Swift Pace of R&D Set to Enhance Effectiveness of Personal Care Active Ingredients: Fact.MR Analysis

ROCKVILLE, MD, UNITED STATES, August 5, 2024 /EINPresswire.com/ -- Ever-increasing importance of grooming and skin-specific products is all set to drive global personal care active ingredient market growth, which has been projected to increase from US$ 2.09 billion in 2024 to US$ 3.44 billion by 2034. Fact.MR, a market research and competitive intelligence provider, in its recently updated report, has estimated the market to advance at a CAGR of 5.1% between 2024 and 2034.

Shift from solvent-based alternatives to water-based products is expected to boost the demand for active ingredients in hair care solutions. The growing demand for organic cosmetic and personal care products is likely to increase the consumption of bio-based active ingredients during the forecast period.

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Consumers nowadays are more aware of what ingredients go into their products. This trend is increasing the demand for clean-label products and further generating opportunities for organic active ingredient suppliers. Increasing craze among youngsters to appear beautiful is expected to boost the personal care active ingredient market growth. Consumers are preferring skincare products with natural collagen and peptides. Proteins and peptides help to reduce inflammation and wrinkles.

Presence of strong cosmetic and personal care product manufacturers in North America and Europe is making them high-growth marketplaces for active ingredient suppliers. Asia Pacific particularly South Korea and Japan are fastest growing markets for personal care active ingredients.

Key Takeaways from Market Study

The global demand for personal care active ingredients is expected to experience significant growth over the next decade, with a projected compound annual growth rate (CAGR) of 5.1% from 2024 to 2034. This increase reflects a rising consumer awareness and preference for high-quality personal care products that offer functional benefits, such as anti-aging, moisturizing, and UV protection. The market's expansion is being driven by innovations in ingredient formulations and an increasing focus on natural and sustainable options. The United States stands out as a significant player in this sector, with its market valuation estimated at US$ 324.8 million in 2024. This robust market size underscores the high demand for advanced personal care solutions in the region.

In Asia, the growth trajectory is particularly noteworthy. Japan's market for personal care active ingredients is projected to reach US$ 244.4 million by 2034, highlighting the country's strong inclination towards skincare and beauty products. Meanwhile, South Korea is expected to register an impressive CAGR of 7.9% through 2034, positioning it as a key market in the region. This growth can be attributed to the popularity of K-beauty and the continuous innovation in product formulations that cater to a global audience. As these markets expand, companies are likely to focus on developing new and effective active ingredients to meet diverse consumer needs and preferences.

“The trend to look good and growing demand for organic products are both set to push demand for bio-based personal care active ingredients,” says a Fact.MR analyst.

Winning Strategy

Leading manufacturers of personal care active ingredients are investing heavily in research and development activities to boost the product effectiveness. Many new companies are entering the market to earn high profits. The rising awareness of personal care and grooming is driving attention of start-ups to invest in this market.

Prominent companies are focused to increase their market presence through collaborations, partnerships, and global expansion.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global personal care active ingredient market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on product type (botanical extracts, enzymes & coenzymes, proteins & peptides, synthetic actives, biotechnology products, marine ingredients, others) and primary function (anti-aging, anti-acne, anti-inflammatory, skin lightening, slimming, sun care, hair care), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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