Global Personal Care Ingredient Market 2022-2028

Global Personal Care Ingredient Market 2022-2028

Global Personal Care Ingredient Market Size, Share, & Analysis by ingredient (rheology control agents, surfactants, emollients, emulsifiers, active ingredients, and others), and by application(hair care, oral care, skin care, cosmetics, and others). The global personal care ingredient market was valued at around $14.6 billion in 2021 and is estimated to reach nearly $18.7 billion in 2028, exhibiting a CAGR of 3.4%, during the forecast period (2021-2028). In 2021, the personal care ingredients market is estimated to foresee a decline of 11.5%, a loss of around $2.4 billion due to the outbreak of the COVID-19 pandemic across the globe. Pre-COVID-19, the market was estimated to reach nearly $19.6 billion in 2028, growing at a CAGR of 4.2% during the forecast period (2021-2028). The market is anticipated to slightly recover the loss from mid-2021, backed by the swift growth in cosmetics. In 2028, the personal care ingredient market is estimated to reach nearly $18.7 billion (post-COVID-19), as compared to around $19.6 billion (pre-COVID-19), bearing a loss of around $900 million.Personal care ingredients refer to a group of chemicals that are used in the production/formulation of personal care products, including face creams, shampoos and conditions, toothpaste, cosmetics, fragrances, and others. With the continuous rise in disposable income, the demand for personal care products is rapidly rising, which in turn, is driving the personal care ingredients market growth across the globe. Moreover, the high awareness among consumers, the aging population in the West, growing middle-class population in the East, are some other factors that are augmenting the demand for personal care products, which in turn, is propelling the market growth. The growing trend for multifunctional ingredients and the rapid development of gender-specific personal care products, such as men’s grooming products are further indirectly fueling the market growth across the globe.

Impact of COVID-19 on global personal care ingredients industry

The outbreak of COVID-19 will have a considerable negative impact on the global personal care ingredients industry. The personal care ingredients industry has seen crises before, such as the 2008 Financial Crisis; however, the industry has come through them effectively and efficiently by 2010. Though, the crisis from the outbreak of COVID-19 will act differently for the personal care ingredients industry. This includes a dramatical change in the purchase and usage behavior, leading to the fall of sales across various segments, which includes color cosmetics and inorganic products. The sales of makeup products in the domestic market as well as abroad have come down to a grinding halt. The continuous spread of COVID-19 has compelled the respective countries to announce lockdown. According to OMR analysis, over 100 countries globally have instituted partial or full lockdown by the end of March 2021. This has hampered the manufacturing and retail of the personal care ingredients industry, as market players were asked to close factories, stores/showrooms, and salons/spas were shutdown. During March-May 2021, the personal care ingredients industry has faced downturns on account of cash, supply chain disturbances, and manpower-related issues. Consolidation can be expected in the personal care ingredients industry post-COVID-19, as the small and medium companies may not be able to survive this crisis, especially when the customers are not paying. Therefore, a lot of SMEs will disappear by the end of the crisis. In addition, the revenue of the industry is threatened as the customers are affected by the global macroeconomic collapse, social distancing, and other COVID-19 norms to contain the spread of the pandemic. The cease of lockdown in a few countries, such as India, France, and Italy, among others, has led to the gradual opening of the spas/salons and retail stores. Though, social gathering is still restricted in these economies; therefore, the demand for cosmetics for occasions and events is not expected from the consumer side. Fashion events that were scheduled to take place were canceled, such as Paris June Fashion. Even after the lockdown has ceased in several economies, the number of new COVID-19 cases are still on the rise, restraining salon visits across the globe. While the scale and the impacts of the crisis from the COVID-19 pandemic may not have been foreseen, it will further bring the fragility and the power imbalances of the personal care industry value chain. The personal care ingredients market players need to build a strong and resilient partnership with the personal care products manufacturing countries and suppliers, both domestic and abroad. This may assist the companies to gain market growth in the global market amidst the crisis. Moreover, rapid growth in the cosmetics industry can be expected in mid-2021 or the first quarter of 2022, considering the arrival of COVID-19 vaccines and the cease of social distancing.

SEGMENTAL OUTLOOK

Based on the type, the personal care ingredients market is segmented into rheology control agents, surfactants, emollients, emulsifiers, active ingredients, and others. Among these, the emollients segment contributes to the major share, 29.0%, in the market, with a market valued at around $4.3 billion in 2021. The market is further projected to reach nearly $5.2 billion in 2028, by exhibiting a CAGR of 2.9% during the forecast period. This is due to its huge use cases in the dominant application of personal care ingredients, skin care products. Apart from skin care formulations, emollients are used in a significant proportion of oral care products.

