The global bio-based cosmetics and personal care ingredients market recorded a value of $3.10 billion in 2018 and is projected to reach $5.25 billion by 2029, registering a CAGR of 5.18% during the period 2019-2029. The growth in the global bio-based cosmetics and personal care ingredients market is attributable to the growing consumer awareness toward environment and health. The bio-based cosmetics and personal care ingredients market 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.
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North America and Europe hold significant shares in the global bio-based cosmetics and personal care ingredients market. North America is currently the largest revenue-generating region in the bio-based cosmetics and personal care ingredients market. In North America, the consumer preference toward improved lifestyles and the increasing demand for products which minimally impact the environment are driving the market growth. Additionally, the rising acceptance of vegan lifestyles among millennial is also expected to contribute to the growth of the market. The U.S. is the leading country in the bio-based cosmetics and personal care ingredients market in the North American region and globally.
Europe is the second-largest market globally mainly due to the growing effects of pollution, such as risk of skin cancer, premature skin aging, dryness, roughness, and discoloration, which push consumers toward protecting their skin using chemical-free products.
Asia-Pacific is currently the fastest-growing region in the bio-based cosmetics and personal care ingredients market with a CAGR of 7.98% in terms of value during the forecast period (2019-2029) among all the regions. China is the highest revenue generating country in Asia-Pacific, followed by Japan and South Korea. In the Rest-of-the-World, Brazil is experiencing strong growth in GDP, which in turn, resulted in many local cosmetic companies emerging in the region.
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. 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 73.85% share. BASF SE, Ashland, Clariant, and Lubrizol are some of the leading players in the global bio-based cosmetics and personal care ingredients market.
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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.
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