The global personal care ingredients market was valued at $12.1 billion in 2022 and is expected to be worth $16.46 billion by 2030, according to a report by Vantage Market Research.
‘Personal Care Ingredients Market – Global Industry Assessment & Forecast’ predicts a compound annual growth rate of 4.5% between 2023 and 2030.
Vantage Market Research says one of the key factors driving the personal care ingredients market is the rising demand for multifunctional ingredients.
“As individuals have become more aware of the ingredients added to their personal care products and their benefits, they are seeking products that not only meet their basic needs but also offer additional benefits such as moisturizing, anti-aging, and sun protection,” it adds.
“Multifunctional ingredients can save time and money for consumers as they can replace the use of multiple products with a single one, leading to increased demand for such ingredients in the personal care industry.”
Vantage Market Research identifies the use of natural and organic ingredients as a key trend in the coming years.
“As consumers are now more aware of the detrimental consequences of synthetic chemicals in skincare and haircare products, demand for natural and organic ingredients rises,” it said.
Another predicted trend is rising demand for anti-pollution products that contain chemicals that protect the skin from environmental irritants like air pollution, UV radiation, and blue light.
“Brands are releasing anti-pollution skincare products to protect the skin from these damaging environmental effects. This trend is likely to grow as more brands incorporate anti-pollution chemicals into their skincare formulations,” said Vantage Market Research.
The report meanwhile expects hair care to account for more than 27% of overall sales in 2030.
In terms of global footprint, the report sees Asia-Pacific as the largest region in the personal care ingredients market, owing mostly to rising demand for finished products as a result of rising disposable income, urbanization, and increased awareness of skincare and “general personal cleanliness”.