The active ingredients and surfactants segment, both are projected to exhibit the fastest growth rate, at a CAGR of 4.6%, in the personal care ingredients market during the forecast period. The active ingredients are gaining significant traction among personal care products. There are several market players, such as BASF SE and Evonik Industries, Inc., which are introducing their active ingredients for the personal care products industry. Moreover, the surfactant segment is expected to foresee a considerable growth rate post the outbreak of the COVID-19 pandemic. Surfactants are one of the most resilient ingredients amidst the COVID-19 pandemic, owing to the rising focus on health and hygiene across the globe.

The personal care ingredients market is further analyzed and segmented based on its applications. Hair care, oral care, skin care, cosmetics, and others are the applications that are taken into consideration for estimating the market value. Among these applications, the skin care segment is among the major application of personal care ingredients. According to OMR analysis, nearly 31.0% of the overall market share is covered by the skin care segment. In 2021, the market value for the skin care segment was around $4.5billion, which, by exhibiting a CAGR of 3.4%, will reach nearly $5.9 billion in 2028. Moreover, the personal care ingredients for the skin care industry are estimated to foresee a decline of around 8.0% in 2021 due to the outbreak of the COVID-19 pandemic. The rising availability of specific-purpose skin care solutions, such as anti-aging creams and lotions, sunscreen lotions, and anti-acne creams is driving the growth of the market in skin care application

Along with this, the personal care ingredients market is expected to foresee the fastest CAGR of 4.5% in the cosmetics industry. The market is valued at around $2.8 billion in 2021, which is further estimated to reach nearly $3.8 billion in 2028. As per OMR analysis, the cosmetics industry was majorly hit by the outbreak of the COVID-19 pandemic, registering a decline of 28.0% in 2021. Post-COVID-19, in 2021-2022, the cosmetics industry will experience huge growth, with the rising number of events, parties, weddings across the globe.

REGIONAL OUTLOOK

Geographically, the global personal care ingredients market study covers the analysis of four major regions, including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and Rest of the World (Latin America, and the Middle East and Africa (MEA)). North America held a dominant position in the global personal care ingredients market in 2021. As per OMR analysis, the North American personal care ingredients market was valued at around $5.2 billion in 2021, which is estimated to reach nearly $6.3 billion in 2028, projecting a CAGR of 2.7% during the forecast period. The region has a significant presence of personal care product manufacturers, such as Procter & Gamble and Estee Lauder. In North America, the US contributes 95% of the North American personal care ingredients market in 2021 and during the forecast period.

Europe held a second dominant position in the global personal care ingredients market in 2021, growing at a CAGR of 2.9% in the market during the forecast period. The European personal care ingredients market is expected to reach nearly $5.5 billion in 2028 from around $4.5 billion in 2021. This is majorly owing to the presence of several worlds’ leading brands of personal care products, such as Unilever PLC and Loreal SA. France and UK are among the major European economies that have a significant presence of personal care products manufacturers. Moreover, the rising geriatric population in the European economies is further contributing to the growth of anti-aging cosmetic products, which in turn, is leading to the growth of the personal care ingredients for the formulation of such products in the region.

Asia-Pacific is projected to exhibit the fastest CAGR of 4.6%, in the global personal care ingredients market during the forecast period. The personal care ingredients market in Asia-Pacific was valued at $3.6 billion in 2021, which is estimated to reach nearly $5.0 billion in 2028. The major factors attributing to the market growth in the region include the rising expansion of chemical production units in the developed and emerging economies of the region, such as India, China, Vietnam, Australia, and South Korea. The initiatives taken by the Government of India and the Government of China regarding the boosting of domestic manufacturing in the respective countries are expected to drive the market growth in the region during the forecast period.

Recent Activities

In March 2021, Clariant International, Ltd. launched a next-generation preservation booster Velsan Flex to cater to the requirements of the personal care industry’s increasingly limited preservation options for both traditional and natural formulations. Velsan Flex is highly versatile and effective in combination with all preservative types, enabling a reduction of typical preservatives by as much as 50% while still achieving safe antimicrobial protection for a range of cosmetic products.

