The Personal Care Ingredients Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Personal Care Ingredients Global Market Report 2024, The personal care ingredients market size has grown strongly in recent years. It will grow from $15.08 billion in 2023 to $16.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to beauty and wellness trends, skincare and cosmetics innovations, consumer demand for natural and organic products, aging population and anti-aging products, regulatory standards for ingredient safety..
The personal care ingredients market size is expected to see strong growth in the next few years. It will grow to $22.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to sustainable packaging and supply chain practices, continued demand for clean and green beauty, growth in personalized skincare products, expansion of men’s grooming products, increasing focus on mental well-being. Major trends in the forecast period include microbiome-friendly personal care products, ai-driven skincare recommendations, vegan and cruelty-free ingredient options, nanotechnology in ingredient delivery, cbd and hemp-derived ingredients.
The increasing young population will contribute to the demand for the personal care ingredients market in the forecast period. The growing desire to look good and presentable drives the demand for personal care products for the increasing youth population. For instance, in November 2022, according to the Partnership for Maternal, Newborn & Child Health (PMNCH), a Switzerland-based alliance committed to promoting and improving the health and well-being of mothers, newborns, and children globally, the worldwide population of young individuals aged between 10 and 24 reached an unprecedented high of 1.8 billion. Thus, the increase in the youth population is expected to drive the personal care products demand, thereby driving market growth in the future.
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The personal care ingredients market covered in this report is segmented –
1) By Ingredients: Emollients, Surfactants, Emulsifiers, Rheology Modifiers, Conditioning Polymers, Other Ingredients
2) By Source: Natural Ingredients, Synthetic Ingredients
3) By Application: Skin Care, Hair Care, Oral Care, Cosmetics, Other Applications
Major companies operating in the personal care ingredients market are launching biosurfactants to address the rising demand for sustainable beauty care solutions. Biosurfactants are naturally occurring, surface-active compounds produced by microorganisms that have the ability to reduce surface tension and enhance the interaction between liquids and solids. For instance, in June 2022, Solvay, a Belgium-based chemical company, launched Mirasoft SL L60 and Mirasoft SL A60, two 100% biobased and biodegradable biosurfactants made from rapeseed oil and sugar. These glycolipid biosurfactants, produced through a cost-efficient fermentation process, are aimed at diverse beauty care applications including shampoos, conditioners, and face washes.
The personal care ingredients market report table of contents includes:
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