Compared to $4,550.6 million in 2021, the global bio-based cosmetics and personal care ingredients market is projected to generate $7,271.7 million by 2030, advancing at a CAGR of 5.3% during 2021−2030. The expanding cosmetics industry, spreading awareness regarding the side-effects of synthetic chemicals on the skin, and surging influence of advertisement strategies on consumer trust are propelling the market.
In the year 2021, the usage of bio-based elements in skin and sun care solutions generated almost $2 billion in revenue. The dominance of this application on the bio-based cosmetics and personal care ingredients market is mainly due to the increasing awareness regarding sun and skincare products among customers and the involvement of companies in creating natural ingredients for such cosmetics.
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Key Findings of Bio-Based Cosmetics and Personal Care Ingredients Market Report
- In 2021, North America led the bio-based cosmetics and personal care ingredients market with around 45% share. The increasing consumer preference for multifunctional personal care products, busy lifestyles, and increasing employed population are driving the growth of the industry.
- APAC is expected to witness the fastest expansion in the near future, attributed to the improving healthcare infrastructure, growing cosmetics industry, and increasing disposable income. India and China account for tremendous opportunities for companies offering nature-derived ingredients for cosmetic and personal care products.
- The overall market for beauty products is driven by the existence of a large number of cosmetics corporations. For example, according to the Food and Drug Monitoring Agency (BPOM), in 2017, there were over 700 cosmetics organizations in Indonesia alone, across its 19 provinces.
- As per the Organisation for Economic Co-operation and Development (OECD), the growth rate of the household disposable income per capita in the U.K. advanced from 2.9% during 2013–2014 to 3.8% during 2014–2015.
- This factor plays a key role in driving the sale of cosmetics and personal care products by giving people more to spend. Additionally, with teens and young youths regularly attending social events, the focus on looking good has strengthened in recent years.
- In October 2021, Botanica GmbH was bought by Evonik Industries AG for improving its active cosmetic ingredient portfolio. Botanica GmbH would incorporate into the care solutions business line within nutrition & care, Evonik’s life sciences division.
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In the years to come, derivatives and vitamins are set to advance with around 5% bio-based cosmetics and personal care ingredients market CAGR. As per the World Bank, in 2020, 65% of the total population was between the ages of 15 and 64. Individuals in this age group are more willing to use bio-based cosmetic products, which contain derivatives and vitamins, to improve their appearance, at the same time protecting themselves from the harmful effects of chemical-based ingredients.
Leading companies offering natural ingredients to personal care and cosmetics firms are Ashland Global Holdings Inc., BASF SE, Clariant AG, Symrise AG, The Lubrizol Corporation, Solvay SA, The Dow Chemical Company, Koninklijke DSM N.V., DuPont Tate & Lyle Bio Products Company LLC, Covestro AG, Evonik Industries AG, and Allied Carbon Solutions Co. Ltd.
Bio-Based Cosmetics and Personal Care Ingredients Market Segmentation Analysis
By Active Ingredient
- Vitamins and Derivatives
- Potassium Sorbate
- Bio-Succinic Acid
- Hyaluronic Acid
- Alpha Hydroxy Acids
- Skin and Sun Care
- Hair Care
- Make-up and Color Cosmetics
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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The high incidence of these skin diseases is fueling the demand for dermacosmetics. Apart from this factor, the growing propensity of people for spending in order to improve their looks and appearance is also propelling the expansion of the dermacosmetics market.
Geographically, the north region is projected to dominate the Indian skincare dermacosmetics market in the coming years. This can be due to the presence and availability of international brands in northern cities, such as Delhi-NCR and Chandigarh, of the nation.
Globally, the skincare devices market is predicted to demonstrate the highest growth rate in Asia-Pacific in the future. This would be because of the presence of a large population, the increasing incidence of obesity and skin diseases, and surging geriatric population in the region.