Market Synopsis: —
The changing trends in the industry are likely to motivate the growth of the cosmetics and personal care ingredients market in the years to come. The rising demand for vegan and organic products is expected to accelerate revenue generation for the players of the market in the foreseeable future. In addition, the introduction of products for specific purposes such as UV protection, anti-aging, etc. are expected to favor the proliferation of the market over the next couple of years.
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The demand for cosmetics and personal care products in on the rise. It is anticipated to gain more traction over the next couple of years. Market Research Future (MRFR)’s new assessment highlights that the global cosmetics and personal care ingredients market is projected to strike 5.78% CAGR during the assessment period 2018 to 2023. The analysis further highlights that the global market is poised to exceed USD 9 Bn mark by 2023.
Factors such as increasing awareness about brands, rising purchasing power, etc. are likely to influence the expansion of the cosmetics and personal care ingredients market positively over the assessment period. On the flip side, the bans imposed on some ingredients can pose a challenge to market participants.
Ittihad International Chemicals Trading LLC
Eastman Chemical Company
Artec Chemical Company Limited
Dongming Jujin Chemical Co., Ltd.
In June 2019, PureCBDFactory, a producer of specialty retail Hemp products, has announced the launch of Hemp CBD Oil Tincture and Hemp Topical Cream. The oil is launched in three varieties - 1500 mg, 750 mg, and 250mg. Both the products are Non – GMO and organic.
In March 2019, Unilever, a British-Dutch transnational consumer goods company, has expanded its product line named ‘Love Beauty & Planet’ in France. The line of products is entirely vegan and natural.
Based on product type, the global cosmetics and personal care ingredients market has been segmented into tocopherol, dimethicone, titanium dioxide, sodium laureth sulfate, parabens, benzones, sodium lauryl sulfate, formaldehyde, isopropyls, glycerols, alcohols, and others. The formaldehyde segment is expected to hold the pole position through the forecast period. It is estimated to reach a valuation of USD 2,323.7 Mn by 2023. On the other hand, the glycerol segment is projected to expand at a relatively higher CAGR and touch a valuation of USD 1.86 Bn by 2023.
On the basis of applications, the cosmetics, and personal care ingredients market has been segmented into color cosmetics, fragrance, bath & shower, skin care, hair care, and others. Among these, the skincare segment is poised to witness considerable demand in the forthcoming years. The segment is prognosticated to mark a CAGR of 7.07% over the review period. The hair care segment is also projected to expand at a considerable pace and scale valuation of USD 3,047.9 Mn by 2023.
The geographical study of the global cosmetics and personal care ingredients market spans across North America, Asia Pacific, Europe, South America, and the Middle East & Africa (MEA). Asia Pacific is anticipated to exhibit a steady CAGR over the assessment period. The increasing population of working women in the region is one of the primary factors expected to boost the growth of the cosmetics and personal care ingredients market in the region. Europe is expected to register a CAGR of 4.86% across the projection period. The cosmetics and personal care ingredients market in the region is on the verge of entering a phase of maturity.
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