Global Bio-Based Cosmetics and Personal Care Ingredients Market Worth USD 7.75 Billion By 2030 | CAGR of 5.72%

Introduction

The global bio-based cosmetics and personal care ingredients market was valued at USD 4.7 billion in 2021 and is projected to reach USD 7.75 billion by 2030, registering a CAGR of 5.72% from 2022 to 2030.

Market Dynamics 

In cosmetics and personal care, bio-based technologies are becoming more and more popular. Companies that make cosmetics have spent a lot on bio-based compounds over the past ten years because customers want new ways to make cosmetics and chemicals that work. Natural bio-active substances make cosmetics work better, which is a draw for customers. Bio-based ingredients like emollients, conditioning polymers, surfactants, emulsifiers, rheology control, antimicrobials, and others are used in cosmetics and other personal care products (UV Absorbers and Hair Fixative Polymers).

People are buying more cosmetics and personal care items that are made from natural and organic ingredients. Growing investments in research and development (R&D), technological advances in how ingredients are processed, and cost-effective manufacturing technologies will all help the market grow. Consumers are asking for more natural ingredients and additions in cosmetics because they are learning more about how harmful traditional, synthetic chemical-filled products can be.

Presence Of A Large Number Of Cosmetic Companies

The beauty industry is driven by many cosmetics companies. BPOM says that there were more than 700 businesses making cosmetics in Indonesia's 19 provinces in 2017. Leading cosmetics companies like L'Oreal Group (France), Avon Products Inc. (U.S.), The Estée Lauder Companies Inc. (U.S.), and Oriflame Cosmetics (Luxembourg) are always making new products, which will increase demand for bio-based cosmetics ingredients.

Increase In The Disposable Income

More money is being spent on cosmetics because people have more money to spend. The AAD says that acne affects 50 million Americans and that treatment and prevention costs more than $3 billion each year. The U.S. population's personal disposable income went from $10,036,9 billion in 2006 to $13,968,6 billion in 2016, and it is expected to reach $21,178,2 billion by 2026.

The OECD says that the U.K.'s disposable household income per person went up from 2.9% in 2013–2014 to 3.8% in 2014–2015. When people have more money to spend, they can buy more things, which is good for sales of personal care and beauty products. Bio-based ingredients are needed in more and more cosmetics.

High Cost Of Bio-Based Cosmetic Products

The high cost of items made from biomaterials is primarily holding back the expansion of the industry in developing and emerging nations.

Understanding and analysing the environment of the Bio-Based Cosmetics and Personal Care Ingredients Market presents a number of challenges, one of which is the uneven recovery that has occurred in various end markets and geographical areas.

Surging Demand Coupled With Growing Research And Development

The market grows as more people use natural and organic cosmetics and personal care products. The market for bio-based cosmetics and personal care ingredients will grow as more money is spent on research and development, as processing technology improves, and as more cost-effective production methods are developed. From 2022 to 2030, the demand for natural ingredients and additives in cosmetics is expected to rise as more people learn about how harmful traditional, chemical-heavy synthetic products can be.

Regional Analysis Of The Global Bio-Based Cosmetics And Personal Care Ingredients Market

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.

In 2021, bio-based cosmetics and personal care ingredients made up 45% of the market in North America. The region's economy is growing because more people want personal care products that can be used for more than one thing and more people are working. North America is a big market for skin care and hair care products because more people are paying attention to them (especially in the male population). High incomes per person in North America increase the demand for skin and hair care products, which in turn increases the demand for bio-based components.

From 2022 to 2030, APAC is expected to grow the most quickly because of its better healthcare infrastructure, rising disposable income, and growing cosmetics sector. India and China are making the market in the area stronger. These countries spend very little on health care compared to Europe and North America. With a large population and more money in people's pockets, there is a lot of demand for personal care products, which encourages the use of bio-based components.

Key Highlights

• The global bio-based cosmetics and personal care ingredients market was valued at USD 4.7 billion in 2021 and is projected to reach USD 7.75 billion by 2030, registering a CAGR of 5.72% from 2022 to 2030.
• Demand for ingredients of skin and sun care products is highest
• Vitamins and derivatives are expected to witness the fastest growth in demand
• North America contributed the most revenue and is expected to do the same 

Competitive Players

1. BASF SE
2. Ashland Global Holdings Inc.
3. Allied Carbon Solutions Co. Ltd.
4. Evonik Industries AG
5. Clariant AG
6. Covestro AG
7. DuPont Tate & Lyle Bio Products Company LLC
8. Koninklijke DSM N.V.
9. The Dow Chemical Company
10. Solvay SA
11. The Lubrizol Corporation
12. Symrise AG

Recent Developments

• July 2024 - The global leader in biotech beauty and vertically integrated biotechnology, Debut, announced that it partnered with L'Oréal to create over a dozen essential, bio-identical ingredients that will take the place of currently sourced conventional ingredients in L'Oréal's skin, hair, color cosmetics, and fragrance brands.
• April 2024 - Syensqo announced that the acquisition of JinYoung Bio, a South Korean producer of specialist cosmetic chemicals, was completed. Syensqo, the firm that was founded from Solvay's specialty chemicals division, expands its portfolio of skin care products with this investment, bolstering its position in the beauty biotech industry.

Segmentation

1. Based on Active Ingredient
   1. Vitamins and Derivatives
   2. Ceramides
   3. Peptides
   4. Resveratrol
   5. Potassium Sorbate
   6. Bio-Succinic Acid
   7. Hyaluronic Acid
   8. Glycerin
   9. Creatine
   10. Alpha Hydroxy Acids
2. Based on Application
   1. Skin and Sun Care
   2. Hair Care
   3. Make-up and Color Cosmetics
   4. Fragrances