Personal Care Ingredients Market Growth Rate, Trends Analysis Report 2019-2029
The introduction and proliferation of bio-based ingredients in several industries, such as food and beverage, pharmaceuticals, and cosmetics, has been transforming the manufacturing landscape since 2000. Growing consumer inclination toward the adoption of bio-based products due to rising health and environmental concerns is driving the demand for bio-based ingredients in the cosmetics and personal care products. Besides, awareness among consumers regarding the harmful effects of synthetic ingredients chemicals has grown rapidly over the past years. In addition, the availability of green raw materials has also urged large cosmetic firms to develop bio-based cosmetic products.
However, limited availability of raw material, due to erratic weather conditions and stringent environmental regulations, can pose substantial hurdles in the production of bio-based ingredients. Thus, leading companies have been focusing on developing new and sustainable ways of producing the ingredients to meet consumer expectations. Presently, biotechnologically produced ingredients for pharmaceuticals have a more substantial market share as compared to the cosmetics market. Thus, early adoption of the product, government initiatives, increasing production capacities of bio-based chemicals, coupled with the presence of potential industry participants, are likely to drive the market growth during the forecast period.
The cosmetics and personal care sector is a key industry that contributes considerably to the world’s gross domestic product (GDP). Cosmetics can be chemically synthesized or naturally derived. With growing awareness of the potential side-effects of synthetic ingredients in cosmetics, the demand for cleaner and greener products increased rapidly in the past few years. The consumer inclination toward healthier lifestyles and products which have a minimal effect on the environment are among the key drivers of the growth of bio-based ingredients for cosmetics and personal care. In addition, increased per capita income, changing consumer lifestyles in the developing countries, along with rising awareness about beautification are also contributing to the development of the overall cosmetics industry, which in turn benefits the bio-based cosmetic ingredients manufacturers.
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The consumer demand for natural products, along with bio-based products derived from oils and fats, has resulted in a rapid growth of the bio-based cosmetics and personal care ingredients market. The primary factor for the increasing adoption of bio-based ingredients for cosmetic products is the harmful effects of chemical products, therefore leading to consumers showcasing an inclination toward products that contain bio-based ingredients. As a result, cosmetics companies are consequently substituting synthetic chemicals with bio-based ingredients. In 2013, L’Oreal, one of the largest cosmetics companies launched Sharing Beauty With All to improve sustainability from sourcing and manufacturing to packaging, hence lowering its environmental footprints.
Five major cosmetics categories including foundation, face cream, lipstick, mascara, and blush/bronzer contain at least one high risk commodity which has an ill-effect on health. For example, vanilla is a popular ingredient in lipstick, but it contains high risk of cancer and allergic reactions. About XX% of ingredients used in ordinary cosmetic products come from agricultural or mined commodities. Various ingredients are derived from mines, including tin, zinc, and copper, all of which contains high chemical risk.