Based on source, the synthetic ingredients segment contributed to the largest share of the global personal care ingredients market in 2019, accounting for more than two-thirds of the total share, and will maintain its leadership position during the forecast period. This is due to surge in demand for skincare and other personal care products from developing countries. However, the natural ingredients segment is projected to portray the highest CAGR of 6.1% from 2020 to 2027, owing to preference of consumers toward organic products.
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By application, the skin care segment accounted for around 33.6% of the personal care ingredients market share in 2019. 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.
The report provides an in-depth study of the market dynamics such as drivers, restraints, opportunities, and the current market scenario. The Microfiber market report also focuses on the subjective aspect of the industry. Furthermore, the study takes in the key findings, in regard to market overview and investment opportunities. As per the report, Personal Care Ingredients Market is set to hit $14.6 billion by 2027, growing at a CAGR of 5.9% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 6.3% from 2020 to 2027.
Improvement in standard of living of people and surge in awareness regarding multi-purpose products propel the growth of the global personal care ingredients market. However, strict government regulations and side effects related to chemical-based products hinder the market growth. On the other hand, launch of innovative skincare products and increase in health awareness create new opportunities in the coming years.
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Based on ingredient type, the surfactants segment held the highest market share of the global personal care ingredients market in 2019, accounting for nearly one-fourth of the total share, and is projected to maintain the dominant share throughout the forecast period. This is due to increase in demand for anti-aging products from middle-aged & geriatric population and varying beauty trends. However, the rheology control agents segment is estimated to portray the highest CAGR of 7.1% during the forecast period. This is due to its usage as thickeners in make-up products, skincare creams, foundations, and toiletries.
Leading market players analyzed in the research include BASF SE, Ashland Global Holdings Inc., Clariant AG, Berkshire Hathaway Inc. (The Lubrizol Corporation), DOW, Inc., Croda International Plc, J.M. Huber Corporation , Evonik Industries AG, Solvay S.A., and KCC Corporation (Momentive Performance Materials).
1. There has been a major impact on consumer spending due to the economic crisis that occurred due to the Covid-19 pandemic. This would affect purchasing decisions of hair care, skincare, and makeup products.
2. Personal care ingredients such as surfactants that are used in hand sanitizers and soaps have experienced a significant demand as production activities for these products have been accelerated to meet the increasing demand.
3. Disruption in the supply chain due to lockdown has impacted the revenue streams as ingredients that have been used as raw materials for beauty products could not reach manufacturing facilities.
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