Personal Care Active Ingredients Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2030 Strong growth in the cosmetics & personal care market is set to fuel demand for personal care and active ingredients. The trend of premiumization of beauty products is driving growth within the overall personal care industry, owing to improving life styles in emerging markets. Flourishing sales of personal care products has a direct impact on the growth of personal care active ingredients market. Furthermore, heightened penetration of organized retail along with progressive ecommerce platforms are anticipated to drive demand for personal care active ingredients. Based on the aforementioned factors, the global personal care active ingredients market is poised to grow at a modest CAGR of 5.5% over the forecast period (2020-2030). However, the outbreak of COVID-19 is impacting demand for global personal care products, attributed to nation-wide lockdowns and disrupted supply chains. China and U.S. are major consumers of personal care products. Imposition of lockdowns in these regions along with other developing countries such as India and Japan has hampered sales of personal care active ingredients. Botanically Extracted Personal Care Active Ingredients to account for Lion’s Share Botanical extracts holds a prominent share in the global personal care active ingredients market. Such growth is attributed to increased consumption of natural actives and favorable government policies across the globe. Moreover, botanical extracts and marine ingredients amongst other active ingredient types are likely to witness high growth of around 7% in the forecast period. Such growth is attributed to rising demand for natural ingredients in personal care product formulations and favourable government policies on the utilization of natural active ingredients. Anti-aging Products in Personal Care Industry to Drive Demand in Forecast Period Around 40% of the U.S., Europe, and Japan's population is over 50 years old. Consequently demand for customized personal care products to reduce signs of aging is witnessing an upward trend. In addition, younger consumers focused on preventing and delaying aging are driving innovation for a wide range of age-related products. Anti-aging segment holds more than half of the market share in the global personal care active ingredients market. Increase in consumption of anti-aging products is a key growth engine of personal care active ingredient market. Europe to remain Dominant in Personal Care Active Ingredient Market, North America to Showcase Impressive Growth Europe personal care active ingredient market stands at US$ 510 Mn and is seen as the most lucrative market for revenue generation. By age group, the average per capita spending by women aged 45 and above is around 70% of the total European market. Eastern Europe is a developing market with enormous growth opportunity for market players, whereas Western Europe has reached maturity. Furthermore, North America is expected to grow at an impressive growth rate. Despite anti-aging products enjoying market dominance, sun-care products are poised to grow at the highest CAGR during the forecast period.
Expansion of Product Line and Innovative Solutions to remain Key Strategy of Global Players The prominent players of personal care active ingredient manufacturers are focusing on the expansion of their product line to meet demand associated with different applications and segments. For instance, BASF launched the bioactive ingredient “Inolixir�, the active ingredient naturally extracted from chaga mushroom, obtained from subcritical, water extraction and ecofriendly technology. Clariant Active Ingredients launched active skincare ingredient B-Circadin.