The escalating demand for cosmetics and personal care ingredients have created a backdrop for robust expansion of the market in the forecast period. The expansion strategies adopted by chief contenders as well as local brands comprise of sourcing locally as when and when possible to maintain the sustainability of their beauty businesses. The ingredients are commonly synthesized from chemicals or naturally derived substances. According to the market extensive research conducted by Market Research Future (MRFR), the cosmetics & personal care ingredients market is foreseen to expand at a impressive CAGR during the forecast period (2018-2023) and reach a valuation of USD 12660.9 Mn.
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The collective surge in demand for anti-aging and UV protective cosmetics & personal care products is likely to be among the key reasons driving market expansion. The developing nations hold a substantial position in the development of the personal care and cosmetic ingredients market. The influence exerted by the market segments of skincare, hair care, fragrance and shower products with multi-functional ingredients is enabling growth of the market at an exceptional pace. The rising affinity of the working classes towards multifunctional personal care products is further boosted by the penetration of e-commerce players, is expected to alter the landscape of the market favorably.
The market is also benefitted by the potential demand from the segment of male-centric cosmetic products which is attributable to varying lifestyles and personal appearance awareness. This particular factor is motivating the market players to launch male cosmetic products on a broader scale. The capacity expansion and migration of cosmetic manufacturers to the Middle East & Africa is likely to offer productive opportunities for development in the market. Moreover, trends such as increasing use of natural and green ingredients along with growing importance for halal certification personal care and cosmetic formulations in G.C.C. and MENA regions are expected to create new avenues for the progress of the market through the forecast period.
Global Competitive Analysis
The costs that are incurred in the process of acquiring potential customers are expected to be a conducive investment towards the expansion of the market. The prospects for increasing revenue inflow in the business are expected to grow through the forecast period. Aspects of the market associated with pricing power and profit margins are predicted to add in a big way to the revenue appeal of the market. The ability to withstand their competitive edge is one of the vital factors fuelling their efforts in this period. The opportunities for progress in the market seem to be encouraging through the forecast period.
Dongming Jujin Chemical Co., Ltd., Ittihad International Chemicals Trading LLC (IICT), SABIC, Reza Chemical Industries (RCI) (REZA Investment Company Ltd.), Artec Chemical Company Limited, Chemanol and DOGOIDE Group among others are key market contenders in the market.
The segmentation of the Cosmetic and Personal Care Ingredients on the basis of product type includes segments such as tocopherol, titanium dioxide, dimethicone, sodium laureth sulphate, sodium lauryl sulphate, parabens, benzones, formaldehyde, alcohols, isopropyls, glycerols, and others. The formaldehyde segment is credited with a significant market share in the cosmetics & personal care ingredients and is projected to reach valuations worth USD 2,323.7 million by 2023. On the basis of geography, the market is segmented into five regions such as Europe, Asia Pacific, the Middle East & Africa, Latin America and North America. While based on applications, the market includes segments such as color cosmetics, skincare, fragrance, bath & shower, hair care, and others. The skincare segment accounts for a significant share in the cosmetics & personal care ingredients market and is estimated to develop at a CAGR of 7.07 percent over the forecast period, the demand of the sector can be attributed to the growing affinity of consumers towards products that have skin lightening properties. The hair care segment closely follows the skincare segment which is anticipated to be valued at USD 3,047.9 million by the end of the forecast period.
Detailed Regional Analysis
North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa are geographical regions that are a part of the cosmetics & personal care ingredients market globally. The Asia Pacific region has emerged as the fastest growing market in 2017 and is further expected to progress at an encouraging CAGR of 6.15 percent during the forecast period and is also projected to achieve revenues worth USD 4,188.6 million by the end of 2023. The evolution of the cosmetics and personal care industry coupled with the growing demand for cosmetics products from the working population is motivating the market growth considerably. The European market has appeared as the second biggest region in the cosmetics and personal care industry and is estimated to touch to USD 3,107 in revenues by 2023. The mounting levels of online sales in countries like Germany is a significant growth motivator for the European region. North American is among one of the prominent regions in the cosmetics & personal care ingredients market with rising demand for anti-aging cosmetics products coupled with escalating geriatric population. The other regions are likely to observe modest growth in the course of the forecast period with innovative improvements in the personal care and cosmetics industry.
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