Market Overview:
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.
Segmental Overview
The segmentation of the cosmetics
and personal care ingredients Market 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.
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.
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 the 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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