The introduction and proliferation of bio-based ingredients in several industries, such as food and beverage, pharmaceuticals, and cosmetics, has been transforming the manufacturing landscape since 2000. Growth in the consumer inclination towards the adoption of bio-based products due to rising health and environmental concerns is driving the demand for bio-based ingredients in cosmetics and personal care products. Besides, awareness among consumers regarding the harmful effects of synthetic ingredients chemicals has grown rapidly over the past years. In addition, the availability of green raw materials has also urged large cosmetic firms to develop bio-based cosmetic products.
However, limited availability of raw material, due to erratic weather conditions and stringent environmental regulations, can pose substantial hurdles in the production of bio-based ingredients. Thus, leading companies have been focusing on developing new and sustainable ways of producing ingredients to meet consumer expectations. Presently, biotechnologically produced ingredients for pharmaceuticals have a more substantial market share as compared to the cosmetics market. Thus, early adoption of the product, government initiatives, increasing production capacities of bio-based chemicals, coupled with the presence of potential industry participants, are likely to drive the market growth during the forecast period.
The global market for bio-based cosmetics and personal care ingredients is expected to grow at a significant rate during the forecast period, 2019-2029. The growth in the awareness related to the harmful effects of synthetic ingredients used in cosmetic products has led to the surging demand for bio-based cosmetics and personal care ingredients. The growth in the global market is attributable to the growing consumer awareness toward the environment and health. The market for bio-based cosmetics and personal care ingredients has been segmented into function, application, and region. This research also analyzes the adoption of bio-based cosmetics and personal care ingredients in different regions and countries and comparative analysis of alternatives available.
Consumers are evading chemicals such as phthalates, parabens, and sodium lauryl sulfate, as they are concerned about related health risks. Thus, a growing number of cosmetics companies are replacing synthetic chemicals with bio-based ingredients. However, the high cost associated with bio-based products and concerns toward the efficacy of bio-based as compared to synthetic counterparts is some of the factors that are restraining the growth of bio-based cosmetics and personal care ingredients.
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The competitive landscape of the bio-based cosmetics and personal care ingredients market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Before stepping into this forthcoming market, it is vital for a company to take certain factors into consideration that will ultimately lead them in ensuring the fulfillment of the company’s endeavor to establish itself as a major market player in the market. Furthermore, this section within the research report provides an in-depth understanding of the growth trajectory of the market and the impacts of several factors on the same. This segment also considers factors such as market drivers, market restraints, and market opportunities listing and analyzing several factors that positively and negatively affect the same.
Some of the strategies adopted by bio-based cosmetics and personal care ingredients manufacturers are mergers and acquisitions, business expansions, and new product launches. Among all the strategies adopted, product launches and business expansions have dominated the competitive landscape between 2017 and 2019. Product launches accounted for the largest development strategy adopted by key players and recorded for XX% share. BASF SE, Ashland, Clariant, and Lubrizol are some of the leading players in the global bio-based cosmetics and personal care ingredients market.
Most of the bio-based cosmetics and personal care ingredients manufacturers are of similar financial capability, and the industry landscape is very competitive because of the large number of players in the market. Innovation and development have been the key factors for large scale growth in this market. To increase their overall global footprint, manufacturers are expanding their businesses and are also entering into strategic partnerships to target a greater audience. BASF SE, Clariant, Evonik Industries AG Industries AG, Ashland, ELEMENTIS PLC are some of the companies which have remained in the limelight for the last few years due to their developments in the field of bio-based cosmetics and personal care ingredients.
With the increase in awareness regarding the harmful effects posed by synthetic chemicals, consumers are now abstaining from using chemical infused products. In several instances, it has been evident that the toxic chemicals are being used in low-quality products, hence causing life-threatening problems in some cases. This led to an increase in awareness among consumers across the globe, resulting in an increase in the demand for natural products. The organic and bio-based beauty boom is part of the recent shift in consumer awareness about wellness, health, and the environment. In addition, due to a growing number of social media influencers and beauty blogs, awareness, and easy availability of information regarding the toxin-free ingredients has significantly risen. This is pushing the growth of the adoption of bio-based cosmetics and personal care ingredients market globally.
UPCOMING INDUSTRY TRENDS 