Find the second part, on the potential of hair care, the worldwide ingredients market, and a spotlight on the Asia Pacific region, from Global Markets Insights here.
Global overview
The rapidly shifting trends toward the growing use of soaps, shower gels, and other hygiene products will stimulate personal care ingredients market.
The world has been witnessing a robust rise in population, while some geographies have been experiencing a rapid surge in consumer disposable incomes, which has led to a dynamic change in lifestyles and consumer purchase parity.
Considering the exponentially growing demand for personal care products, vital giants in personal care ingredients industry are investing heavily to develop products equipped with a high sustainability ratio and better performance.
The San-Diego based biotech company Genomatica, for instance, decided to commercialize their bioengineering innovation for manufacturing basic chemicals and ingredients, which are primarily used in personal care products. Initiatives such as these will gradually have an impact on personal care ingredients market, which, in 2016, generated a revenue of USD 8 billion.
Strict regulation
On the deployment of stringent rules and regulations about the usage of synthetic chemicals in the product, personal care ingredients industry biggies and research institutes are increasingly focusing on the development of natural ingredients for cosmetic and personal care products.
Recently, researchers have found that the extract obtained from husks of avocado seeds can be used for various applications such as medical and personal care.
Subject to the expanding popularity of skin care products such as baby care products, sprays, creams, and lotions, personal care ingredients market collected a revenue of USD 2.7 billion from skin care applications in 2016, and is expected to depict a commendable growth ahead.