Cosmetics And Personal Care Ingredients Industry Forecast, Growth, Opportunities And Forecast 2023

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Cosmetics and Personal Care Ingredients Industry Forecast, Growth, Opportunities and Forecast 2023

Market Overview

 MENA/G.C.C./China Cosmetic & Personal Care Ingredients Market size is expected to grow at 5.5% CAGR by 2023.

Cosmetics & Personal Care Ingredients Industry are gaining importance in the applications such as skincare, bath & shower, color cosmetics and hair care among others. Increasing affinity of the youth population towards skin lightening and color cosmetic products is expected to augment the skincare ingredients market. Moreover, substantial spending on Cosmetics & Personal Care in Middle East are expected to boost the personal care ingredients market. However, stern regulations on usage of some personal care ingredients in the products owing to carcinogenic dioxane banned in shampoo by Saudi Arabia Food & Drug Administration will restraint the market demand in coming years. Hence, with research & development, companies are focusing on multi-functionality requirements by consumer in order to cater the market demand.

Market Analysis

Cosmetic and Personal Care Ingredients Market Share, Size 2019. The growth impeding the market demand of skincare are growing demand of anti-aging skincare products such as moisturizers, creams among young population and increase in spending on skincare products. However, in some of the Middle East countries such as UAE, the fragrance segment was dominating as the market value for fragrance products was considerably on the higher end as compared to other product segments, the resultant demand for fragrance products in the market has witnessed adjacent demand for ingredients used in fragrance products in the country. Furthermore, color cosmetic have gained market share owing to high demand for facial makeups, lipsticks and eyeliners among other products.

Key Players

  • SABIC
  • Artec Chemical Company Limited
  • Dongming Jujin Chemical Co.Ltd.
  • Ittihad International Chemicals Trading LLC (IICT)
  • Reza Chemical Industries (RCI) (REZA Investment Company Ltd.)
  • Chemanol
  • DOGOIDE Group

Segmental Analysis:

Cosmetic & Personal Care Ingredients status refer to the raw materials which are used for manufacturing of cosmetic products. The ingredients can be processed naturally as well as synthetically which are blended and formulated to enhance the properties of cosmetic products.

Green surfactants and emulsifiers are heading high in personal care formulations owing to high demand for sustainable products as well as adopting renewable feedstock. Ingredients like sodium lauryl sulfate provides primary foam, cleaning and has good tolerance and emulsifying properties.

Regional Analysis

In terms of regional coverage, the cosmetic & personal ingredients market is divided into three regions namely— Middle East & North Africa, G.C.C and China. Among the aforementioned regions, China cosmetic market for more than one-third of the market share in terms of value.

Even though the personal care & cosmetic industry in the developed markets are drifting towards maturity, the industry has lot more to offer in the developing markets. The consumer preferences and lifestyle is changing with escalating urbanization rate in the developing regions, with the social pressure for good looks and appearance, the consumers often tend to spend more on products to enhance their personal appearance. Thus, owing the above factors the cosmetics & personal care market has witnessed substantial growth in the developing regions. In Asia Pacific, China is the largest consumer of personal & cosmetic products. In terms of type of cosmetics, the skincare products accounts for nearly 37% market share of the overall China’s cosmetics & personal care products market, of which, the skin lighting products are the most attractive product among other products growing at a rapid pace registering double digit growth rate.

The Saudization program aimed at replacing the foreign workforce in Saudi Arabia by the Saudi nationals to eradicate unemployment from the country has led to more Saudi men joining the workforce. Thus, the increasing Saudi men in the workforce coupled with substantial spending on male centric grooming products will witness increasing demand for male centric cosmetics. Furthermore, per capita spending on cosmetics and personal care products in the Middle East countries such as Saudi Arabia, UAE, and G.C.C. accounted for nearly USD 171, 335, and 240 respectively in 2015, and it is expected to increase substantially over the forecast period.

Middle East has emerged as one of the fastest growing markets for personal care and cosmetics, owing to the high level of disposable incomes, increasing affinity for cosmetics among the youth population and significant spending on mass and premium cosmetics. In line with the growing demand for cosmetics and personal care products in the region, cosmetic and personal care manufactures are targeting the Middle East market for expansion in order to tap the potential opportunity offered by the cosmetics and personal care products market in the region. For instance, Korean cosmetics giant “AmorePacific” is planning to enter the Middle East market by 2017 and the company’s target location for expansion in the Middle East market is Dubai. Also, French leader in the cosmetic industry “L’Oreal” started its operations by inaugurating their first product facility in Egypt in 2015.

About Market Research Future:

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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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