Personal care ingredients market to register commendable growth over 2024
Selbyville, Delaware, United States, September 11 2020 (Wiredrelease) Global Market Insights, Inc –:Increasing purchase of personal care products worldwide is anticipated to boost the personal care ingredients market size over 2024. Personal care products have become a vital part of consumer’s daily life. People across the globe have started to use haircare, skincare, and cosmetics products to enhance their aesthetic appearance.
Given to the negative attitude towards animal-based personal care products, customers have also started preferring eco-friendly, ethical, and sustainable product brands. This has encouraged companies to use plant-based ingredients in their personal care products, which in turn may drive personal care ingredients market growth.
According to a study conducted by Global Market Insights, Inc., the global personal care ingredients market may exceed USD 12 billion by the year 2024. However, stern federal regulations regarding the use of ingredients in cosmetics products may impede personal care market growth in the forthcoming years.
Competitive business landscape
The market for personal care ingredients is highly completive, with brands and firms like Clariant, Ashland Inc, Lonza Group Pvt. Ltd., Wacker Chemie AG, Akzo Nobel N.V., Dow Corning Corporation, Evonik Industries, Croda International Plc, and BASF SE holding a major share.
Elaborating on the trends prevailing in personal care ingredients market
Increasing demand for multifunctional products
The demand for multifunctional care products has surged considerably over the recent years. Personal care products offer several vital benefits and have gained popularity, especially among people who follow busy work schedules.
To meet this demand, manufacturers and brands are developing products that offer one stop solution to customers personal care needs. With increasing demand for such multifunctional products that offer multiple benefits, the personal care ingredient market may record prominent growth.
Surging demand for naturally derived products
The demand for natural personal care products has increased at a rapid pace over recent years. Customers are increasingly demanding for products that contain milder ingredients and that cause less damage.
This trend is essentially being witnessed in the hair care application segment. Hair care product manufacturers are advertising their products to increase sales, which may in turn boost personal care ingredients market growth.
Burgeoning demand across nations worldwide
APAC personal care ingredients market is expected to witness prominent growth on the back of increasing demand for personal care and cosmetics products. The region is expected to exceed USD 4.4 billion by the year 2024.
Meanwhile, LATAM is expected to offer lucrative growth opportunities to the personal care ingredient companies. Strong presence of cosmetic brands in nations like Brazil and Mexico is anticipated to accelerate regional market size. While the Middle East personal care ingredients market may also witness decent growth on account of strong presence of local personal care product brands.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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