Global Personal Care Ingredients Market: Snapshot
The demand for skin care products is projected to surge over the coming years across the world and especially in China and Europe. This will reinforce the optimism of personal care ingredients manufacturers in these regions, thereby creating a higher production rate to meet the demand.
Many countries are growing in terms of population density and economic standing, thereby housing a massive number of consumers who are capable of purchasing high quality personal care and skin care products. This complements the industrial strength of countries from Asia Pacific, thus creating a great scope for personal care ingredients manufacturers to take advantage of.
On the other hand, Europe as well as North America have had an increasing stringency of safety and regulatory constraints on personal care products and the ingredients that are used in them. This also includes the ban on several animal testing methods to prevent cruelty to animals.
The global market for personal care ingredients, influenced by the above factors, is expected to expand at a CAGR of 5.2% in terms of revenue. This revenue is projected to reach US$8.19 bn by the end of 2016 and US$11.766 bn by the end of 2023.
APAC Demand for Personal Care Products Soars
Asia Pacific had already garnered a lead in the consumption of personal care ingredients so far and is expected to consolidate that lead over the coming years. By 2023, 41.5% of the total global value of personal care ingredients is expected to be taken up by Asia Pacific. This strong growth in personal care products consumption rate comes from a robust economic development of China, India, and others. The growing disposable income held by China especially, coupled with the nation’s high population is driving the personal care ingredients production rate in the region.
Europe, while not showing as impetuous a growth as China or Asia Pacific in general, has definitely shown a growing inclination towards skin care products. The U.K., Germany, France, and Italy have shown a steady improvement in the consumption rate of skin care products, thereby promoting a higher production of personal care ingredients.
Growing Skin Care Product Demand Bolsters Personal Care Ingredients Production Rate
By the end of 2023, 33.1% of the overall value of the global personal care ingredients market is expected to be taken up by skin care product ingredients. This includes the ingredients required for sprays, creams, body lotions, hand lotions, baby care products, and baby care products. All of these skin care products are not only in gaining demand in quantity, but quality as well. This is a very positive driver for personal care ingredients manufacturers and will continue to be so for the coming years.
Apart from skin care products, hair care products are also enjoying a massive increase in demand across the world. The U.S. especially is showing a growth in the demand for conditioning polymers. Research and development efforts are creating a high scope of new product launches in the future, enhancing the demand for hair care products including shampoos, conditioners, straighteners, and colors. Oral care products are also showing an increase in demand although at a smaller scale than hair care and skin care products. This is an overall positive sign for manufacturers of personal care ingredients.
The key manufacturers of personal care ingredients from a global perspective include BASF SE, Evonik, Akzo Nobel N.V., Ashland, Dow Corning Corporation, Lonza Group Pvt Ltd., Croda International Plc, Wacker Chemie AG, and Clariant.
This report analyzes and forecasts the personal care ingredients market on the global and regional level. The study provides historic data of 2014 along with forecast from 2015 to 2023 based on volume (kilo tons) and revenue (US$ Mn).
The study provides a decisive view of the personal care ingredients market by dividing it into product, application, and regional segments. Product and application segments have been analyzed based on current trends and future potential. The market has been estimated from 2015 to 2023 in terms of volume (kilo tons) and revenue (US$ Mn). Regional segmentation includes current and forecast demand for North America, Europe, Rest of Asia Pacific, Latin America, and Middle East & Africa. These regions have been further sub-segmented into countries and sub-regions with relevance to the market. Segmentation also includes demand for individual product type and applications in all the regions.
The study covers drivers and restraints governing the dynamics of the market along with their impact on demand during the forecast period. Additionally, the report comprises opportunities in the personal care ingredients market on the global and regional level.
The report includes detailed value chain analysis to provide a comprehensive view of the personal care ingredients market. Analysis of Porter’s Five Forces model has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications have been benchmarked based on their market size, growth rate, and general attractiveness for future growth.
The market has been forecast based on constant currency rates. Prices of personal care ingredients vary in each region and are a result of the demand-supply scenario in the region. Hence, a similar volume-to-revenue ratio does not follow for each individual region. Individual pricing of personal care ingredients for each application has been taken into account while estimating and forecasting market revenue on the global level. Regional average price has been considered while breaking down the market into application segments in each region.
The report provides the size of the personal care ingredients market in 2014 and the forecast for the next nine years. Size of the global personal care ingredients market has been provided in terms of volume and revenue. Market volume has been defined in kilo tons, while market revenue for regions is in US$ Mn. Market size and forecast for each product segment has been provided in the context of global and regional markets. Numbers provided in the report are derived based on demand generated from different applications and types of raw materials. Market dynamics prevalent in North America and Europe have been taken into account for estimating growth of the global market.
Market estimates for this study have been based on volume, with revenue being derived through regional pricing trends. Prices of commonly utilized grades of personal care ingredients in each application have been considered, and customized product pricing has not been included. Demand for personal care ingredients has been derived by analyzing the global and regional demand for personal care ingredients in each application. The global personal care ingredients market has been analyzed based on expected demand. Market data for each segment is based on volume and corresponding revenue. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers based on manufacturers’ feedback and application requirement. Forecasts have been based on expected demand in personal care ingredients applications. The global product segment and application split of the market has been derived using the bottom-up approach, which is cumulative of each region’s demand. Regional demand is the summation of sub-regions and countries in the region. Companies were considered for market share analysis based on their product portfolio, revenue, and manufacturing capacity. In absence of specific data related to sales of personal care ingredients by several privately held companies, calculated assumptions have been made in view of companies’ product portfolio and regional presence along with demand for products in their portfolio.
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players include BASF SE, Evonik, Akzo Nobel N.V., Ashland, Dow Corning Corporation, Lonza Group Ltd., Croda International Plc, Wacker Chemie AG, and Clariant. Company profiles comprise attributes such as company overview, brand overview, financial overview (in terms of financial year), business strategies, and recent/key developments.
Personal Care Ingredients Market - Product Segment Analysis
- Conditioning polymers
- Rheology control agents
- Others (Including UV absorbers and hair fixative polymers)
Personal Care Ingredients Market - Application Analysis
- Skin care
- Hair care
- Oral care
- Others (Including fragrances and toiletries)
Personal Care Ingredients Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa