Europe Personal Care Ingredients Market to be influenced by strict regulatory norms over 2017-2024 with regards to product utilization
Publisher : Fractovia | Published Date : 2017-07-26Request Sample
The unveiling of DKSH’s personal care solutions at COSMO Tech Expo India 2017 depicts the ongoing developments in personal care ingredients market across the Asia Pacific. DKSH, one of the many leading market expansion services providers, through its ingredients & specialty chemicals distributor called Business Unit Performance Materials, had recently revealed its line of innovative personal care solutions encompassing an all-pervasive portfolio of ingredients, high-grade products, and formulations. DKSH’s initiative is likely to catapult Asia personal care ingredients industry to greater heights, as manufacturers will sweat it out with one another to develop unique products pertaining to changing consumer tastes.
Driven by a plethora of factors such as online distribution, environmental impact, effectiveness, & wellness, personal care ingredients market has already established a strong foothold across myriad geographies. Bearing testimony to the aforesaid statement is the fact that this industry surpassed a valuation of USD 8 billion in 2016, and not surprisingly, has been forecast to exceed a revenue collection of more than USD 12 billion by 2024. One of the principal drivers that is making a positive impact on personal care ingredients market share seems to be the globally shifting consumer trend toward using bio-based ethically manufactured cosmetics, fueled by the numerous regulatory norms enforced by authoritative bodies.
U.S. Personal Care Ingredients Market Size, By Application, 2013 - 2024 (USD Billion)
Speaking of regulations, the United States and Europe are the two major growth grounds that have been advocating the usage of organic cosmetics on a large scale, on the basis of which experts have forecast that personal care ingredients industry share in U.S. and Europe to multiply over the forthcoming years. These ingredients basically encompass conditioning polymers, antimicrobials, surfactants, emulsifiers, emollients, and rheology control agents, that are used in a plethora of products related to hair care, dental care, skin care, and most importantly, cosmetics. As per estimates, cosmetics are likely to record an extensive demand across the Asia Pacific. Given the changing consumer lifestyles, rise in disposable incomes, especially across India and China, and most importantly, the increased focus on anti-aging products for the middle-aged populace, it comes as no surprise that APAC personal care ingredients market size, especially from the skin care and hair care sectors, is anticipated to carve out a rather profitable growth curve over 2017-2024.
Statistics claim personal care ingredients industry size from the skin care sector to grow at a robust rate over the coming seven years, possibly owing to the heavy utilization of products such as creams, lotions, sprays, deodorants, moisturizers, baby creams, etc. Having held a valuation of USD 2.7 billion in 2016, personal care ingredients market will witness a paradigm shift with regards to consumer preferences. That is to say, consumers may, in all probability, be more inclined toward water-based ingredients than oil-based ones. Milder ingredients are likely to constitute the product landscape of personal care ingredients industry in the future. For instance, sulfate-free anionic surfactants have already been gaining precedence of conventional surfactants, depicting a positive growth graph for personal care ingredients market trends over the coming years.
The massive application scope of personal care ingredients market spans skin care, hair care, and cosmetics, especially across the APAC belt. APAC product sales are likely to soar high during the forecast period, owing to the extensive demand for cosmetics and other personal care products, particularly in the emerging economies such as China and India. The region has also been witnessing the business expansion of renowned cosmetic and personal care brands, thereby impelling APAC personal care ingredients industry share, slated to cross a valuation of USD 4.4 billion by 2024.
Another trend riding on the wave of popularity is that of using multifunctional products, subject to hectic consumer lifestyles. This is especially true for hair care products – of late, manufacturers have been developing products that incorporate the benefits of shampoos, conditioners, and hair moisturizers rolled into one compact product. This trend is also likely to fuel personal care ingredients market size from hair care. Speaking of which, conditioning polymers, used massively in hair care products, is likely to register a CAGR of 6% over 2017-2024, given the vast product popularity.
‘Organic’, ‘sustainable’, ‘eco-friendly’, etc., are some of the latest buzzwords on the radar of personal care ingredients industry. A recent study of market trends reveals the fact that most consumers prefer organic, sustainable products, given the hazardous effects of chemical-based cosmetics on the human health as well as the environment. Conforming to the regulatory norms enforced by the European Union and other authoritative bodies, manufacturers have also been striving to develop bio-based products as opposed to the chemical-based ones. On that note, major players partaking in the overall personal care ingredients industry share include Croda International Plc, Dow Corning Corporation, Eastman Chemical Company, Lonza Group Pvt. Ltd., Wacker Chemie AG, Cargill Inc., Evonik Industries, Clariant, BASF SE, Akzo Nobel N.V., and Solvay S.A. As per a research report by Global Market Insights, Inc., personal care ingredients market is pretty much fragmented, with major corporations accounting for over 45% of the overall industry share.
Personal care ingredients industry is heavily consumer driven, and is one of those business spheres that depicts frequent changes in market trends. For instance, with the rise of the female workforce across urban locales, personal grooming has gained exceptional importance, which in a way, will be labelled as one of vital factors impacting personal care ingredients industry share. In fact, the latest trends seem to be shifting toward male grooming – the sales of male products such as shaving creams, gels, shampoos, lotions, deodorants, etc., have observed a monumental rise and are likely to transform the future of personal care ingredients market over the coming seven years. It has also been observed that in accordance with the market trends, product manufacturers have been fiercely combating against one another to emerge victorious on the battleground. With the passage of time, a slew of many other interesting trends is set to come aboard, which will lead to a massive change in the dynamics of global personal care ingredients industry share.
