Sellbyville, DE -- (SBWIRE) -- 05/11/2020 -- According to a study conducted by Global Market Insights, Inc., the global personal care ingredients market may exceed USD 12 billion by the year 2024. However, stern federal regulations regarding the use of ingredients in cosmetics products may impede personal care market growth in the forthcoming years.

Given to the negative attitude towards animal-based personal care products, customers have also started preferring eco-friendly, ethical, and sustainable product brands. This has encouraged companies to use plant-based ingredients in their personal care products, which in turn may drive personal care ingredients market growth.

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The market for personal care ingredients is highly completive, with brands and firms like Clariant, Ashland Inc, Lonza Group Pvt. Ltd., Wacker Chemie AG, Akzo Nobel N.V., Dow Corning Corporation, Evonik Industries, Croda International Plc, and BASF SE holding a major share.

Increasing purchase of personal care products worldwide is anticipated to boost the personal care ingredients market size over 2024. Personal care products have become a vital part of consumer's daily life. People across the globe have started to use haircare, skincare, and cosmetics products to enhance their aesthetic appearance.
The demand for multifunctional care products has surged considerably over the recent years. Personal care products offer several vital benefits and have gained popularity, especially among people who follow busy work schedules.

To meet this demand, manufacturers and brands are developing products that offer one stop solution to customers personal care needs. With increasing demand for such multifunctional products that offer multiple benefits, the personal care ingredient market may record prominent growth.

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APAC personal care ingredients market is expected to witness prominent growth on the back of increasing demand for personal care and cosmetics products. The region is expected to exceed USD 4.4 billion by the year 2024.

Meanwhile, LATAM is expected to offer lucrative growth opportunities to the personal care ingredient companies. Strong presence of cosmetic brands in nations like Brazil and Mexico is anticipated to accelerate regional market size. While the Middle East personal care ingredients market may also witness decent growth on account of strong presence of local personal care product brands.

Main Features of the Global Market Research Report:

The report delivers the market valuation as well as the projected growth rate of the market spanning all years till 2025.

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-The research report endorses a detailed industry chain analysis. Also, it covers the production process of the market, upstream raw material supplier information, raw material costs, labor costs, manufacturing costs, marketing channels, as well as the downstream buyers of the market.

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