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.