A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global Bio-Based Cosmetics and Personal Care Ingredients market was worth USD 3.5 billion in 2021 and is anticipated to reach USD 4.9 billion by 2028 at a CAGR of 5.2%. This is attributable to initiatives being taken by various governments throughout the world to encourage the usage of bio-based cosmetics. Moreover, the increasing awareness about the harmful impacts of synthetic cosmetics is making the population turn towards bio-based and natural options, thus propelling the growth of the bio-based cosmetics and personal care ingredients market.
Surging Demand Coupled With Growing Research and Development To Drive The Market Growth
The mounting trend of the usage of natural and organic ingredient-based cosmetic and personal care products is expected to drive market growth. The enhancement in the research and development R&D investments coupled with the technological advancements in ingredient processing and cost-effective production technologies are further likely to bolster the bio-based cosmetics and personal care ingredients market growth. Furthermore, the progressively rising demand of the consumers for natural ingredients and additives in cosmetic products due to growing consumer awareness about the harmful effects of traditional, synthetic chemical-heavy products is expected to induce substantial growth in the market over the forecast period 2022-2028.
Vitamins And derivatives Segment Accounted For The Largest Market Share In 2021 By Application
Based on active ingredients, the global bio-based cosmetics and personal care ingredients market has been segmented into vitamins and derivatives, ceramides, peptides, resveratrol, potassium sorbate, bio-succinic acid, hyaluronic acid, glycerin, creatine, alpha hydroxy acids, and others. Amidst the segmentation, the vitamins and derivatives segment is anticipated to lead the global bio-based cosmetics and personal care ingredients market over the forecast period 2022-2028. This can be attributed to the altering lifestyles coupled with prevalent consciousness among the consumers related to enhancing their overall personality, which is expected to bolster the global vitamins and derivatives market.
Impact of COVID-19 on the Bio-Based Cosmetics and Personal Care Ingredients Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The emergence of the COVID-19 pandemic has brutally impacted the global bio-based cosmetics and personal care ingredients market. The lockdowns in major countries of the world brought the import and export of cosmetics and personal care products to a halt. Numerous industries curbed or reduced their production, thus severely affecting business revenues. The disruptions in raw material supply acted as a preventive factor that challenged the industry’s growth. These factors negatively impact the overall bio-based beauty and personal care ingredients market trends. Nevertheless, with the improving market circumstances in the post COVID era, the growth of the bio-based cosmetics and personal care ingredients market is likely to recover during the forecast period.
North America Dominated The Bio-Based Cosmetics and Personal Care Ingredients Market In 2021
Based on the regional analysis, the global Bio-Based Cosmetics and Personal Care Ingredients market can be segmented into North America, Europe, the Asia-Pacific, Latin America, the Middle East, and Africa. Amidst the segmentation, North America dominated the global bio-based cosmetics and personal care ingredients market with the largest share in 2021. North America and Europe hold substantial market shares in the global bio-based cosmetics and personal care ingredients market mainly owing to the rising effects of pollution, for instance- premature skin aging, the risk of skin cancer, roughness, dryness, and discoloration, that is pushing the consumers towards using chemical-free products to save their skin. Furthermore, the Asia-Pacific region is presently the fastest-growing region in the market.
The bio-based cosmetics and personal care ingredients market is fragmented, with numerous players serving the market. The key players dominating the global Bio-Based Cosmetics and Personal Care Ingredients market are Ashland, BASF SE, Clariant, Croda International Plc, Covestro AG, DuPont Tate & Lyle Bio Products, DSM, Dow, Evonik Industries AG, Eastman Chemical Company, ELEMENTIS PLC, Genomatica Inc., Nouryon, Sollice Biotech, Solvay, Lubrizol Corporation and other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
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