WASHINGTON, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Personal Care Ingredients Market finds that the increased purchasing power and the changed lifestyle across the globe are anticipated to expand the growth of the Global Personal Care Ingredients Market during the forecast period. The Global Market revenue was valued at USD 11.4 Billion in 2021.
The Global Personal Care Ingredients Market Size is forecast to reach USD 14.2 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period; states Vantage Market Research, in a report, titled “Personal Care Ingredients Market Size, Share & Trends Analysis Report by Ingredient Types (Emollients, Surfactants, Emuslifiers, Rheology Modifiers, Conditioning Polymers, Other Ingredient Types), by Applications (Skin Care, Hair Care, Oral Care, Makeup, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Personal Care Ingredients Market was valued USD 11.4 Billion in 2021 and is all set to surpass USD 14.2 Billion by 2028, exhibiting a CAGR of 3.8% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Europe captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Personal Care Ingredients industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in Personal Care Ingredients Market:
- BASF SE
- The Dow Chemical Company
- Solvay
- Evonik Industries AG
- Clariant AG
- Ashland Global Holdings Inc.
- Nouryon
- Croda International PLC
- Lubrizol Corporation
- Adeka Corporation
- Air Liquide
- Corbion N.V.
- Eastman Chemical Company
- Elementis PLC
- Dupont
- Innospec Inc.
- Merck KGAA
- Momentive Performance Materials Inc.
- Kao Corporation
- Galaxy Surfactants Ltd.
- Givaudan S.A.
- Oxiteno
- Symrise AG
- Stepan Company
- Wacker Chemie AG
Market Dynamics:
Driver:
Increasing Purchasing Power of Consumers and the Change in Lifestyle to Drive the Market Growth
The rising urbanization, the changing lifestyles, and mounting awareness relating to the hygiene and skin care trend are vital factors expected to drive the growth of the Personal Care Ingredients Market. Moreover, personal care products are becoming popular as people are getting more concerned regarding hygiene and personal health, along with the rising awareness of hygiene and personal health across the globe. Therefore, more skincare and hair care products are being produced, fuelling the demand for the Personal Care Ingredients Market. In addition, the rising public understanding of the chemicals and other materials utilized in products is benefiting the product industry. The growing interest of the geriatric population in anti-aging products will likely propel the Personal Care Ingredients Market. Also, the natural personal care segment will continue to thrive as people become more aware of synthetic chemicals.
Developing regions such as China, India, and Brazil, observes a significant shift in consumer behavior. The increasing income and purchasing power are driving the market growth. In addition, the availability of premium skin and hair care products in China and India's rural areas is positively influencing the market's growth. As a result, the cosmetics & personal care industry is being pushed by this change in consumption patterns.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide, and the Global Personal Care Ingredients Market is no exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Personal Care Ingredients Market suffered as the manufacturing units worldwide were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies, which are the backbone technology providers to the Personal Care Ingredients Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Personal Care Ingredients Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Personal Care Ingredients Market has considered the impact of COVID-19 on the Personal Care Ingredients Market globally and the subsidiaries for the Personal Care Ingredients Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Personal Care Ingredients Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
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The report on Personal Care Ingredients Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
Europe Dominated the Global Personal Care Ingredients Market
Europe is dominating the Global Personal Care Ingredients Market and is expected to continue the same during the forecast period. The region’s development is due to key factors like a massive consumer base, the growing usage of skin care products, and other personal care products. Moreover, the surge in adoption of personal care products because of the increasing demand for Personal Care Ingredients Market like anti-aging agents, ultraviolet (UV) agents, exfoliators, moisturizers, antioxidants, and antimicrobials is driving the industry expansion. Also, the high use of premium make-up products, the rising purchasing power in emergent nations such as China and India, and the changed lifestyles of consumers are expected to propel the market growth in the future. Besides, the China region is driven by sales of Korean and Japanese brands, accounting for most of the total Chinese cosmetic & beauty products industry share.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Personal Care Ingredients Market Size, Share & Trends Analysis Report by Ingredient Types (Emollients, Surfactants, Emuslifiers, Rheology Modifiers, Conditioning Polymers, Other Ingredient Types), by Applications (Skin Care, Hair Care, Oral Care, Makeup, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
December 2021: A German-based BASF SE announced its commitment to invest in an Uvinul® A Plus production plant in Asia. The plant will be built at China's Care Chemicals Jinshan production site. In addition, the new plant is designed with a capacity of 1,500 metric tons per year and is likely to come on stream in the first half of 2023. The production line was introduced to meet the growing consumer demand in the Asian market. Currently, BASF produces Uvinul® A Plus in Ludwigshafen, Germany, and by taking this step, the company will increase its production base.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Personal Care Ingredients Market for the base year and forecast period?
This market titled “Personal Care Ingredients Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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