The global bio-based cosmetics and personal care ingredients market is projected to generate $7,271.7 million revenue by 2030, advancing at a CAGR of 5.3% during 2021–2030. This will be on account of the increasing technological innovations and development of application-specific ingredients. In addition, the growing trend of using organic and natural-ingredient-based cosmetic products, rising R&D investments, and incorporation of cost-effective manufacturing technologies also drive the market growth.
Moreover, the rising influence of advertising strategies on consumer trust also propels the market growth. Advertisements have a significant impact on consumers’ behavior and attitude toward a product. People are paying more heed than over to the labels of cosmetic products, as they have become more conscious of the harmful chemicals in them. They have also started to learn about ingredients that aren't as good for human health or the environment as once claimed. Because advertising is one of the most-visible types of commercial communication, its importance has grown rapidly, which, in turn, drives the bio-based cosmetics and personal care ingredients market growth.
Companies operating in the market have been involved in product launches, along with other developments, to remain competitive.
The major players operating in the global bio-based cosmetics and personal care ingredients market are BASF SE, Ashland Global Holdings Inc., Allied Carbon Solutions Co. Ltd., Evonik Industries AG, Clariant AG, Covestro AG, DuPont Tate & Lyle Bio Products Company LLC, Koninklijke DSM N.V., The Dow Chemical Company, Solvay SA, The Lubrizol Corporation, and Symrise AG.