HOME Research Insight New Product Launches and Agreements to Cater the Growing Demand in the Personal Care Ingredients Market

New Product Launches and Agreements to Cater the Growing Demand in the Personal Care Ingredients Market

The global personal care ingredients market is projected to grow at a CAGR of 4.33% from 2017 to 2022, in terms of value. The increasing demand for multifunctional ingredients for various personal care products such as body creams, face creams, hair conditioners and hair shampoos, among others, is anticipated to drive the growth of the personal care ingredients market. The personal care ingredients market has been segmented based on ingredient, application, and region.

Key players operating in the personal care ingredients market include BASF SE (Germany), Evonik Industries AG (Germany), Solvay SA (Belgium), Akzo Nobel N.V. (Netherlands), and Lonza Group Ltd. (Switzerland). These players have adopted various strategies to expand their global presence and increase their market share. Expansion, acquisition, collaborations, partnerships, agreements, and new product launches were the key strategies adopted by the major personal care ingredients manufacturers in the recent past to strengthen their position in the market.

The growth in the personal care ingredients market was largely influenced by new product launches over the past four years. Companies such as BASF SE, Evonik Industries AG, and Solvay SA adopted new product launches, expansions, and acquisitions to expand their regional presence and enhance their product offerings. In April 2017, BASF SE launched new products Collalift 18, Oligolin, and Cetiol 4 to cater the growing demand from skin care, hair care, and body care applications. The company is also focusing on agreement and expansion to meet the growing demand for personal care ingredients.

In March 2017, Evonik Industries AG acquired Dr. Straetmans GmbH (Germany), one of the manufacturers of personal care ingredients. This acquisition helped Evonik Industries AG strengthen its product portfolio of personal care ingredients. It also helped the company address the increasing demand for personal care ingredients from personal care product manufacturers worldwide.

Solvay SA, a key player in the personal care ingredients market, focuses on new product launches and agreements to cater the growing demand in the market. In March 2017, the company launched new formulations, Polycare split therapy and Rheomer low PH for hair and skin care applications respectively. The company also signed an agreement with France’s National Centre for Scientific Research (CNRS), which will help the company conduct innovative research to develop eco-efficient formulations for personal care products.

Related Reports:

Personal Care Ingredients Market by Ingredient (Emollients, Surfactants, Emulsifiers, Rheology Modifiers, Active Ingredients, Others), Application (Skin Care, Hair Care, Oral Care, Make-up, Others), and Region - Global Forecast to 2022

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