Personal Care Ingredients Market

Market Synopsis:

The Global Personal Care Ingredients Market was valued at USD 11.41 Billion in 2022 and is forecast to reach a value of USD 15.26 Billion by 2030. Over the forecast period, the Global Personal Care Ingredients Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.70%.

Personal Care Ingredients are the raw materials utilized to produce skincare products. These chemicals have anti-fungal, anti-aging, skin conditioning, and other qualities used in skincare products. Ingredients can also be classified as active or inactive. Active chemicals include anti-aging agents, exfoliants, conditioning agents, and Ultraviolet (U.V.) protection agents, whereas inert ingredients include surfactants, preservatives, colorants, and polymer compounds. Most developing nations have noticed a dramatic change in consumer behavior, especially China, Brazil, and India. The expansion is being fueled by rising income and purchasing power. These factors have increased the demand for components for personal care products in these countries. In addition, the general public's awareness of hygiene, beauty, and health has improved. The market for Personal Care Ingredients is primarily driven by rising urbanization, increasing the number of working women, shifting lifestyles, and rising awareness of personal hygiene and skin care. The popularity of personal care products has increased as people's hygiene and health concerns have grown. This change has increased the production of skincare and hair care products, which has increased the need for personal care chemicals. The product market will profit from the public's rising awareness of chemicals and other product components. The market for personal care chemicals will be the primary driver of the older population's growing interest in anti-aging solutions.

Market Segmentation:

The Personal Care Ingredients Market is segmented based on Ingredient Types, Applications, and Region. Based on the Ingredient Types, the market is further segmented into Emollients, Surfactants, Emulsifiers, Rheology Modifiers, Conditioning Polymers, and Other Ingredient Types. Furthermore, based on the segment of Applications, the market is further bifurcated into Skin Care, Hair Care, Oral Care, Makeup, and Other Applications.

Based on Ingredient Types:

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The Emollients category dominated the market in 2021 and is forecast to continue its dominance in the forecast period. They are the most widely used ingredient in the market for personal care products due to their versatility in products for skin care, hair care, oral care, makeup, and toiletry. Additionally, its calming and soothing qualities, which create a layer of protection for the skin's surface, fuel demand for it.

Based on Applications:

The Skin Care category dominated the market in 2021 because Skin Care Applications have the most significant demand for Personal Care Ingredients. This section addresses various skin-related needs, including anti-aging, anti-acne, and sun protection. In addition, the market for skin care products is driven by the younger population's growing demand for fair cosmetics in nations like China, India, South Africa, Nigeria, and Cameroon.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is expected to proliferate in the projection period. It is believed to expand at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Due to the expanding need for personal care compounds such as exfoliators, anti-aging agents, ultraviolet (U.V.) agents, antioxidants, moisturizers, and antimicrobials, personal care product usage has expanded. Additionally, the region's markets will rise due to consumer lifestyle changes, strong demand for high-end cosmetics, and increasing purchasing power in developing nations like China and India.

Recent Developments:

• In August 2020, The output of Uvinul A Plus, a UVA (U.V. longest wavelength) protection component, will rise thanks to the addition of a new production line by BASF SE at its Kaohsiung facility in Taiwan. Numerous sun and skin care products contain it. As a result, the production line was started in response to rising consumer demand in the Asia Pacific region.
• In February 2020, ACULYN rheology modifiers, a sustainable cosmetic product, were featured by Dow. This product is straightforward to use and decreases carbon footprint.

Competitive Landscape:

The key players in the Global Personal Care Ingredients Market include- BASF SE, The Dow Chemical Company, Solvay, Evonik Industries AG, Clariant AG, Ashland Global Holdings Inc., Nouryon, Croda International PLC, Lubrizol Corporation, Adeka Corporation, Air Liquide, Corbion N.V., Eastman Chemical Company, Elementis PLC, Dupont, Innospec Inc., Merck KGAA, Momentive Performance Materials Inc., Kao Corporation, Galaxy Surfactants Ltd., Givaudan S.A., Oxiteno, Symrise AG, Stepan Company, Wacker Chemie AG and others.

Segmentation of the Global Personal Care Ingredients Market: