Albany, New York, Oct. 26, 2018 (GLOBE NEWSWIRE) -- The global personal care ingredients market is presumed to exhibit a remarkable growth in the years to come, as per the records of Transparency Market Research (TMR). The global market’s competitive landscape is both intense and highly competitive because of its fragmented nature. Because of the low entry barriers, all players are teaming up in order to set a strong foothold in the market. Small players are focusing on merger and acquisition strategies in order to give tough competition to the big sharks while the multinational companies and other large vendors are having dominance and control over the resources.
New players are facing difficulties in entering the market due to the high rate of raw materials set by large vendors who already have a good amount of stock and do not wish other competitors into the market as it will further be difficult to compete in the market with more participants.
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Leading names in the global personal care ingredients market are Croda International Plc, Dow Corning Corporation, Lonza Group Pvt Ltd., Wacker Chemie AG, Akzo Nobel N.V., and BASF SE.
According to TMR projections, the global personal care ingredients market is presumed to increase at a CAGR of 5.2% by the end of 2023. The forecast period is set from 2015 to 2023 and the market is assumed to be worth US$11.76 bn by its end. As per the application is concerned, the market is seen to be dominated by skin care sector which accounts for 33.1% of the market share globally. Geographically, the regional market of Asia Pacific is forecasted to attain a value of US$4.07 bn by the end of the forecast period.
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Demand for Male Products Created New Market Opportunities
The need for health, hygiene and personal care have started to gain more importance as more and more diseases started to emerge. This was a result of environmental issues like air pollution, and water pollution, which caused problems of the skin, hair fall and others. Hence, awareness was created regarding health and personal care. Slowly with time, the demand for personal care products increased for both male and female population and so did the market. Even the male population is now flooded with variety of product options like beard oil, hair oil, face cream, night cream, shaving cream, and after shave. Thus, there are more growth opportunities in the global market.
Besides that, the sheer population density and increase in disposable incomes of people have also boosted the market for personal care ingredients market with people uplifting their standard of living and lifestyle. Skin care has gained more popularity over the years, thanks to the extreme quality of advertising and marketing of these products. Besides that, cosmetics have also been a part and parcel of women’s life and have equally contributed to the growth of personal care market. All these factors are likely to propel the market for personal care ingredients market in the years to come.
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Stringent Government Regulations to Hamper Market Growth
Even though the market is projected to witness noteworthy growth, some factors like the uneven distribution of cost of particular products may act as a hindrance to the overall growth of the market. Consumers may find it an injustice to pay huge amount for a meagre quantity of certain products just because it has a huge brand name. This, in turn may make the consumer look for better and comparatively cost efficient brands so as to justify their monetary capabilities.
Moreover, some products have been in the market for a long time and may face certain government restrictions to continue its business in the market. This may also hamper the market in the long run as consumers may not trust in using a completely new product where they have been using one particular product for a long period of time. The market may have to face these challenges due to strict regulatory acts imposed by the government.
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Nevertheless, the growth of the cosmetic and beauty products and introduction of new brands may open lucrative opportunities for the global personal care ingredients market in the years to come.
This review is based on TMR’s report titled, “Personal Care Ingredients Market (Product- Antimicrobials, Emulsifiers, Rheology control agents, Emollients, Conditioning polymers, Surfactants; Application – Cosmetics, Oral care, Hair care, and Skin Care) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The global personal care ingredients market can be segmented as follows:
Global Personal Care Ingredients Market by Products
- Surfactants
- Conditioning polymers
- Emollients
- Rheology control agents
- Emulsifiers
- Antimicrobials
Global Personal Care Ingredients Market by Application
- Skin care
- Hair care
- Oral care
- Cosmetics
Global Personal Care Ingredients Market by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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