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 are restraining the growth of the market during the analyzed timeframe. Moreover, a side effect 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. Region wise, the personal care ingredients market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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.
IMPACT OF COVID-19 ON THE GLOBAL PERSONAL CARE INGREDIENTS MARKET
- COVID-19 has been spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020. Due to COVID-19 pandemic, transport limitations were implemented, which resulted in reduced industrial production and disrupted supply chains. Thus, affecting the global economic growth by a substantial proportion and severely impacting the market growth. Companies were not earning any profit as a result of the work stoppage and not only the companies lost the money but they also lost suppliers who were providing the required materials to various companies to be used in the personal care sector. All those suppliers also faced huge losses.
- 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 2020.
- Demand for color cosmetics, hair styling, and sun care products declined significantly during the pandemic. Given the lockdowns and restrictions instituted by governments worldwide, people were forced to shift to working from home and avoiding recreational activities, leading to a decline in demand for these products. In turn, demand for cosmetics ingredients, hair fixative polymers, and UV-protection ingredients took a sharp hit in 2020. Furthermore, 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.
- According to The American Chemistry Council (ACC), volume gain is occurred in the cosmetic additives and flavor & fragrances in the U.S. and other specialty chemicals segment registered decrease in volume gain during pandemic. But this change in personal care ingredients market may be different for other economies across the globe.
- From beginning of 2021, various industries, manufacturing units, offices, shops started their operations due to which the demand for personal care ingredients improved across the globe. In 2021, the chemical industry resumed their operations due to which the demand and supply gap of raw materials required for personal care ingredients also improved.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides in-depth analysis of the global personal care ingredients market along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global personal care ingredients industry for strategy building.
- A comprehensive personal care ingredients market analysis covers factors that drive and restrain the global personal care ingredients market growth.
- The qualitative data about personal care ingredients trends, dynamics and developments is provided in the report.
Key Market Segments
By Source
- Natural
- Synthetic
By Application
- Skin care
- Application
- Men
- Baby
- Sun care
- Hand-body Lotion
- Facial Treatment
- Hair care
- Toiletries
- Makeup
- Fragrances
- Oral care
By Ingredient Type
- Rheology control agents
- Emollients
- UV absorbers
- Surfactants
- Emulsifiers
- Antimicrobials
- Hair fixative polymers
- Conditioning polymers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- Rest Of Asia Pacific
- China
- Japan
- India
- South Korea
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- ASHLAND GLOBAL HOLDINGS INC.
- BASF SE
- BERKSHIRE HATHAWAY INC.
- CLARIANT
- CRODA INTERNATIONAL PLC.
- DOW INC.
- EVONIK INDUSTRIES
- J.M. HUBER CORPORATION
- KCC CORPORATION
- SOLVAY S.A.
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Table of Contents
Executive Summary
According to the report, titled, “Personal Care Ingredients Market," the personal care ingredients market was valued at $10.4 billion in 2021, and is estimated to reach $18.5 billion by 2031, growing at a CAGR of 6.0% from 2022 to 2031.Personal care ingredients are the ingredients that may be natural or synthetic used in the skin care, hair care, and other personal care cosmetic products. Personal care ingredients such as rheology control agents, emollients, UV absorbers, surfactants, emulsifiers, antimicrobials, and others are used in the production of skin care and other personal care products. Increase in demand for personal care products along with rise in health awareness is driving the growth of the personal care ingredients market during the forecast period. However, a stringent government regulation toward harmful synthetic ingredients for skin is expected to restrain the growth of the market in the upcoming years.
The global personal care ingredients market has been analyzed on the basis of source, which includes natural ingredients and synthetic ingredients. The synthetic ingredients segment garnered the highest personal care ingredients share of 66.5% in 2021. This is owing to increase in demand for skin care and other personal care products from the developing economies along with increase in purchasing power of consumers.
The global Personal care ingredients market is segmented on the basis of product type, base oil, end-use industry and region.
In 2021, on the basis of ingredients type, the UV absorbers segment dominated the highest market share of around 26.1% and is projected to maintain the same during the forecast period. This is owing to rise in demand for anti-aging formulations from the growing middle-aged and geriatric population and changing beauty trends.
In 2021, on the basis of application, the skin care segment accounted for around 34.7% of the global personal care ingredients market share. This is owing to increase in demand for skin care products such as sun care products, body lotions, facial creams, and others from the consumers across the globe. In addition, the use of innovate ingredients such as polyhydroxy acids and plant-based retinol alternatives such as Bakuchiol to manufacture skin care products have created new personal care ingredient market trend.
Based on region, the global personal care ingredients market analysis across North America, Europe, Asia-Pacific, and LAMEA. Historically, a developed region such as North America dominated the market, accounting for almost 32.8% of the global personal care ingredients market share and is expected to consolidate its position throughout the forecast period. This is owing to huge consumer base, increase is use of skin care products, and other personal care products in this region.
The market players operating in the global personal care ingredients market are Ashland Global Holdings Inc., BASF SE, Berkshire Hathaway Inc., Clariant AG, Croda International Plc, DOW, Inc., Evonik Industries AG, J.M. Huber Corporation, KCC Corporation (, and Solvay S.A. Other players operating in the value chain of the personal care ingredients market are Wacker Chemie AG, Akzo Nobel N.V., Huntsman International, Cargill, Inc., Lonza Group, and others.
IMPACT OF COVID-19 ON THE GLOBAL PERSONAL CARE INGREDIENTS 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 2020.
- Demand for color cosmetics, hair styling, and sun care products declined significantly during the pandemic. Given the lockdowns and restrictions instituted by governments worldwide, people were forced to shift to working from home and avoiding recreational activities, leading to a decline in demand for these products. In turn, demand for cosmetics ingredients, hair fixative polymers, and UV-protection ingredients took a sharp hit in 2020. Furthermore, 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.
- According to The American Chemistry Council (ACC), volume gain is occurred in the cosmetic additives and flavor & fragrances in the U.S. and other specialty chemicals segment registered decrease in volume gain during pandemic. But this change in personal care ingredients market may be different for other economies across the globe.
- From beginning of 2021, various industries, manufacturing units, offices, shops started their operations due to which the demand for personal care ingredients improved across the globe. In 2021, the chemical industry resumed their operations due to which the demand and supply gap of raw materials required for personal care ingredients also improved.
Key Findings of the Study
- Based on source, the synthetic ingredient emerged as the global leader by acquiring around 66.5% of the global personal care ingredient market share in 2021, and is anticipated to be the largest markets during the forecast period.
- Based on ingredients type, the UV absorbers emerged as the global leader by acquiring around 26.1% of the global market share in 2021, while rheology control agents is anticipated to be the largest markets during the forecast period.
- On the basis of applications, skin care segment registered the highest market share of around 34.7% and is projected to maintain the same during the forecast period.
- North America is the major consumer of personal care ingredients among other regions. It accounted for around 32.8% of the global market share in 2021 as a result of huge consumer base and increase in demand for personal care products.
Companies Mentioned
- Ashland Global Holdings Inc.
- Basf Se
- Berkshire Hathaway Inc.
- Clariant
- Croda International plc.
- Dow Inc.
- Evonik Industries
- J.M. Huber Corporation
- Kcc Corporation
- Solvay S.A.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 436 |
Published | August 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 10.4 billion |
Forecasted Market Value ( USD | $ 18.5 billion |
Compound Annual Growth Rate | 5.9% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |