Rising consumer income levels in developing countries and increased call for personal care products are driving expansion in the global industry
The personal care ingredients industry was valued at $ 13.29 billion in 2020 and is predicted to reach $ 17.81 billion by 2025, with a CAGR of 4.51% from 2020 to 2025. Personal care ingredients are the most popular raw materials employed in the manufacture of skin care products around the world. These ingredients can be employed in skin care products as an antifungal agent, an anti-aging agent, a skin conditioning agent, and the like. Active ingredients include anti-aging agents, exfoliants, conditioning agents, and UV protection agents; while inactive ingredients include surfactants, preservatives, colorants, and polymeric ingredients. Escalating disposable income has bolstered the purchasing power of consumers and changed living standards, which is predicted to drive expansion of the personal care ingredients industry in 2020-2025. Additionally, increased consumer awareness of versatile products is driving industry expansion. However, the side effects of personal care chemicals and strict government regulations are the key factors restraining industry expansion during the foreseen period. Whereas innovations in skin care products and increased health awareness, as well as the escalating call for personal care products are predicted to create opportunities in the global industry for personal care ingredients in during the period analyzed. Furthermore, with GDP expansion and healthy employment in emerging economies, the call for skin-friendly multipurpose cosmetics is escalating, which is predicted to give new impetus to the global industry for cosmetic and personal care ingredients.
Market drivers and restraints:
Large investments are made in R&D activities to create new innovations in personal care ingredients that drive the expansion of the global industry for personal care ingredients. Rising consumer income levels in developing countries and increased call for personal care products are driving expansion in the global industry for personal care ingredients. The escalating aging of the population and the growing trend of consumer beautification among young and old are driving the expansion of the world industry. However, the side effects of personal care ingredients, time-consuming results, and uncertainties about product effectiveness are hampering the expansion of the global personal care ingredients industry. The growing consumer penchant for versatile products among the workforce is likely to increase call for skincare ingredients. Consumers' fast-paced and time-tight lifestyles are leading them to simplify their daily beauty routines, which is why versatile products are gaining popularity as they offer several benefits at once, such as anti-aging, hydration, cleansing. , UV protection and antioxidant. With this trend, the consumption of versatile ingredients has increased rapidly. For example, makeup products for skin care and sunscreens have UV protection because consumers are already aware of the harmful effects of UV rays. Therefore, there is an increased call for UV absorbers, which is likely to fuel the call for versatile ingredients during the evaluation period.
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