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(MoneyNewsWire.Net, May 30, 2018 ) The personal care ingredients market size is projected to reach USD 17.33 Billion by 2022, at a CAGR of 4.33% from 2017 to 2022. The market is driven by the increasing demand for personal care products such as skin care creams, hair shampoos, hair conditioners, and sunscreens, among others, with multifunctional ingredients. Changing lifestyle and rise in spending capacity in developing countries such as India, China, and Brazil are expected to drive the demand for personal care products, which, in turn, will drive the market for personal care ingredients. Stringent governmental regulations in different countries are among the major restraining factors for the market.
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By application, the skin care segment dominated the personal care ingredients market in 2016. The personal care ingredients market is driven by the growing demand for anti-aging and anti-acne creams from growing aging population in countries such as the U.K., Japan. the U.S., Canada, Germany, France, and Italy, among others. The segment is also estimated to witness the highest growth rate between 2017 and 2022.
The personal care ingredients market is segmented based on ingredients into emollients, surfactants, emulsifiers, rheology modifiers, active ingredients, and others. The emollients segment dominated the market in 2016, in terms of value owing to their use in every application in skin care products, ranging from face creams to skin cleansers and shampoos and conditioners. The active ingredients segment is projected to register the highest CAGR, in terms of value, between 2017 and 2022. The demand for active ingredients is due to the growing demand for multifunctional products such as anti-aging creams and sunscreens.
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Asia-Pacific dominated the personal care ingredients market in 2016, in terms of value. Growing population and rapid urbanization, along with the increase in per capita spending on personal care products in highly developing economies such as China, South Korea, India, and Indonesia is contributing towards the growth of the personal care ingredients market in this region. In addition, increasing availability of affordable personal care products also helps drive the personal care ingredients market. Major players such as BASF SE (Germany), Croda International Plc. (U.K.), Clariant AG (Switzerland), Akzo Nobel N.V. (Netherlands), and Wacker Chemie AG (Germany) are setting up plants and technical centers in the Asia-Pacific region.
One of the key factor restraining the growth of the personal care ingredients market is the stringent regulations for personal care products by different government entities such as European Commission Cosmetics Directive (ECCD), U.S. Food and Drug Administration (FDA), and China Food and Drug Administration (CFDA). Companies are focusing on strengthening their position in the personal care ingredients market through expansions, acquisitions, and new product launches. Major players active in the market include Ashland Global Holdings Inc. (U.S.), BASF SE (Germany), Croda International Plc (U.K.), Evonik Industries AG (Germany), Lonza Group Ltd. (Switzerland), Solvay SA (Belgium), Akzo Nobel N.V. (Netherlands), Clariant AG (Switzerland), The Dow Chemical Company (U.S.), and Wacker Chemie AG (Germany).
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