CHICAGO, Aug. 21, 2023 /PRNewswire/ -- 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.
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Unveiling the Market Leaders: Honoring Excellence in Personal Care Ingredients Markets
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- BASF SE is one of the top chemical producers in the market for personal care ingredients. The business provides a selection of goods for all the main categories, including cosmetics, toiletries, oral care, hair care, and skin care. By acquiring Cognis Holding GmbH (Germany), a significant operator in specialized chemicals for personal care and other industries, the company expanded its personal care business. The business has a robust R&D staff that is constantly working to provide new and enhanced ingredients for companies who make personal care products. The business also continually develops new items to fulfill the escalating demand from producers of personal care goods.
- The Dow Chemical corporation is a diverse chemical corporation. Through its two business divisions, performance materials & coatings and industrial intermediates & infrastructure, it provides ingredients for personal care products. The company concentrates on product launches, innovations, and expansions. The first bio-based hair fixatives, MaizeCare, Dowsil Silicone Acrylate, and EPITEX polymer, were introduced by Dow in April 2019. Dow will debut its eco-friendly beauty product ACULYN rheology modifier in February 2020. This product is incredibly simple to use and decreases carbon impact.
- Ashland is one of the top manufacturers of ingredients for personal care products. The business produces chemicals utilized in a wide range of industries, including water treatment, food and beverage, personal care, pharmaceuticals, automotive, construction, energy, and architectural coatings. Specialty ingredients, intermediates, and solvents are only a few of the business's two segments. Rheology modifiers are provided by Ashland under the speciality additives business area.
- Solvay is a Belgian firm, that operates under five business segments are innovative formulations, advanced materials, performance chemicals, functional polymers, and corporate business services. The business category for advanced formulations includes the novecare sub-segment, which is where the company sells ingredients for personal care products. It emphasizes sustainability, thus its bio-based products for personal care are approved in accordance with professional standards.
- Clariant is a Specialty chemicals are developed, created, distributed, and sold by. The business concentrates on growth, the introduction of new products, partnerships, and innovations. It is leveraging its strong R&D capabilities to strengthen its position in the market for personal care ingredients. It is putting a lot of effort into creating cutting-edge items that improve environmental sustainability.
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.
Evaluation Criteria
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).
360Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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See Also:
- Top Paint and Coatings Companies, Worldwide 2023
- Top Lubricants Companies, Worldwide 2023
- Top 21 Sustainable Packaging Companies, Worldwide 2023
- Top 20 Composites Companies, Worldwide 2023
- Top 21 Flexible Packaging Companies, Worldwide 2023
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