In March 2021, Nagase Group launched Glucosyl Naringin, a citrus-derived anti-aging cosmetic ingredient, which is available all across the company’s location. It is intended to promote the production of elastin, an extracellular matrix protein involved in the maintenance of skin elasticity, and the formation of elastin fiber which is effective in reducing wrinkles and skin sagging.

In January 2021, Evonik Industries AG acquired the US-based phytochemical company Wilshire Technologies Inc. which is engaged in supplying phytochemicals and derivatives to the global cosmetic and pharmaceutical industries. The acquisition will strengthen Evonik’s Health Care business line’s portfolio with innovative products for the cosmetics, pharmaceutical, and food ingredients markets.

In September 2019, the Lonza group launched Modifect EV Bioactive for Even Skin Tone at in-cosmetics Latin America. It acts as an antioxidant for even skin tone by aiding to detoxify and fortify skin; hence reducing the appearance of lines, wrinkles, and age spots for healthier-looking skin.


Chapter 1. Report Summary
1.1 Research Methods And Tools
1.2 Market Breakdown
1.2.1 By Segment
Chapter 2. Market Overview And Insight
2.1 Scope Of The Report
2.2 Analyst Insight & Current Market Trends
2.2.1 Key Findings
2.2.2 Recommendations
2.2.3 Conclusion
2.3 Rules And Regulations
Chapter 3. Competitive Landscape
3.1 Solvay Sa
3.1.1 Overview
3.1.2 Financial Analysis
3.1.3 Swot Analysis
3.2 Evonik Industries Ag
3.2.1 Overview
3.2.2 Financial Analysis
3.2.3 Swot Analysis
3.3 Basf Se
3.3.1 Overview
3.3.2 Financial Analysis
3.3.3 Swot Analysis
3.4 The Dow Chemical Company
3.4.1 Overview
3.4.2 Financial Analysis
3.4.3 Swot Analysis
3.5 Dupont De Nemours, Inc.
3.5.1 Overview
3.5.2 Financial Analysis
3.5.3 Swot Analysis
Chapter 4. Market Determinants
4.1 Motivators
4.1.1 Rising Trend Towards Multifunctional Ingredient
4.1.2 Rising Aging Population In Western Economies And Eastern And South-eastern Asia
4.1.3 Growing Demand For Contract Manufacturing In Personal Care Industry
4.2 Restraints
4.2.1 Informal Manufacturing Of Personal Care Ingredients In Emerging Economies
4.2.2 Stringent Regulations Restricting Innovation
4.3 Opportunities
4.3.1 Rising Demand For Organic Products
4.3.2 Renewable Feedstock: Evolution In Personal Care Ingredients
Chapter 5. Market Segmentation
5.1 By Ingredient
5.1.1 Rheology Control Agents
5.1.2 Surfactants
5.1.3 Emollients
5.1.4 Emulsifiers
5.1.5 Active Ingredients
5.1.6 Others
5.2 By Application
5.2.1 Hair Care
5.2.2 Oral Care
5.2.3 Skin Care
5.2.4 Cosmetics
5.2.5 Others
Chapter 6. Regional Analysis
6.1 North America
6.1.1 Us
6.1.2 Canada
6.2 Europe
6.2.1 Uk
6.2.2 France
6.2.3 Germany
6.2.4 Spain
6.2.5 Italy
6.2.6 Rest Of Europe
6.3 Asia-pacific
6.3.1 China
6.3.2 Japan
6.3.3 India
6.3.4 Rest Of Asia-pacific
6.4 Rest Of The World
6.4.1 Latin America
6.4.2 The Middle East And Africa
Chapter 7. Company Profiles
7.1 Ashland Global Holdings, Inc.
7.2 Basf Sf
7.3 Clariant International Ltd.
7.4 Corbion Nv
7.5 Croda International Plc
7.6 Dupont De Nemours, Inc.
7.7 Eastman Chemical Co.
7.8 Evonik Industries Ag
7.9 Galaxy Surfactants Ltd.
7.10 Gattefosse Group
7.11 Genomatica, Inc.
7.12 Nagase Group
7.13 Ingredion Inc.
7.14 Koninklijke Dsm Nv
7.15 Lonza Group
7.16 Merck Kgaa
7.17 Momentive Performance Materials Inc.
7.18 Solvay Sa
7.19 Stephenson Group Ltd.
7.20 Symrise Ag
7.21 Wacker Chemie Ag
7.22 The Dow Chemical Company
7.23 The Lubrizol Corp.
7.24 Sabic

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