(MENAFN- P&S Intelligence) The total size of the global bio-based cosmetics and personal care ingredients market was around $4,550.6 million in 2021. The market is projected to propel at a CAGR of 5.3% during the projected period and reach $7,271.7 million in 2030. The development of the cosmetic industry and the cognizance of people toward the harmful effects of synthetic chemicals are some of the factors that play a crucial role in the growth of the market.
The revenue generated by the use of bio-based ingredients in skin and sun care products amounted to approximately $2 billion in 2021. The share of these ingredients was the largest in the bio-based cosmetics and personal care ingredients market, and this trend will also continue in the coming years. The main reasons for this will be the increasing consumer awareness regarding skincare and the inclination of the chemical companies toward producing cosmetics using bio-based ingredients.
The APAC region is predicted to have the highest bio-based cosmetics and personal care ingredients market growth rate in the coming years because of the rapid improvement in healthcare infrastructure, development of the cosmetic industry, and increase in the disposable income in the region. China and India are significant contributors to the growth of the market. However, when compared to Europe and North America, the expenditure on healthcare is still fairly low, but the increasing population and awareness of skincare are driving the market.
The growing cosmetic industry is a major factor for the growth of the market. As per the Food and Drug Monitoring Agency (BPOM), in 2017, there were more than 700 cosmetic companies in Indonesia. Leaders in the cosmetic industry, such as L’Oreal Group (France), Avon Products Inc. (U.S.), The Estée Lauder Companies Inc. (U.S.), and Oriflame Cosmetics (Luxembourg), are incessantly launching new products, which is likely to surge the demand for bio-based cosmetics ingredients.
In the coming years, vitamins and derivatives are predicted to progress with over 5% CAGR, which is higher than other types of active ingredients. This growth will be because of the increasing use of vitamin-rich cosmetics by the young generation, changing lifestyle patterns, and prevalent consciousness regarding the development of personality among consumers. As per a World Bank report, 65% of the total population in 2020 was between 15 and 64 years. People in this age bracket use more bio-based cosmetic products with vitamins and derivatives.
The market is expected to grow at a rapid pace with an increase in the awareness of skincare and higher disposable income.
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