Bio Based Cosmetics and Personal Care Ingredients Market In-depth Analysis of Industry Players 2019-2029
Growth of sales channels along with a growing number of male consumers demanding for skin care products such as lotions and creams have contributed to the growth of the market. However, the key potential consumers for bio-based cosmetics and personal care products are females aged between 19 and 35. Moreover, the population of ages between 19-25 offer major opportunities to bio-based products due to greater brand loyalty, early adaptability to new trends, less price sensitivity, and use of social networks and information technologies to get consciousness on new bio-based products. Department stores, specialized stores, online, drug store chains, and retailers are currently the most vital channels of distribution.
Europe, especially Western
Europe, is hub for the green evolution with growing consumer recognition
and accountability for the acceptance of green products. European
consumers are becoming aware about harmful impacts of synthetic
cosmetics, which in turn, is fueling the demand for bio-based products
in the region. Thus, growing adoption of greener end products drives the
demand for advanced ingredients that are naturally sourced and
efficiently processed to showcase the same performance traits of present
synthetic alternatives. Anti-aging and moisturizing are the segments
that have been witnessing large market penetration of bio-based
ingredients, primarily because of high market demand and easy
availability of oleo chemical-derived refined glycerin as a natural
moisturizer.
However, cost associated with procurement and
processing of bio-based raw materials is higher than that for synthetic
chemical-based ingredients. Key cost additions involve higher cost of
raw materials (generally a higher concentration is needed than synthetic
ingredients to offer the required efficacy) and operational cost, owing
to the extra downstream processing required to ensure purity and
efficacy of bio-based ingredients.
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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 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.
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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