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 Industry 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.
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.
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 Industry 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.
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 Industry 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
Industry 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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