hit USD 4.7 billion by 2032, with a projected CAGR of 7% from 2024 to 2032. This growth trajectory is largely due to an uptick in consumer emphasis on dental hygiene and a broader awareness of oral health's significance to overall wellness. Ingredients in oral care products, spanning toothpaste to mouthwash and dental floss, play a crucial role in ensuring effective plaque removal and maintaining fresh breath.

Europe personal care ingredients market is set to grow at a 6% CAGR from 2024 to 2032. Europe's robust market standing is due to a strong consumer appetite for premium and innovative personal care offerings, alongside the dominance of established cosmetics and personal care brands. The region is also witnessing a pronounced shift towards natural and organic personal care products, a trend spurred by rising consumer awareness about the potential health hazards of synthetic chemicals.