Over the recent years, worldwide personal care ingredients market has persistently taken the center stage, as beauty & personal care products are now under constant innovation to cater to the growing consumer demand. The consumers’ perspective pertaining to the notion of beauty has become rather sophisticated making the relationship between both the receiving and the giving end fragile yet tenacious. Of late, people have become increasingly conscious about their personal well-being and appearance, which has resulted in a major upsurge in beauty product sales, fueling personal care ingredients industry share. This is evident from the estimates – the valuation of personal care ingredients market was worth USD 8 billion in 2016, and will continue to expand with the changing trends in beauty and cosmetics applications.
Here’s a preview of the four key trends set to impact personal care ingredients industry:
Multifunctional or the one-product fits all approach
It has been observed that typical modern-day consumers prefer to simplify their daily beauty routines, in the interest of their hectic, fast-paced schedules. These consumers also prefer to use a single product instead of applying a range of different products that may be deemed suitable for specific skincare concerns. Thus, multifunctional products are gaining renewed popularity, as worldwide personal care ingredients market is witnessing an emergence of cosmetics products that can offer several perks rolled into one. The trend of multifunctional products may have started off with the launch of BB creams, which provide the multiple benefits of moisturizing, brightening, evenness, radiance, lightweight texture and other variants such as anti-aging and UV protection as well. As more and more customers are leaning toward products that combine skincare and makeup, multifunctional products are poised to gain a sizable valuation, having garnered the title of convenient and cost-effective beauty solutions in personal care ingredients industry. With the growing trend of these products, cosmetics preservative market is also likely to a mark a profitable growth map, as these preservatives play a vital role in increasing the shelf life and quality of various personal care ingredients.
Purity over performance: The rise of natural products in personal care ingredients market
With natural and organic products attaining a burgeoning interest from consumers, preferring purity over performance has become one among the most notable trends in the personal care ingredients industry. A lot of consumers are easily drawn to cosmetics containing natural ingredients because of their perceived health benefits. For instance, the natural origins and SPF boosting properties of jojoba, almond, palm, & soy bean oils, oat extract, and cinnamon bark oil have led to their widespread usage in natural sun care products. According to a surveyed data report, more than 50% of women over 35 years of age feel that the proportion of green and organic ingredients are important when purchasing cosmetics products. This percentage is slightly higher among millennial women – more than 73% of these women give importance to green ingredients. This trend has possibly originated due to the rising awareness among consumers about the side-effects of synthetic products within personal care ingredient industry. In the early years of the new millennium however, organic cosmetics started gaining popularity and consumers inclined toward reading labels and avoiding products with chemicals such as parabens, PEG compounds, phthalates, sodium lauryl sulfate, formaldehyde, toluene, aluminum salts, and synthetic colors & fragrances. The switchover from chemical to natural cosmetics, haircare, and baby care products has depicted an upward trend in the global personal care ingredients market share.
The largest potential for the growth of natural and herbal products within personal care ingredient market, lies in the sectors such as hair care, bath & shower products, baby care, and oral care. The baby care sector has been chiefly impacted as parents are now-a-days are more aware of the health effects of certain additives and chemical ingredients. Thus, many manufacturers are highlighting the natural ingredients in their products to intensify their sales rate. The prominent manufacturers within personal care ingredients industry are also likely to increase the number of natural ingredients used in their products to satisfy customers demand.
Milder ingredients to gain prominence in personal care ingredients market
Although the trend of multifunctional and natural products has now been incorporated firmly on the professional radar of personal care ingredients market, the rising importance of milder ingredients in recent years is set to demonstrate another transformative trend in this business. Consumers are now favoring milder, gentler products, which are perceived to be less harmful and damaging over time. The trend has caught on in the entire beauty industry, though the hair care business has been at the forefront. Consumers prefer purchasing water-based products instead of solvent-based shampoos, conditioners, hair masks and serums. The use of such products is particularly high in the developed markets of advanced economies. Strict surveillance by the government and other regulatory bodies have also significantly led beauty product manufacturers to wisely choose the ingredients for their product formulation. As per a reliable research report, in 2016, the hair care segment within personal care ingredients industry was pegged at USD 1.9 billion and is expected to record a healthy growth rate.
