According to the research report titled ‘Global Personal Care Specialty Ingredients Market Size study, by Product (Active and Inactive), and Regional Forecasts 2021-2027’, available with Market Study Report, global personal care specialty ingredients market size was remunerated USD 12.77 billion in 2020 and is expected to multiply at a CAGR of 5.4% over 2021-2027, subsequently reaching USD 18.45 billion by the end of the forecast period.
 

Growing usage of organic products, rising cognizance regarding personal grooming, and long-term benefits offered by natural products are the key factors fueling global personal care specialty ingredients market growth, cites the study.
 

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According to the report published by Global Wellness Institute in 2018, the personal care, beauty, and anti-aging market was worth USD 1083 billion in 2017. Likewise, the National Center for Biotechnology Information (NCBI) cited that Americans expenditure on skin care is approximately USD 43 billion. Thus, increasing spending on personal care is likely to create lucrative opportunities, contributing to the overall market development.
 

For the unversed, personal care ingredients are raw materials utilized in the production of skin care products. They can be used as anti-aging agents, skin conditioning agents, antifungal agents, and other ingredients in skin care products.
 

Escalating demand for cruelty-free cosmetics, and rising production of innovation and customized products are also adding to the industry progression.
 

Considering the factors restraining global personal care specialty ingredients industry expansion, restrictions on certain ingredients, in tandem with fluctuating production & supply of raw material are acting as major challenges for businesses in this domain.
 

Elaborating on geographical ambit, Asia Pacific, North America, Europe, and Latin America are the key contributors to the overall market growth. Of these, Asia Pacific dominates worldwide personal care specialty ingredients market share presently, creditable to new startups in personal care industry, and shifting customer preferences towards skin and hair care products.
 

Meanwhile, North America industry is expected to gain momentum over the coming years, owing to surging demand for luxury products, along with rising cognizance about personal care and UV protection.
 

Top firms in the market sphere are Vantage Specialty Ingredients Inc., Inolex Inc., Treatt plc, Lotioncrafter LLC, Evonik Industries AG, Symrise AG, Ashland Global Specialty Chemicals Inc., BASF SE, Naturex, and The Dow Chemical Company (TDCC).