The global bio-based cosmetics and personal care ingredients market size 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.
More and more people are using bio-based technologies, which has an effect on the beauty and personal care industries. Companies that make cosmetics have put a lot of money into bio-based ingredients over the past 10 years because customers have been asking for more advanced formulas and active ingredients. Customers are more likely to buy cosmetics that have bio-active ingredients that come from natural sources because they know that these ingredients are good for them. There are many different types of bio-based ingredients used in the cosmetics and personal care products industry.
Some examples are emollients, conditioning polymers, surfactants, emulsifiers, rheology control, antimicrobials, and others (including UV absorbers and hair fixative polymers). It is expected that the growing trend of using cosmetics and personal care products made with natural and organic ingredients will be a major factor in the growth of the market. It is expected that more money will be spent on research and development, processing of ingredients will get better, and production methods will get cheaper, all of which will help the market grow. Also, more and more people are asking for natural ingredients and additives in cosmetics because they are learning about how harmful traditional, synthetic chemical-filled products can be. During the time frame of the forecast, this trend is expected to grow a lot.
The beauty goods market is growing mostly because there are so many companies that make cosmetics. For example, the Food and Drug Monitoring Agency (BPOM) says that in 2017, there were more than 700 cosmetic businesses in Indonesia's 19 provinces. Major cosmetics companies like L'Oreal Group (France), Avon Products Inc. (United States), The Estée Lauder Companies Inc. (United States), and Oriflame Cosmetics (Luxembourg) are always putting out new products, which is likely to increase demand for cosmetics ingredients that come from natural sources.
All over the world, people have more money to spend on cosmetics and other personal care items because they have more money to spend. Acne is a skin condition that affects about 50 million people in the U.S. Each year, it is thought that more than $3 billion will be spent on treating and preventing acne. According to the Bureau of Labor Statistics of the United States, the amount of personal income that people in the United States can spend rose from $10,036.9 billion in 2006 to $13,968.6 billion in 2016, and it is expected to keep going up until it reaches $21,178.2 billion in 2026.
In a similar way, the Organization for Economic Co-operation and Development (OECD) says that the growth rate of household disposable income per capita in the United Kingdom went from 2.9% in 2013–2014 to 3.8% in 2014–2015. This rise happened in the years 2014 and 2015. When customers' disposable income goes up, they have more money to buy things, which makes them more likely to buy personal care and beauty products. Because of this, the growing market for cosmetics is increasing the demand for products with bio-based ingredients.
The growth of the biomaterials industry in developing and emerging countries is mostly held back by the high cost of items made from biomaterials.
Understanding and analysing the Bio-Based Cosmetics and Personal Care Ingredients Market's environment is hard for a number of reasons, including the uneven recovery in different end markets and geographic areas.
There is a growing trend toward using cosmetics and personal care products made with natural and organic ingredients. This is a chance for the industry to grow. The market for bio-based cosmetics and personal care ingredients is expected to grow even more as more money is put into research and development (R&D) and as technology improves the way ingredients are processed and cheaper ways to make things. Over the forecast period of 2022-2030, the market is expected to grow a lot because consumers are becoming more aware of the harmful effects of traditional, chemical-heavy synthetic products. As a result, they want cosmetics with natural ingredients and additives more and more. This is likely to happen because more and more people are learning about how harmful traditional, chemical-heavy synthetic products are.
About $2 billion in sales were made in 2021 from the use of bio-based ingredients in skin and sun care products. Analysts think that these parts will continue to have the most market share in the years to come. This will happen mostly because people are becoming more aware of skin and sun care products and because chemical companies are working hard to find natural ingredients for use in skin care and sun care cosmetics. For example, Ashland Global Holdings Inc. announced the release of sensidin in October 2021. Even when used in small amounts, sensidin is very effective against bacteria that cause bad smells. The product has octenidine hydrochlorides as well as a natural solvent and a humectant called 1,3-propanediol. It has been shown that octenidine hydrochlorides can kill bacteria.
Vitamins and their derivatives are expected to grow at a rate of more than 5% compound annual growth rate (CAGR) during the period covered by the forecast. This is a higher rate than that of other types of components on the market right now. This growth can be explained by the fact that more baby boomers and members of generation X are using vitamin-rich cosmetics, that lifestyles are changing, and that consumers are becoming more aware of how to improve their whole selves. A report from the World Bank says that 65 percent of the world's population will be between the ages of 15 and 64 in the year 2020. People in these age groups are more likely to use beauty products made from natural ingredients like vitamins and other chemicals.
Based on the regional analysis, the global Bio-Based Cosmetics and Personal Care Ingredients market forecast 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 market made up about 45% of the market in North America. This made it the leader in this sector. The sector is growing in the region because more people are getting jobs, more people are buying personal care products that can be used for more than one thing, and modern lifestyles are getting busier and busier. North America is a big market for skin care and hair care products because more and more people are learning how important it is to take care of their skin and hair (especially in the male population). The high income per person in North America helps to support the need for skin care and hair care products, which in turn increases the demand for bio-based ingredients in that area.
APAC is expected to grow the fastest between 2022 and 2030. This is because of things like better healthcare infrastructure, rising disposable income, and the growth of the cosmetics industry. Both India and China are doing things that are making it much easier for markets in the area to grow in a big way. Compared to the industrialised economies of Europe and North America, the amount of money spent on medical care in these countries is proportionally much lower. On the other hand, there are a lot of people and more and more money that people can spend. This means that there is a big demand for personal care products and that bio-based substances are used more and more.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
October 2021: Ashland came out with a new line of gentle deodorants called Sensidin. It is a pure skin multifunctional that fights odor-causing bacteria quickly and effectively at very low use concentrations while respecting the microbiome of each person.
June 2021: Symrise announced the launch of Hydrolite 7 Green, a next-generation bio-based cosmetic that can be used for many different things. It is said that the unique 7-carbon alkane diol can be made from castor bean oil that comes from a sustainable source. It is a clear, colourless, and clean ingredient that can be used to make traditional or green cosmetics that work on almost every type of skin.
January 2020: BASF SE released new active ingredients for skincare and showed off its active portfolio, which includes Hydagen Aquaporin and Hydrasensyl Glucan, Inolixir, and bioactive ingredients, for use in makeup. Hydrasensyl Glucan and Hydagen Aquaporin are made to moisturise the skin, and Inolixir helps make the skin healthy and has a soothing effect.