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. Growing consumer inclination toward the adoption of bio-based products due to rising health and environmental concerns is driving the demand for bio-based ingredients in the 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 the ingredients to meet consumer expectations.
The cosmetics and personal care sector is a key industry that contributes considerably to the world’s gross domestic product (GDP). Cosmetics can be chemically synthesized or naturally derived. With growing awareness of the potential side-effects of synthetic ingredients in cosmetics, the demand for cleaner and greener products increased rapidly in the past few years. The consumer inclination toward healthier lifestyles and products which have a minimal effect on the environment are among the key drivers of the growth of bio-based ingredients for cosmetics and personal care. In addition, increased per capita income, changing consumer lifestyles in the developing countries, along with rising awareness about beautification are also contributing to the development of the overall cosmetics industry, which in turn benefits the bio-based cosmetic ingredients manufacturers.
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The consumer demand for natural products, along with bio-based products derived from oils and fats, has resulted in a rapid growth of the bio-based cosmetics and personal care ingredients market. The primary factor for the increasing adoption of bio-based ingredients for cosmetic products is the harmful effects of chemical products, therefore leading to consumers showcasing an inclination toward products that contain bio-based ingredients. An increase in health concerns and a significant growth in the green technology concept is leading to the substitution of synthetic products such as aluminum salts, phthalates, parabens, and petrochemical, which are contaminated and harmful to health.
Governments of several countries are taking initiatives to encourage and promote the use of bio-based cosmetics. They have also laid regulatory, policy, and safety laws to enhance the quality of bio-based cosmetics. With the goal of standardizing different labels into a unified standard for cosmetics and personal care, the Cosmos, a global standard was developed, and the guidelines were published in January 2011. The attempt toward the unification of standards and labels completed by 2015; until then, ingredients were accepted under different certifying bodies. The logos of certifying bodies such as Soil Association (UK), BDIH (Germany), Ecocert (France), Natrue and Nordic Swan, among which Ecocert is the most familiar, offer a unified identity to bio-based and natural ingredients and finished products in the cosmetics and personal-care markets.
The global adoption of bio-based ingredients for skin and sun care cosmetic products has been the maximum, due to the growing demand for clean label beauty products and increasing health-consciousness among consumers. The bio-based cosmetic ingredients offer protection from UV rays and provide soothing and healing effects. Thus, skin and sun care segment is projected to dominate the market by 2029.
UPCOMING INDUSTRY TRENDS 