Sep 11, 2021   SOURCE: BusinessWire

Global Personal Care Ingredients Market Report (2021 to 2030) - COVID-19 Growth and Change - ResearchAndMarkets.com

The "Personal Care Ingredients Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global personal care ingredients market. This report focuses on personal care ingredients market which is experiencing strong growth. The report gives a guide to the personal care ingredients market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

The global personal care ingredients market is expected to grow from $12.20 billion in 2020 to $12.78 billion in 2021 at a compound annual growth rate (CAGR) of 4.81%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges in the forecast period can be attributed to growing demand for personal care products and rise in disposable incomes. The market is expected to reach $15.63 billion in 2025 at a CAGR of 5.16%.

Companies Mentioned

  • BASF SE
  • Ashland
  • Solvay
  • Dow
  • Clariant
  • Croda International Plc
  • Evonik Industries AG
  • J.M. Huber Corporation
  • Solvay S.A
  • Huntsman International LLC
  • The Lubrizol Corporation
  • Akzo Nobel N.V
  • Pharmacos
  • Nouryon
  • Lonza
  • Berkshire Hathaway Inc
  • KCC Corporation
  • Galaxy Surfactants
  • Oxiteno
  • Eastman Chemical Company
  • SABIC
  • Symrise
  • Sinerga S.p.A.
  • SG Ceresco Inc
  • PRIDE SEEDS
  • Grain Millers Inc
  • Innospec
  • AEP Colloids
  • Jarrow Formulas Inc

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North America was the largest region in the personal care ingredients market in 2020. Europe was the second largest market in personal care ingredients market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Side effects of chemical based personal care products could act as a restrain for the personal care ingredients market in the forecast period. The common side effects of using substandard quality and unregulated chemical based personal care products include allergies, discoloration, texture alteration or permanent damage to the skin or hair. Some common chemicals found in beauty products, such as paraben, used as a preservative in deodorants, moisturizers, shampoos, body wash and makeup, increase chances of breast cancer as it has a chemical structure similar to that of estrogen. The detrimental effects of using chemical based personal care products impacts the market for personal care ingredients in the forecast period.

In June 2020, Givaudan, a Switzerland-based manufacturer of fragrances, flavors, and active cosmetic ingredients acquired Indena's cosmetics business for an undisclosed amount. The acquisition will expand the capabilities of Givaudann's active beauty business with Indena's commitment to continue manufacturing ingredients for Givaudan and to provide innovation capabilities and other supporting services to the company. Indena is an Italy-based company engaged in the development, identification, and production of high-quality active ingredients derived from plants, for use in the health food, pharmaceutical, and personal care industries.

The increasing young population would contribute to the demand for personal care ingredients in the forecast period. The growing desire to look good and presentable drives the demand for personal care products for the increasing youth population. For instance, in 2019, the global youth population aged 15 to 24 years was 1.2 billion, which is expected to increase to around 1.4 billion by 2065. The increase in the youth population is expected to drive the personal care products demand, thereby driving the market growth in the future.

Key companies functioning in the market are focusing on new product innovations to meet the demand of the consumers and benefit the users while maximize revenues. For instance, in January 2019, Symrise AG, Germany-based cosmetic ingredients company introduced the first benzyl alcohol-based preservative blend with the added power of SymSave H, SymOcide BHO. The product protects cosmetics from undesired microorganisms such as fungi and bacteria. The product also contains the multifunctional ingredients Hydrolite CG, an emollient, and SymSave H, an antioxidant. In another instance, in 2020, Germany based chemicals company, BASF SE partnered with Netherlands based Isobionics to launch Santalol, an alternative to sandalwood oil, produced on a biotechnological basis from renewable raw materials.

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