No More Art in Being Artificial: The Rise of the Global Bio-Based Cosmetics and Personal Care Ingredients Industry

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.

How the World is Adapting to this Newer Technology of Indoor Farming for Survival in the 21st Century!

Indoor Farming Technology

Due to the gradual change in food consumption patterns, the global food economy is being progressively compelled to evolve over time. Indoor farming has emerged as a perfect alternative to the conventional farming technique that has been adopted at the non-commercial and small scales since the early 1900s. For a long time, the practice of growing crops in greenhouses, which have been predominantly low-tech, has been existent. With the growing innovations in urban planning and sustainability, indoor farming has gained tremendous importance in the cities as a local method of production. Across the globe, think tanks in the U.S. and Japan have increased awareness of indoor farming. This has led to the increased association of technological developments in every operation carried out at an indoor farm. Till the year 2018, the most established technology is the hardware components, such as lighting, climate control systems, sensors, and monitors, which assisted in the indoor cultivation of crops.

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Several developments in the application of software and related services and technology automation to eliminate human interference are few steps adopted in the industry to meet the increasing need for making indoor farms profitable. The majority of developed and developing nations such as the U.S., Canada, the United Kingdom, the Netherlands, and Japan, are among the early adopters of advanced technologies and offer better opportunities to technology providers and growers in comparison to others. However, emerging countries such as China, India, the U.A.E., Mexico, and Singapore, are also contributing to this rising demand for products by increasing the incorporation of indoor farms and adopting the latest technologies. Additionally, this growth in developing countries has been largely propelled by increasing urban population and growing disposable incomes, which in turn have stimulated the growth in the consumption of fresh, healthy, and nutritious food.

Owing to the adverse impacts of climate change, rising global temperatures, and increasing chances of drought in landlocked areas, stakeholders in the agricultural field are exploring alternatives to conventional farming methods. The burgeoning global population is also impacting the agricultural produce in regions where most of the population is working and is concentrated in urban areas. The demand for fresh and organic produce is surging rapidly, especially amongst the upper-middle class that resides in urban areas. According to the Food and Agriculture Organization (FAO) statistics, the trend is likely to continue over the upcoming years.

The United Nations has urged the governments across all countries to ensure the availability of enough food for everyone by assigning the issue as a part of the Sustainable Development Goals, which is a mandate that the member countries adhere to.  Regions of South Africa and Asia-Pacific are home to a large number of undernourished populations. These regions are anticipated to display huge growth prospects supported by strong population growth and rising incomes in the coming years. Technology players operating in the indoor farming sector are striving to improve the operational capabilities for cost-effective commercial establishments.

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In the process of addressing global food availability, farmers also focus on a large number of yields or cycles of production for one batch of crops. Indoor farming provides an opportunity for farmers to grow crops in a completely controlled environment, which is monitored and can be manually changed as required at different stages of growth of crops. By incorporating technologies, indoor farming can yield crops as high as 18 times that of traditional outdoor farming. With the impact of climate change, the gap between the amounts of yield indoors and outdoors is increasing with the passage of each year.

Growers across the globe have gradually implemented cost-effective solutions to achieve proper and full growth of crops grown indoors and reduce the operational costs. The technology market in indoor farming is expected to progress at a healthy rate by the ever-growing affinity for safe and nutritional produce.

However, such revolutionary changes in farming practices not only come with opportunities but also some challenges, which prove to be a restraint in the growth of the market. High initial investments involved in setting up an indoor farm hinder the adoption of indoor farming by various small-scale growers. High costs of real estate across North America, Europe, and high-income countries of Asia-Pacific, is responsible for indoor farms to shut operations due to non-profitability. Application of technology in this sector adds to the daily operational costs in terms of energy consumption throughout the day, all year round. High energy costs in urban areas make it difficult for growers to make their establishment profitable. Thus, technology providers need to come up with cheaper solutions that require fewer energy inputs.

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