According to the report published by Allied Market Research, the global Personal Care Ingredients Industry generated $10.3 billion in 2019, and is estimated to reach $14.6 billion by 2027, registering a CAGR of 5.9% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in demand for multifunctional ingredients and rise in purchasing power of consumers in developing nations such as China and India drives the growth of the global Personal Care Ingredients Industry. However, growing demand for naural ingredients is anticipated to restrain market growth. Furthermore, increasing demand for personal care products across the globe is expected to provide new growth opportunities during the forecast period 2020-2027.
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Covid-19 scenario:
- The personal care products manufacturers across the globe have slowdown their production activities due to disrupted supply of ingredients amid lockdown.
- The demand for personal care ingredients is expectd to surge during the Covid-19 pandemic due to growing production and demand for personal care products such as sanitizers and soaps to avoid transmission of corona virus.
The report offers a detailed segmentation of the global Personal Care Ingredients Industry based on source, ingredients type, application, and region.
Based on source, the synthetic ingredients segment contributed to the largest share in 2019, accounting for more than two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. However, the natural ingredients segment is estimated to portray the highest CAGR of 6.1% during the forecast period.
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Based on ingredients type, the surfactants segment accounted for the largest share in 2019, holding nearly one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the rheology control agents segment is expected to register the highest CAGR of 7.1% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 6.3% from 2020 to 2027.
Leading market players analyzed in the research include BASF SE, Ashland Global Holdings Inc., Clariant AG, Berkshire Hathaway Inc. (The Lubrizol Corporation), DOW, Inc., Croda International Plc, J.M. Huber Corporation , Evonik Industries AG, Solvay S.A., and KCC Corporation (Momentive Performance Materials).