According to a new report by Global Market Insights Inc., the ingredients for the market’s skin care reaches 12 billion US dollars, reaching rates of market growth on average of 5.4% over the period from 2017 to 2024.
To the prevailing factors of positive dynamics of the global ingredients market Analytics Global Market Insights, Inc include the increasing involvement of women in the urban labor force, the increasing importance of personal hygiene and advertising activities of market players.
In addition, among other important analytical conclusions of the report are the following:
• rich lifestyle of modern customers has created an increased demand for multifunctional products;
• consumers are switching to environmentally friendly and sustainable cosmetic products (rather than products of animal origin), ingredients of personal care products derived from plants, demonstrating the highest growth;
• softer ingredients which cause less harm, such as anionic surfactants that do not contain sulfates, are becoming more popular;
• potential impediments to growth include the limitation imposed by laws and other regulatory documents, as well as side effects associated with the product, today the U.S. and the European Union has implemented certain rules for the use of ingredients for personal care products, to ensure compliance with safety standards –this has a negative impact, because some ingredients may be banned;
• synthetic ingredients hold the lion’s share of the industry, but the demand for natural products will increase;
• the expected growth of the segment of ingredients for use in hair care, by raising awareness of advertising;
• regionally, sales are likely to be highest in the Asia-Pacific region, only the market can achieve revenue of $ 4.4 billion by 2024;
• Latin America will see a “decent growth” during the forecast period due to the increase in cosmetic brands in countries such as Mexico and Brazil;
• the market for personal hygiene in the middle East can also expect significant growth, with particularly active segment will become local brands of personal care products.