BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global personal care specialty ingredients market size at USD 11.79 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global personal care specialty ingredients market size to grow at a significant CAGR of 5.28% reaching a value of USD 16.71 billion by 2029. Major growth drivers for the global personal care specialty ingredients market include an increasing awareness among consumers regarding the hazardous nature of synthetic chemicals utilized in personal care products and toiletries. The desire to maintain a youthful appearance, especially among the aging population, has also contributed to the increased demand for anti-aging personal care items. Specialty ingredients like peptides, retinol, and hyaluronic acid are commonly utilized to target aging signs and enhance skin texture. Manufacturers continuously innovate by developing new and advanced specialty ingredients to meet consumer expectations and address specific skincare needs. These innovations often emphasize natural and sustainable ingredients, as well as customized formulations tailored to different skin and hair types. Additionally, the growth in disposable income in emerging economies has led to higher purchasing power for personal care products, driving the demand for premium and specialized items and fueling the market for specialty ingredients. Consequently, these factors are anticipated to propel the growth of the global personal care specialty ingredients market throughout the forecast period. However, volatile raw material prices are anticipated to restrain the overall market growth.
Global Personal Care Specialty Ingredients Market – Overview
The global personal care specialty ingredients market refers to the industry that supplies a wide range of specialized ingredients used in the formulation of personal care products. These ingredients are designed to enhance the performance, efficacy, and overall quality of personal care items such as skincare products, hair care products, cosmetics, oral care products, and fragrances. The market includes a diverse array of specialty ingredients, including emollients, surfactants, conditioning polymers, emulsifiers, rheology modifiers, UV absorbers, active ingredients, and other specialized compounds. These ingredients are sourced, manufactured, and distributed by companies operating in the personal care industry to meet the growing demand for innovative, effective, and safe products in the global marketplace.
Impact of COVID-19 on Global Personal Care Specialty Ingredients Market
COVID-19 pandemic had a dual impact on the global personal care specialty ingredients market. While there was a short-term decline in demand due to lockdowns and supply chain disruptions, the market quickly rebounded as consumer focus shifted towards personal hygiene and self-care. The increased emphasis on hand sanitizers, soaps, and skincare products created new opportunities. However, challenges such as reduced consumer spending, disrupted distribution channels, and a shift in consumer preferences towards essential products have affected the market. Additionally, the pandemic has also led to supply chain complexities, increased costs, and regulatory hurdles, impacting the overall growth trajectory.
Global Personal Care Specialty Ingredients Market – By Application
Based on application, the global personal care specialty ingredients market is divided into Hair Care, Shampoo, Hair Gel, Skin Care, Creams & Lotions, and other segments (Cleansers, Moisturizers, Body Wash, Color Cosmetics, Nail Care, Lip Products, Facial Make Up, Eye Make Up, Oral Care, Toothpastes, Mouth Washes & Rinses, Denture Cleaning & Care) segments. The skincare segment holds the highest share in the global personal care specialty ingredients market. Skincare products are an integral part of daily self-care routines and are in high demand across demographics. Consumers are increasingly prioritizing skincare as they seek products that address specific skin concerns, offer anti-aging properties, and provide overall skin health benefits. Personal care specialty ingredients play a crucial role in enhancing the efficacy and performance of skincare formulations, offering properties such as moisturization, anti-aging effects, UV protection, and texture improvement. This high demand for effective and innovative skincare products drives the need for a wide range of specialty ingredients.
Major players operating in the global personal care specialty ingredients market include Ashland Global Holdings Inc., BASF SE, Clariant AG, Inolex, Croda International PLC, DOW, Evonik Industries, J.M. Huber Corporation, KCC Corporation, Solvay SA, Lonza Group, Cargill, Lubrizol Corporation, Huntsman International, and Wacker Chemie Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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