An increase in health concerns and a significant growth in the green technology concept is leading to the substitution of synthetic products such as aluminum salts, phthalates, parabens, and petrochemical, which are contaminated and harmful to health. In addition, growing popularity of cosmetic products such as skin whitening cream, moisturizing lotions, facial wipes, sunscreen lotion, and deodorants is expected to create growth opportunity for bio-based cosmetics and personal care ingredients market during the forecast period, 2019-2029.
The consumer demand for natural products, along with bio-based products derived from oils and fats, has resulted in a rapid growth of the bio-based cosmetics and personal care ingredients market. The primary factor for the increasing adoption of bio-based ingredients for cosmetic products is the harmful effects of chemical products, therefore leading to consumers showcasing an inclination toward products that contain bio-based ingredients. As a result, cosmetics companies are consequently substituting synthetic chemicals with bio-based ingredients. In 2013, L’Oreal, one of the largest cosmetics companies launched Sharing Beauty With All to improve sustainability from sourcing and manufacturing to packaging, hence lowering its environmental footprints. Almost 22% of the company’s products are derived from renewable plant sources such as quinoa, mainly used in skin exfoliating products. Bio-based cosmetics products provide a sustainable alternative to petroleum-based products and help lessen the amount of carbon dioxide in the atmosphere.
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.
The consumer demand for natural products, along with bio-based products derived from oils and fats, has resulted in a rapid growth of the bio-based cosmetics and personal care ingredients market. The primary factor for the increasing adoption of bio-based ingredients for cosmetic products is the harmful effects of chemical products, therefore leading to consumers showcasing an inclination toward products that contain bio-based ingredients. As a result, cosmetics companies are consequently substituting synthetic chemicals with bio-based ingredients. In 2013, L’Oreal, one of the largest cosmetics companies launched Sharing Beauty With All to improve sustainability from sourcing and manufacturing to packaging, hence lowering its environmental footprints. Almost 22% of the company’s products are derived from renewable plant sources such as quinoa, mainly used in skin exfoliating products. Bio-based cosmetics products provide a sustainable alternative to petroleum-based products and help lessen the amount of carbon dioxide in the atmosphere.
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Five major cosmetics categories including foundation, face cream, lipstick, mascara, and blush/bronzer contain at least one high risk commodity which has an ill-effect on health. For example, vanilla is a popular ingredient in lipstick, but it contains high risk of cancer and allergic reactions. About 30% of ingredients used in ordinary cosmetic products come from agricultural or mined commodities. Various ingredients are derived from mines, including tin, zinc, and copper, all of which contains high chemical risk.
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.
BASF SE, Clariant, Evonik Industries AG Industries AG, Ashland, ELEMENTIS PLC are some of the companies which have remained in the limelight since last few years due to their developments in the field of bio-based cosmetics and personal care ingredients.
With the increase in awareness regarding the harmful effects posed by synthetic chemicals, consumers are now abstaining from using chemical infused products.
This led to an increase in awareness among consumers across the globe, resulting in an increase in the demand for natural products.The organic and bio-based beauty boom is part of the recent shift in consumer awareness about wellness, health, and the environment.
In addition, due to a growing number of social media influencers and beauty blogs, awareness, and easy availability of information regarding the toxin-free ingredients has significantly risen.
This is pushing the growth of the adoption of bio-based cosmetics and personal care ingredients market globally.Supply chain analysis refers to an approach of analyzing organizations, people, information, activities, and resources engaged in changing a product or service from supplier to end-user.
The supply chain of bio-based cosmetics and personal care ingredients consists of different stages:Stage 1: Raw Material Provider for Bio-Based Cosmetics and Personal Care IngredientsThis stage includes the raw material provider for bio-based cosmetics and personal care ingredients.
Raw materials which are used for the manufacturing of bio-based cosmetics and personal care ingredients are derived from plant and animals.
