MarketsandMarkets has released 360 Quadrant for Top 20 Personal Care Ingredients Companies, Worldwide 2023 to help businesses make quicker and more informed decisions. Companies’ market presence and product footprint are used to build quadrants, which will be revised annually.
At a projected CAGR of 4.0% between 2022 and 2027, the market for ingredients used in personal care products will grow from an estimated USD 11,796.0 million in 2021 to USD 14,897.0 million by 2027. The rising population in developing nations like China, India, Indonesia, Malaysia, Brazil, and South Africa is the main factor driving the growth of the personal care ingredients market. Because customers are becoming more conscious of their personal cleanliness and health, there is a rising demand for components used in personal care products. The rising demand for compounds including antiaging agents, exfoliators, ultraviolet (UV) agents, moisturizers, antioxidants, and antimicrobials is another factor contributing to the demand for personal care ingredients. Government restrictions on the use of synthetic personal care components in the US, Europe, China, Japan, and other nations are limiting their commercial expansion. The rising desire for natural personal care products in nations like the US, France, China, and Germany is another factor limiting the market’s expansion.
The growing spending power and changing lifestyles of individuals in developing nations are the key factors driving the market for personal care ingredients. The market is also being driven by the quick expansion of components for personal care products. Government laws against cosmetics and healthcare products are the market’s limiting element. High market potential in emerging nations is also anticipated to fuel market expansion in the near future.
CATEGORIZATION OF PERSONAL CARE INGREDIENTS COMPANIES ON 360 QUADRANTS
Personal Care Ingredients companies’ evaluation was conducted for 200 companies, of which the top 20 were categorized and placed in the quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
All the companies in the market leader segment demonstrated strong offerings and the ability to influence the market’s direction with their deep expertise. These companies include BASF, DOW, Solvay, Clariant, Evonik, Nouryon and Croda.
Adeka, Ashland and DSM have been recognized as contenders in the Personal Care Ingredients quadrant. The contenders are companies with a strong market presence, excelling in specific niches. While not offering the full range of market leaders, they wield significant influence and impact. These companies focus on specific technologies and aim to establish leadership within their chosen segment.
In the quadrant, innovators are highly innovative companies with a strong product portfolio, but a smaller market presence compared to leaders. They push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. Kao, Seppic, Eastman, Lubrizol, Givaudan and Symrise have been identified as the innovators in the quadrant.
The 360 Quadrants effectively evaluates emerging companies in the Personal Care Ingredients industry. They focus on specific areas and offer specialized knowledge, targeted support, flexible terms, and competitive prices. While they may have limited capabilities, they are preferred for specific use cases. These companies employ strategies to expand sales and reach a broader client base. This segment of the quadrant has identified Innospec, Indorama, Merck and Corbion as emerging companies.
The vendor evaluation was conducted on over 200 companies of which the top 20 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, vendor’s market share, and business strategies have been considered to evaluate the Personal Care Ingredients quadrant. The top criteria for company evaluation were product type (Emollients, Surfactants, Rheology Modifiers, Emulsifiers and Conditioning Polymers), Application (Skin Care, Oral Care, Hair Care and Make-up).