Rising Demand for Anti-aging and Personal Care Products in Asia Pacific Drives Global Personal Care Ingredients Market
Personal care ingredients refer to the various raw materials used in the production of a number of personal care products. While everyone is attuned to using personal care products, one may be oblivious to the fact that the functionality of these products, such as fairness and anti-wrinkle, anti-ageing, and anti-bacterial properties, are a result of the specialty chemicals used in them. These specialty chemical ingredients form the core of any personal care product and are responsible for the product’s physical as well as functional properties. Inactive ingredients such as polymers, colorants, preservatives, and surfactants grant the products their physical attributes while active ingredients such as exfoliators, UV agents, anti-ageing materials, and conditioning agents are responsible for their functional properties.
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Personal care ingredients are used primarily for the manufacture of products such as hair care, oral care, skin care, fragrances, cosmetics, and toiletries. The rising awareness about personal care and consciousness about one’s appearance, combined with the desire to have healthy and vibrant skin, is the key factor driving the market for a variety of personal care ingredients. Over the past many years, the use of these ingredients in a wide array of skin and hair care products has remained the chief demand driver of the global personal care ingredients market and is expected to continue to fuel the market in the future.
The market had a valuation of US$7.4 bn in 2014. Projected to expand at a 5.20% CAGR between 2015 and 2023, the market is expected to rise to US$11.7 bn by 2023. While the use of personal care ingredients for skin care applications holds the major share in the overall market, the market is also expected to be driven by the rapidly expanding markets for fragrances, cosmetics, and toiletries in the coming years.
Asia Pacific Leads Global Personal Care Ingredients Market
The rising demand for personal care products from the vast pool of increasingly affluent consumers in Asia Pacific, along with the equally strong demand for anti-aging products from the rising population of old people in the region, is the major factor that will lead to an increased demand for personal care ingredients in Asia Pacific. The change in demand dynamics of the personal care industry in the region is largely spurred by rising disposable incomes and improving economic conditions. In 2014, the region accounted for nearly 30% of the global personal care ingredients market.
The stringent rules and regulations regarding the composition of personal care ingredients in North America and Europe, along with the sluggish economic development prospects currently hovering over many European economies, are expected to restrain the market for personal care ingredients in these regions to a certain extent.
Fragmented Global Personal Care Ingredients Market Shaped by Innovation
The competitive landscape of the global personal care ingredients market is highly fragmented. A vast number of small-, medium-, and large-scale industries are competing for a share of profits. Innovation and development of increasingly more effective ingredients is a chief avenue for businesses to gain a larger market share. Some of the key businesses in the market are BASF SE, Ashland, Evonik, Dow Corning Corporation, Akzo Nobel N.V., Wacker Chemie AG, Lonza Group Ltd., Clariant, and Croda International Plc.
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