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The number of options for consumers in terms of personal care products has gone up exponentially in recent years, and competition in the industry has become very intense. Product differentiation is more important for manufacturers and the use of different active ingredients has become a popular strategy for manufacturers around the world.
The global market for personal care active ingredients is expected to grow at a moderate CAGR of ~5.5 per cent through the forecast period till 2029. The growth can be attributed to the increasing awareness among consumers about factors such as the effects of the environment on the skin, types of products, and types of skin.
The trend is supported by a strong demand for anti-aging products and services, which has risen greatly owing to a widening range of geriatrics and a rising demand from consumers to delay aging. In addition, active ingredients are also finding roles in terms of products for hair care and sun protection, which will grow during the forecast period.
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North America and Europe Continue to Dominate
European and North American countries are the largest markets for personal care products comprising active care ingredients, owing to a massive rate of consumption for such products by the local populace. Other major markets, which have a matured consumer base comes from South Korea and Japan.
However, manufacturers are increasingly turning their attention towards countries is South Asia and the ASEAN region. Countries such as China, India, Vietnam, and Indonesia are displaying rapid growth as consumers are choosing to transition towards high end active ingredient containing personal care goods. This has pushed numerous manufacturers to eye potential market expansion, with Brazil being a region of prominence, having massive potential for market growth.
Biotech Practices Gain Important Even as Regulations Get Strict
Some of the more popular active ingredients used in personal care products belong to biotech ingredients and botanically sourced extracts, which could be the next pillars of growth for the supplies of active ingredients. This trend will be driven by the rising consumer preference for multifunctional and natural ingredients.
On the other hand, governments are pushing to protect such natural ingredients through a number of regulations, which control harvests and make the quality standards required for personal care products much higher. Certifying bodies such as the FDA, REACH, NATRUE, ECOCERT and COSMOS, are involved in this activity, which is expected to hamper the growth of the industry in the years ahead.
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Research and Product Innovation Drives Growth
Manufacturers around the world have been pushing ever greater amounts of resources towards the innovations in novel products, which are aimed towards increasing the safety and functionality of various active ingredients.
These manufacturers are pushing for the use of bio-active ingredients for a variety of skin conditions and skin types, and have risen by double digit rates for years. The trend will be supported by increased consolidation activity in matured markets, while emerging markets are set to be fragmented with new regional producers.
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