Global personal care active ingredients market is expected to witness a moderate growth of 5.5% over the forecast period of 2019-2029.
Rockville, United States – December 4, 2019 —
Fact.MR has recently divulged a latest research report emphasizing on the importance of personal care active ingredients and its strengthening market scenario. The assessment is titled “Personal Care Active Ingredients Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2019 to 2029”, which reveals improved consumer spending on personal care products that hold specific functionalities. In addition, younger consumers are more focused on averting and delaying aging, thus motivating innovation for an extensive range of anti-aging products. As per research findings, the global personal care active ingredients market is projected to surpass US$ 3 Bn by 2029; thereby registering moderate growth at over 5.5% CAGR during the forecast period (2019-2029).
With a firm outlook centered at the global personal care active ingredients market, anti-ageing products acquire close to 60% of the global market share. This is supported by the population demographics that is shifting gradually towards the elderly, mainly in the western countries and Japan. It is interesting to know that close to 40% of the population in the U.S., Europe, and Japan is aged above 50 years. Therefore, this age group demands modified personal care products so as to lessen signs of aging, thus increasing the need for anti-aging products that are rated efficient.
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Personal Care Active Ingredients Manufacturers Place Higher Eminence on Product Innovation
As examined through this intelligent Fact.MR report, manufacturers have been thoroughly stressing on product innovation so as to acquire a competitive lead in the personal care active ingredient market. To be precise, product innovations are positioned on refining functionality and safety of active ingredients. Furthermore, global manufacturers are preparing to invest in research & development activities with a purpose to evolve bio-active ingredients suitable for different skin types as well as skin conditions.
Botanical & Marine Ingredients Set to Register Enhanced Proclivity during Forecast Period
According to this study, anti-ageing and hair care segments are marked as high growth segments when compared to all product categories of personal care active ingredients. It is estimated the concerned segments are likely to register a combined incremental opportunity of over US$ 750 Mn by 2029. In the coming years, botanical extracts, marine ingredients and biotech-based ingredients will be seen as prospective growth props for personal care active ingredient suppliers; actively
accounting more than 70% of the overall personal care active ingredients market.
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South Asian Countries Likely to Exhibit Lucrative Opportunities
Geographically, the ASEAN and South Asian countries are likely to witness swelling growth, particularly in countries such as India, Vietnam and Indonesia. On the other hand, Latin America has started to build its status as a developing market as global manufacturers are sighting potential market expansion plans in the region. Among these, Brazil is marked as a prominent country that does hold huge potential for market development.
As the report concludes, readers can acquire precise information centered at the competitive landscape covering leading market players. Some of the prime manufacturers as mentioned in the report are BASF SE, BERKEM, Clariant AG, BGG, Corum, Croda, DSM, Evonik Industries AG etc.
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This news is published on Reuters.