Bio Based Cosmetics and Personal Care Ingredients Market Size, Demand 2029

Posted by BIS RSRCH on January 4th, 2021

The demand for bio-based cosmetics and personal care ingredients varies across various geographical regions. The bio-based cosmetics and personal care ingredients market holds a prominent share in various countries of North America, Asia-Pacific (APAC), and Europe. North America and Europe hold significant shares in the global bio-based cosmetics and personal care ingredients market. North America is currently the largest revenue-generating region in the bio-based cosmetics and personal care ingredients market. In North America, the consumer preference toward improved lifestyles and the increasing demand for products which minimally impact the environment are driving the market growth. Additionally, the rising acceptance of vegan lifestyles among millennial is also expected to contribute to the growth of the market. The U.S. is the leading country in the bio-based cosmetics and personal care ingredients market in the North American region and globally. Europe is the second-largest market globally mainly due to the growing effects of pollution, such as risk of skin cancer, premature skin aging, dryness, roughness, and discoloration, which push consumers toward protecting their skin using chemical-free products.

The competitive landscape of the bio-based cosmetics and personal care ingredients market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by bio-based cosmetics and personal care ingredients manufacturers are mergers and acquisitions, business expansions, and new product launches. Among all the strategies adopted, product launches and business expansions have dominated the competitive landscape between 2017 and 2019.

Most of the bio-based cosmetics and personal care ingredients manufacturers are of similar financial capability, and the industry landscape is very competitive because of the large number of players in the market. Innovation and development have been the key factors for large scale growth in this market. To increase their overall global footprint, manufacturers are expanding their businesses and are also entering into strategic partnerships to target a greater audience. BASF SE, Clariant, Evonik Industries AG Industries AG, Ashland, ELEMENTIS PLC are some of the companies which have remained in the limelight since last few years due to their developments in the field of bio-based cosmetics and personal care ingredients.

The global bio-based cosmetics and personal care ingredients market is expected to grow at a significant rate during the forecast period, 2019-2029. The growing awareness regarding the harmful effects of synthetic ingredients used in cosmetic products has led to the surging demand for bio-based cosmetics and personal care ingredients.

Before venturing into a forthcoming market, it is important for a firm to consider certain factors that ultimately go a long way in ensuring the fulfilment of the company’s endeavor to establish itself as a strong player in the market. Henceforth, this chapter of the report provides an in-depth understanding of the direction in which the market is heading and the impacts of various factors on it. This segment considers factors such as market drivers, market restraints, and market opportunities listing and analyzing several factors that positively and negatively affect the same.

With the increase in awareness regarding the harmful effects posed by synthetic chemicals, consumers are now abstaining from using chemical infused products. In many instances, it has been found that toxic chemicals are being used in low-quality products, hence causing life-threatening problems in some cases. This led to an increase in awareness among consumers across the globe, resulting in an increase in the demand for natural products.

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The organic and bio-based beauty boom is part of the recent shift in consumer awareness about wellness, health, and the environment. In addition, due to a growing number of social media influencers and beauty blogs, awareness and easy availability of information regarding the toxin-free ingredients has significantly risen. This is pushing the growth of the adoption of bio-based cosmetics and personal care ingredients market globally.

For entering the global bio-based cosmetics and personal care ingredients market, the market players in the cosmetics domain have adopted various strategies in order to enhance their market footprints and create a brand image among the consumers. In this regard, there have been some key developments which have taken place during 2017-2019. Some of the key market players are Ashland, BASF SE, Clariant, Covestro AG, Croda International Plc, Dow, DuPont Tate & Lyle Bio Products, DSM, ELEMENTIS PLC, Evonik Industries AG, Genomatica Inc, Sollice Biotech, Solvay, The Lubrizol Corporation, and Nouryon. 

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BIS RSRCH

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BIS RSRCH
Joined: March 5th, 2020
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