Market Overview to 2023:
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.
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
Segmental Overview:
The
segmentation of the cosmetics and personal care ingredients 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.
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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