The global personal care ingredients market is expected to reach US $11.76 billion in 2023 – expanding at a CAGR of 5.2% between 2015 and 2023. The market was valued at US $7.46 billion in 2014.

The new stats come from a new report by Transparency Market Research – Personal Care Ingredients Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.

The report includes personal care ingredients categorized by product type: surfactants, conditioning polymers, emollients, rheology control agents, emulsifiers, antimicrobials, and others (UV absorbers and hair fixative polymers).

Surfactants accounted for over 30% share of the global personal care ingredients market in 2014. Demand for surfactants in the manufacture of skin care and hair care products is estimated to rise at a rapid pace during the forecast period. Furthermore, high demand for conditioning polymers in hair care applications is projected to fuel the personal care ingredients market during the forecast period.

Application

The personal care ingredients market can be segmented into skin care, hair care, oral care, cosmetics, and others (including fragrances and toiletries). Skin care application held a major demand based share of the global personal care ingredients market. Demand for personal care ingredients in skin care and hair care applications is likely to increase at the fastest pace during the forecast period.

Demand

Asia Pacific accounted for the largest share of the global personal care ingredients market in 2014, primarily due to high consumption in China and India. Other countries in Southeast Asia also constituted significant share of the personal care ingredients market in 2014. The personal care ingredients market in Asia Pacific is expected to expand significantly during the forecast period due to increase in usage of personal care products in the region.

Major Players

Companies such as BASF SE, Evonik, Akzo Nobel N.V., Ashland, Dow Corning Corporation, Lonza Group Ltd., Croda International Plc, Solvay Wacker Chemie AG, and Clariant operate in the global personal care ingredients market.