The personal care ingredients market is anticipated to thrive at an average CAGR of 4.6% between 2024 and 2034. The market is expected to have a market share of USD 21,416.2 million by 2034, while it is likely to be valued at USD 13,643.4 million in 2024. The shift of consumers from chemical-based components to botanical extracts is due to the evolvement of product formulations, increasing research and development activities across the world, and nascent consumer awareness about combinations of botanicals and other active ingredients.
Key Points
- The United States market leads the North American personal care ingredients market in terms of market share in North America. The United States held a market share of 2.6% in 2034. The factors attributed to the higher cosmetic and personal care consumption, new brands launching organic products, and greater influence of social platforms.
- The German personal care ingredients market held a market share of 2.7% in 2034. Higher imports cause market growth. Europe is the hub of the fashion industry, along with the demand for projects.
- The Indian market thrives at an average CAGR of 6.9% between 2024 and 2034. The growth is attributed to the increased per capita income, changing lifestyle, and the effective influence of social media.
- The Chinese market also thrives at a CAGR of 5.9% during the forecast period.
- Based on product type, the emollient segment leads the market, as it held a market share of 28.4% in 2024.
- Based on application type, the skincare segment strives as it accumulated a revenue share of 35.6% in the global market in 2022.
“The rising demand for personal care ingredients is significantly driven by consumer preferences for multifunctional, natural, and ethically sourced products. As the "clean beauty" movement gains momentum, transparency and eco-conscious formulations are becoming key growth factors in the industry”- says an Analyst at Future Market Insights, Inc.
Competitive Landscape
The key suppliers focus on launching more products involving organic and natural components. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Clariant AG has introduced a new range of personal care products in India with plant-based actives, vegetable oils, and natural emulsifiers.
- Wacker Chemie AG has recently launched make-up, hair care, sun care, oral care, insect repellant, skincare, and bath care products with the focus of producing natural and chemical effects of higher effectiveness.
Leading Personal Care Ingredient Brands
- BASF SE
- The Dow Chemical Company
- Croda International Plc
- Ashland Global Holdings Inc.
- Solvay S.A.
- Clariant AG
- Evonik Industries AG
- The Lubrizol Corporation
- Eastman Chemical Company
- Nouryon Chemicals B.V.
- Kao Corporation
- ADEKA Corporation
- Givaudan SA
- Innospec Inc.
- Merck KGaA
- L'Oréal S.A.
- Unilever PLC
- Lonza Group AG
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