Global Personal Care Chemicals Market Size is projected to reach USD 19.29 billion by 2031, growing at a CAGR of 3.94%: Straits Research

According to Straits Research, “The global personal care chemicals market size was valued at USD 13.63 billion in 2022. It is estimated to reach USD 19.29 billion by 2031, growing at a CAGR of 3.94% during the forecast period (2023–2031).”

New York, United States, March 21, 2024 (GLOBE NEWSWIRE) — Chemicals used in personal care products range from the metallic salts and fatty acids found in common bath soaps to high-end cosmeceuticals that combine the cosmetic features of cosmetics with medicinal and chemical benefits. Personal care products are manufactured using personal care ingredients. Personal care chemicals can be derived from organic or synthetic sources. Various applications for personal care chemicals include hair care, skin care, oral care, cosmetics, etc. These chemicals can be utilized as anti-fungal, anti-aging, skin conditioning, anti-hair loss, hair conditioner, and shampoo, among other applications. People use personal care items to maintain or enhance their health and hygiene.

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Growth in Sustainable Packaging Drives the Global Market

Environmental consciousness primarily stimulates the expansion of sustainable packaging and processing operations. The personal care business has turned toward environmentally friendly packaging. In the personal care business, sustainable packaging is a trend that stays strong over the long term. It is part of an increasing trend toward eco-friendly and sustainable products. The penetration of sustainable packaging is greatest in Europe and North America, whereas claims in Asia-Pacific are far lower than in other regions.

Recyclable packaging has been the most sought feature for sustainable packaging, followed by refillable bottles. For refillable items such as deodorant sticks and toothpaste tablets, brands such as Unilever have developed stainless steel and glass containers, double-walled steel containers, and aluminum containers. Materials may include paper and cardboard, corn starch, recycled polythene, or Plastarch Material (PSM). These packaging materials are biodegradable and eco-friendly. Hence, these factors are projected to drive market expansion.

Increasing Demand in Emerging Economies Creates Tremendous Opportunities

A heightened awareness of healthy living has led to an increase in the per capita expenditure on household goods throughout Asia-Pacific. There is a growing demand for products that make certain claims, such as UV protection, long-lasting moisturization, organic, whitening, and anti-aging. In addition, companies have adopted product innovation as their primary approach to growing their geographical footprint and consumer base. The personal care market in India is driven by high disposable income, expanding awareness, and rising demand for herbal and organic goods. Further, the market for personal care products in Latin America is anticipated to grow due to shifting demographics, ongoing advancements, and a growing population. Innovation is the primary factor for the increase in sales. Since the complexion and hair of Latin Americans differ from those of Europeans, mass-produced products have proven useless. Nonetheless, due to innovation, brands have created items specific to the wants and demands of Latin Americans.

Competitive Players

The key players in the global personal care chemicals market are BASF SE, DOW, Solvay, Evonik, Clariant, Ashland, Croda International PLC, Lonza, Nouryon, Wacker Chemie AG, Innospec, Stepan Company, Merck KGaA, Corbion, The Lubrizol Corporation, Galaxy Surfactants, Sasol Limited, Adeka Corporation, Elementis PLC, Oxiterno, Kao Corporation, DSM, Eastman Chemicals Corporation, and Air Liquide and Givaudan.

Regional Analysis

Asia-Pacific personal care chemicals market share is anticipated to exhibit a CAGR of 4.13% during the forecast period. This is owing to the emergence of economies in Southeast Asia, such as India, Indonesia, and Malaysia, as well as the growth of disposable income in industrialized nations, such as Japan and China. The pandemic has affected the spending patterns and purchase preferences of Asian consumers, resulting in a minor decline in market growth due to the lockdown and closure of major retail shops. In addition, the region’s desire for natural or organic products has increased due to a greater emphasis on health and well-being. These considerations have driven businesses to enhance their product lines in response to shifting consumer demands. Further, concerns about dryness, loss of volume, and other hair-related difficulties among younger Asian customers have spurred the expansion of the hair care sector as the prevalence of hair thinning increases.

Europe is estimated to exhibit a CAGR of 4.0% over the forecast period. The personal care market in Europe has experienced significant growth over the past five years due to the increasing demand for younger-looking skin among males and females, the strengthening of distribution channels and promotional campaigns, and the growing consumer interest in personal care and wellness. Due to the rising demand for anti-aging and men’s grooming goods, Germany is Europe’s top revenue-generating nation. In addition, changing lifestyles and increased need for skincare products due to shifting weather conditions and growing demand for environmentally and animal-friendly products will contribute to expanding the personal care market throughout the forecast period. Furthermore, BASF and Clariant International, Dow Chemicals Company, Evonik Industries, and Solvay are market leaders. These businesses employ multiple techniques to increase market share and gain a competitive edge, propelling market expansion.

Key Highlights

  • Based on source, the global personal care chemicals market is bifurcated into organic and synthetic sources. The synthetic segment dominates the global market and is projected to exhibit a CAGR of 3.74% over the forecast period.
  • Based on ingredients, the global personal care chemicals market is divided into rheology modifiers, emollients, surfactants, emulsifiers, and conditioning polymers. The emollient segment is responsible for the largest market share and is anticipated to exhibit a CAGR of 4.71% over the forecast period.
  • Based on end-user, the global personal care chemicals market is segmented into skincare, hair care, oral care, cosmetics, and others. The skincare segment owns the highest market share and is estimated to boost at a CAGR of 4.21% during the forecast period.
  • Asia-Pacific is the most significant global personal care chemicals market shareholder and is anticipated to exhibit a CAGR of 4.13% during the forecast period.

Market News

  • In March 2023, BASF Personal Care introduced KerasyliumTM, a new hair care component that assists in repairing damaged hair and shielding it from daily aggressions at in-cosmetics Global in Barcelona. Kerasylium is a microcomplex consisting of peptides and nutrients.
  • In March 2023, Reliance Consumer goods Limited (RCPL), the FMCG arm of Reliance Retail, announced introducing a home and personal care goods range on Wednesday, expanding its FMCG portfolio.

Global Personal Care Chemicals Market: Segmentation

By Source

  • Synthetics
  • Organic

By Ingredients

  • Emollients
  • Surfactants
  • Rheology Modifier
  • Emulsifiers
  • Conditioning Polymer
  • Others

By End-User

  • Skincare
  • Hair Care
  • Oral Care
  • Cosmetics
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/personal-care-chemicals-market/segmentation

About Straits Research Pvt. Ltd.

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