North American personal care ingredients market is expected to project a CAGR of 2.7%, during the forecast period. North America is major market for skincare products, particularly in the US, which contributes significantly to the growth of the personal care ingredient market in the region. North America is one of the strongest economies across the globe, comprising more than 21.3% of the global economy as per the International Monetary Fund in 2019. The economic strength and research related to the formulation of new ingredients for personal care products in North America provide a solid platform for the growth of the regional market. The growing investment by major market players operating in the region in research related to the formulation of multifunctional ingredients is another major factor driving the growth of the regional market.
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North American personal care ingredients market is segmented on the basis of ingredients and application. Based on ingredients, the market is segmented into rheology control agents, surfactants, emollients, active ingredients, emulsifiers, and others. Based on application, the market is further classified into hair care, oral care, skin care, cosmetics, and others (fragrances and toiletries). Among these applications, the skin care segment is among the major application of personal care ingredients. The rising availability of specific-purpose skin care solutions, such as anti-aging creams and lotions, sunscreen lotions, and anti-acne creams is driving the growth of the market in skin care application.
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Geographically, North America personal care ingredients market is segmented into the US and Canada. The US accounted for major share in the market in 2019 due to the presence of key personal care product manufacturers and high spending of consumers on cosmetics products. The Canadian personal care ingredients market tends to grow at a fastest CAGR of around 4.6% during the forecast period. The major factors attributed to the fastest growth of Canada in the market includes the rapid expansion of production units of the personal care ingredients market players in the Canadian region.
Furthermore, some of the key players in the market include BASF SE, Clariant International Ltd., The Dow Chemical Co., Evonik Industries AG, Solvay S.A. These companies are using several strategies to expand market share and gain a competitive advantage over their competitors. The strategies include new product launches, mergers and acquisitions, partnerships, and collaborations. For instance, in March 2020, Clariant International Ltd. launched a next-generation preservation booster Velsan Flex to cater to the requirements of the personal care industry’s increasingly limited preservation options for both traditional and natural formulations. Velsan Flex is highly versatile and effective in combination with all preservative types, enabling a reduction of typical preservatives by as much as 50% while still achieving safe antimicrobial protection for a range of cosmetic products.
Market Segmentation
North American Personal Care Ingredients Market by Ingredients
• Rheology Control Agents
• Surfactants
• Emollients
• Active Ingredients
• Emulsifiers
• Others (UV Filters and Pearlizers and Opacifiers)
North American Personal Care Ingredients Market by Application
• Hair Care
• Oral Care
• Skin Care
• Cosmetics
• Others (Fragrances and Toiletries)
Regional Analysis
• United States
• Canada
Company Profiles
• Ashland North American Holdings, Inc.
• BASF SE
• Clariant International Ltd.
• Corbion N.V.
• Croda International Plc
• Eastman Chemical Co.
• Evonik Industries AG
• Fitz Chem LLC
• Galaxy Surfactants Ltd.
• Genomatica, Inc.
• Huntsman International LLC
• Ingredion, Inc.
• Koninklijke DSM N.V.
• Lonza Group Ltd.
• Merck KGaA
• Momentive Performance Materials, Inc.
• Solvay S.A.
• Symrise AG
• The Dow Chemical Co.
• The Lubrizol Corp.
• Wacker Chemie AG
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