Globally the Personal care active ingredient market to experience downturn amid COVID-19 pandemic. According to Fact.MR recent report strong growth in the cosmetics and 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 lifestyles in emerging markets.
Flourishing sales of personal care products have a direct impact on the growth of the personal care active ingredients market.
Furthermore, heightened penetration of organized retail along with progressive e-commerce 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 the U.S. are major consumers of personal care products. The imposition of lockdowns in these regions along with other developing countries such as India and Japan has hampered sales of personal care active ingredients.
Similarly, Botanical extracts hold a prominent share in the global personal care active ingredients market. And its ingredients amongst other active ingredient types are likely to witness high growth of around 7% in the forecast period.
As for the anti-aging products in the personal care industry to drive demand in forecast period. The anti-aging segment holds more than half of the market share in the global personal care active ingredients market. An increase in the consumption of anti-aging products is a key growth engine of the personal care active ingredient market.
Also, the report showed that Europe will remain dominant in the personal care active ingredient market, North America to showcase impressive growth.
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.