Growing at a CAGR of 5.4%, the personal care ingredients market size in terms of value is projected to reach $17.6 Billion by 2020- predicted by leading market research firm MarketsandMarkets.
Good news for the manufacturers of high quality personal care products. A globally renowned market research firm MarketsandMarkets has predicted a sharp rise in the personal care ingredients market size in terms of value.
The personal care ingredients market size in terms of value isprojected to reach $17.6 Billion by 2020, at a CAGR of 5.4 per cent between 2015 and 2020. Significantly, the personal care ingredients have applications such as skin care, hair care, oral care and others.
The report also suggested the skin care application accounted for 43.8 per cent market share in terms of value in 2014. “Conditioning Polymers to have the highest growth”
Conditioning Polymers are one of the major kinds of personal care ingredients, and is expected to witness highest growth rate of 7.3 per cent, from 2015 to 2020. They are majorly used in hair care products.
Significantly, the lifestyle of the consumers in major developing economies such as China and India is changing with the increasing income and purchasing power. With a rising middle class population, the consumer goods and services market in the emerging economies will provide vast opportunities for all businesses concerning personal care products.
Personal care products in India, being a kind of consumer oriented business, constantly try to cope with the modern and latest requirements of the inhabitants of the country.
This industry mainly concentrates on the manufacturing of products related to personal hygiene and beautification and the top player of the country include ITC Limited, Johnson and Johnson, P&G, Colgate Palmolive India, Hindustan Unilever Limited and Dabur India, to name a few.
Skin Care segment is the largest application for personal careIngredients. Growing demand for anti-ageing products, sunscreens and bio-based products are the major factors driving theskin care segment. The leading players in the market includeAshland Inc. (US), Croda International Plc (UK), BASF SE (Germany), Solvay S.A (Belgium), Stepan Company (US), TheDow Chemical Company (US), Evonik Industries (Germany), DOW Corning (US), and DSM (The Netherlands), and ClariantAG (The Switzerland).
The report covers the personal care ingredients market and itstrends in four regions, North America, Europe, Asia-Pacific and RoW.
The market has also been analyzed on the basis of types, such as surfactants, conditioning polymers, emollients, rheology control agents and others have also been studied and included in this report. The market has also been analyzed on the basis of application such as skin care, hair care, oral care and others.
Thus, all the personal care products manufacturers in India can bet high on the global market growth of ingredients.