Global Personal Care Active Ingredients Market, Forecast to 2023
High awareness among consumers, a growing middle class in the developing nations of Asia-Pacific, an aging population in the West, and new markets such as men’s grooming, Halal Beauty, and bio-based skin care have created a wide range of opportunities for personal care active ingredient manufacturers.
Industry participants are strongly focusing on innovation with respect to active ingredients and technologies associated with extraction, formulation, and preservation to differentiate themselves. Some of the established players are partnering with universities and independent labs to widen their product portfolios.
North America and Europe are mature markets and are expected to record stagnant growth compared to Asia-Pacific. The latter is dominated by growth in China, South Korea, and India as well as in other emerging economies such as Indonesia and Malaysia. With a high purchasing power, the Middle East is witnessing increasing consumer awareness and proliferation of Halal Beauty products. The region is no longer being ignored by the industry.
Major growth opportunities in this market include, but are not limited to:
• Increasing end consumer awareness
A strong need to look young among consumers has led to a robust demand for personal care products. High awareness on the harmful effects of sun exposure has mooted the sales of sun care products and is expected to continue to do so till 2023. Consumer awareness is further reshaping market dynamics. These trends have created a ripple effect, leading to consumers being skeptical toward marketing claims and demanding full transparency on the raw materials used, their sourcing methods, and sustainability practices.
• Increasing demand for natural ingredients
Today, natural ingredients are being demanded by the highly aware consumers. They hold strong opinions against personal care products with synthetic ingredients, as they want to avoid exposure to harsh chemicals. The current share of natural active ingredients in the total market is 25–30%, which is expected to double to 50–55% going forward. The sheer market potential of natural active ingredients is the reason for most active ingredient manufacturers to focus on innovation and technology in order to handle the instability of natural ingredients with other ingredients in the formulation.
This research service identifies the major market drivers and restraints and regulatory, product, market, customer, and technology trends in the global personal care active ingredients market. The study focuses on different end-application segments such as skin care, sun care, hair care, oral care, and fragrances. The ingredient types considered in the study include moisturizing, anti-aging, exfoliating, UV filters, antimicrobials, and others such as purifying and soothing agents. The study also includes an in-depth regional demand and competitive analysis for North America, Europe, Asia-Pacific, and Rest of the World.
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