Hair care spotlight
Hair care products are also witnessing a huge demand from the consumers, owing to the rising awareness among the people about their benefits.
As per estimates, personal care ingredients industry from hair care application held a revenue of USD 1.9 billion in 2016.
Taking into account the minimal hair damage, consumers are increasingly giving preference to water-based hair care products such as shampoos, conditioners, hair sprays, hair mask, hair oils, and hair serums, which will eventually boost personal care ingredients market share.
Speaking along similar lines, owing to its wide application in hair care products, conditioning polymers will emerge as a strong product segment of this business fraternity with a target CAGR of 6% over 2017-2024.
Asia Pacific in focus
Regionally, Asia Pacific is projected to establish strong grounds in the global personal care ingredients industry landscape, with China and India as major revenue pockets.
In fact, as per estimates, APAC personal care ingredients market share is slated to cross a revenue of USD 4 billion by 2024.
Speaking of the competitive landscape, it is to be noted that personal care ingredients market encompasses companies such as BASF SE, Cargill Inc., Croda International Plc, Lonza Group Pvt. Ltd, Evonik Industries, Ashland Inc., Eastman Chemical Company, Dow Corning Corporation, Solvay S.A., Akzo Nobel N.V, Clariant, and Wacker Chemie AG.
The reduced capability of natural ingredients to defeat microbial contamination and incompatibility is likely to prompt manufacturers to implement technologies such as encapsulation to increase the sustainability of natural personal care ingredients.
Additionally, market players have been engaging in effective promotional activities to increase product sales, which will suitably impel personal care ingredients market.
As per a report compiled by Global Market Insights, Inc., personal care ingredients market will surpass a revenue of more than USD 12 billion by the end of 2024.