Marine & plant-based products takeover animal products in personal care ingredients market
The changing face of the personal care ingredients industry is perhaps best reflected in the growing preference of plant-based products over animal derivatives. Consumers are leaning toward sustainable, eco-friendly, ethical, and socially responsible brands that forbid the usage of animal-derived ingredients, which has resulted in aquatic plant-based ingredients gaining renewed popularity. For instance, recently, algae have been gaining significant prominence in skin care and cosmetics industry. The trace elements and minerals of algae have a similar distribution of cells as those in the human body. Its proteins supply the skin with energy and their mucus substance protects the skin from drying. Such effective benefits of plant-based products over animal-derived products have driven the cosmetics application of personal care ingredients market. The rising negative attitude toward the production process of animal-derived ingredients has also favored the growth curve of plant-derived products in personal care ingredient market. The raw plant-based personal care ingredients industry is likely to gain a larger marketplace over the coming years. France, Germany, and Spain are among the leading European importers of raw plant materials from the developing nations.
The two emerging personal care ingredients market trends
With the aforementioned trends of the personal care ingredients market, it is quite evident that many people care a great deal about what goes into their beauty products. The multifunctional, organic, and milder ingredients are now so ubiquitous that they have covered a major portion of personal care ingredients industry share. However, one of the latest additions to join the bandwagon of personal care ingredient market trends is halal beauty. This refers to the products that are produced, composed, and manufactured from ingredients that are “permitted” under the Islamic law. This means that these beauty products should not contain pork, carnivorous animals, blood, alcohol, and animals that were dead prior to slaughtering, as these items are considered haram – “forbidden” in Arabic. The rising trend of ethical well-being in the global personal care ingredients market will eventually lead to halal product market going mainstream, which currently comprise niche companies predominant in Muslim countries.
The second prominent trend that is impacting personal care ingredients industry is the upswing in men grooming products. Today, the spectrum of male grooming products has gone beyond shaving creams and deodorants. Men are becoming more sophisticated in their grooming habits and have tapped into the ever-growing product offerings available. Personal care ingredients market size pertaining to men’s grooming products has evolved from being a relatively under developed category to having doubled in a decade. Growth in the hair care development, hair styling, and skin care regime for men has strongly influenced personal care ingredients industry manufacturers to focus on male grooming products. The end of 2016 witnessed a collaboration between Philips & L’Oréal launching a barber shop at the Singapore Changi Airport to showcase their men grooming techniques and products. Another instance is that of The Art of Shaving outlets, which deliver grooming experiences to their customers to introduce premium men grooming products. Global personal care ingredients market players are expected to successfully tap into the enormous potentials and opportunities in the growing men grooming products industry over the years ahead.
Beauty product manufacturers have been investing heavily in research & development activities, supported by highly advanced technology, to develop new ingredients and chemicals for the product landscape of personal care ingredients market. Manufacturers are also actively adopting the ‘green chemistry’ principles to meet the consumer demand. A report compiled by Global Market Insights, Inc., predicts the global personal care ingredients industry to record a y-o-y growth of 5.4% over 2016-2024 and secure a market valuation over USD 12 billion by 2024. With strong ties to health, beauty, and personal well-being, worldwide personal care ingredients industry is certain to witness a substantial growth ahead, undeniably with the tag of “consumer driven marketplace.”
Global Market Insights, Inc. has a report titled “Personal Care Ingredients Market Size By Product (Surfactants, Conditioning Polymers, Emollients, Rheology Control Agents, Emulsifiers, Antimicrobials), By Application (Skin Care, Hair Care, Oral Care, Cosmetics) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” available at https://www.gminsights.com/industry-analysis/personal-care-ingredients-market