Personal care Chemicals market size

Personal Care Chemicals Market analysis

The global personal care chemicals market size is estimated at $15.03 billion in 2023 and is expected to reach $19.29 billion by 2028, growing at a CAGR of 5.11% during the forecast period (2023-2028). Nationwide lockdowns, disruption of manufacturing activities and supply chains, production shutdowns, and unavailability of labor due to the COVID-19 outbreak have had a negative impact on the dyes and pigments market worldwide. However, the situation starts to improve in 2021 and is likely to resume the market's growth trajectory over the forecast period. Cosmetics and personal care products are designed to clean, protect and change the appearance of an individual's exterior. There are thousands of different cosmetic products on the market today, each with a different combination of ingredients to provide the desired effect required by the individual using the product. In the long term, the market is growing because more and more people are learning about beauty and skin care products and more and more people want products with active ingredients. On the other hand, strict government regulations restricting the use of certain chemicals in cosmetics may slow the growth of the market. Going forward, the market is expected to benefit from the growing customer demand for natural ingredients, which creates opportunities for technological innovation. The Asia-Pacific region dominates the market and is likely to continue to do so during the forecast period.

Skincare apps witness higher potential growth

Skin care applications dominate the global personal care chemicals market with an estimated share of approximately 40%. The desire for a more affluent lifestyle, the increasing number of young people, and the increasing purchasing power of urban households are the major drivers of the global skincare market. The global skincare market is expected to grow at an average annual rate of around 5%. The industry has witnessed a shift from the demands of older consumers to a growing group of younger consumers. People are becoming more self-aware and as a result, they are starting to use skin care products at a young age to delay the signs of aging. Every year, different beauty brands launch new skincare products, and this will likely continue to happen in the near future because this market is growing so fast. Due to the boom in skincare products, various smaller manufacturers have also ventured into the market to reap the benefits of the industry that continues to boom. In the past two years, an average of more than 100 new brands have debuted in department and specialty stores in the United States. L 'Oreal said the global cosmetics market grew by 8.2% in 2021, a strong sign of recovery. The skincare market as well as the demand for personal care chemicals are likely to be driven by these and other positive factors in the coming years.

The Asia-Pacific region dominates the market

The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy by GDP. China and India are among the fastest emerging economies in the world. Consumers in the country prefer multifunctional products. In addition, awareness of skincare products has increased significantly, especially among men. The baby skin care segment has been growing rapidly. The personal hair care sector in China has been growing, mainly based on consumer preferences. According to product safety and regulatory company Ruixu Group, the total retail sales of cosmetics in China reached 191.7 billion yuan ($28.25 billion) in the first half of 2021, up 26.6 percent year on year. Improving the economic environment and increasing the purchasing power of the Indian population is expected to increase the adoption of personal care products in the country, thereby driving the demand for personal care chemicals. In addition, the growing popularity of men's beauty products in the country (which has grown by more than 42% in the last five years) could be positive for the market. According to a study by Assocham, one of India's most important trade groups, the country's beauty, cosmetics and beauty market will be worth $20 billion by 2025. These things will likely drive the use of personal care chemicals in the region during the forecast period.