Personal Care Ingredients Market Size

Personal Care Ingredients Market Size

Personal Care Ingredients Market recorded USD 13.3 billion by 2023 and will witness 6% CAGR from 2024 to 2032, driven by the increasing consumer awareness of personal grooming and hygiene. Additionally, the rising launches from leading companies at events support the market.

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For instance, in March 2024, Clariant, a leading global provider of personal care ingredients, participated in the Personal Care and Homecare Ingredients (PCHi) exhibition at the Shanghai World Expo Exhibition & Convention Center.
 

As consumers become more conscious of the ingredients in their personal care products, the demand for natural, organic, and sustainable ingredients has surged. Personal care ingredients play a crucial role in enhancing the efficacy, texture, and overall quality of products such as skincare, haircare, and oral care items. With the rising trend of clean beauty and the increasing demand for products free from harmful chemicals, the market for personal care ingredients is poised for robust growth over the forecast period.

The personal care ingredients market is set to experience substantial growth due to the increasing consumer preference for natural and organic products. As consumers become more educated about the potential health risks associated with synthetic chemicals, the demand for products formulated with natural ingredients has surged. This shift in consumer behavior is encouraging manufacturers to innovate and develop new formulations that cater to the growing demand for clean and sustainable personal care products.
 

Additionally, the rising partnerships between leading companies also support the market trends. For instance, in February 2023, Croda International Plc announced its agreement to acquire Solus Biotech from Solus Advanced Materials for KRW350 billion (about £232 million). Solus Biotech is renowned for its premium biotechnology-derived beauty actives.
 

However, the market faces challenges, particularly in terms of the high cost of natural and organic ingredients, which can be a restraint for market growth. Additionally, the stringent regulatory environment governing the use of certain chemicals in personal care products can pose challenges for manufacturers, leading to delays in product launches and increased compliance costs. Overcoming these challenges requires manufacturers to balance product innovation, cost efficiency, and regulatory compliance.