Personal Care Ingredients Market on Track to Hit US$ 20.44 Billion...

Personal Care Ingredients Market on Track to Hit US$ 20.44 Billion by 2033 at 5.0% CAGR

Posted 2024-02-13 09:14:10

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The personal care ingredients market is anticipated to thrive at an average CAGR of 5.0% between 2023 and 2033. The market is expected to have a market share of US$ 20.44 billion by 2033, while it is likely to be valued at US$ 12.55 billion in 2023.

- The rising demand for organic and natural ingredients for personal care in supplements, cosmetics, and consumables is flourishing the market growth. Furthermore, the expanding men's segment for personal care with the gender-neutral fashion trends in the market growth.

- The higher sales of ingredients of skincare products that are anti-aging and anti-fungal, along with the application of skin conditioning agents, are increasing the market size. Moreover, increasing awareness of their skincare due to rising pollution also pushes the demand for personal care ingredients.

- New innovative products with higher natural and organic ingredients, no side effects, and chemicals are expected to change the market dynamics during the forecast period.

- Apart from the new product launches, the accessibility of e-commerce platforms and higher production of hair care and skin care products are also garnering attention from the market.

- Higher potential can be seen in emerging economies and rapid growth in multifunctional personal care applications, with social media channels influencing the end users. These personal care ingredients include surfactants, modifiers, emulsifiers, emollients, rheology, etc.

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Key Points

1. The United States market leads the North American personal care ingredients market in terms of market share in North America. The United States held a market share of 19.8% in 2022. The factors attributed to the higher cosmetic and personal care consumption, new brands launching organic products, and greater influence of social platforms.

2. The German personal care ingredients market held a market share of 11.6% in 2022. Higher imports cause market growth. Europe is the hub of the fashion industry, along with the demand for projects.

3. The Indian market thrives at an average CAGR of 5.1% between 2023 and 2033. The growth is attributed to the increased per capita income, changing lifestyle, and the effective influence of social media.

4. The Chinese market also thrives at a CAGR of 4.2% during the forecast period.

5. Based on product type, the emollient segment leads the market, as it held a market share of 35.1% in 2022.

6. Based on application type, the skincare segment strives as it accumulated a revenue share of 35.6% in the global market in 2022.

Competitive Landscape

The key suppliers focus on launching more products involving organic and natural components. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.

Recent Market Developments

- Clariant AG has introduced a new range of personal care products in India with plant-based actives, vegetable oils, and natural emulsifiers.

- Wacker Chemie AG has recently launched make-up, hair care, sun care, oral care, insect repellant, skincare, and bath care products with the focus of producing natural and chemical effects of higher effectiveness.

Top Key Players in the Personal Care Ingredients Market

1. Croda International Plc.

2. BASF SE

3. Ashland Global Inc.

4. Evonik Industries AG

5. Akzo Nobel N.V.

6. Clariant AG

7. Dow Chemical Company

8. Wacker Chemie AG

9. Lonza Group Ltd.

10. Solvay S.A

11. Eastman Chemical Company