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.
Partnerships and Product Launches Are Most-Effective Strategic Developments
Companies operating in the market have been involved in product launches, along with other developments, to remain competitive.
- In June 2021, Symrise AG announced the launch of Hydrolite 7 Green, a 100% bio-based, clear, nature-derived, and colorless liquid. The seven-carbon alkane diol is obtained from castor bean oil and can be complemented with various traditional or green cosmetic formulations that work on most skin types.
- In May 2021, BASF SE and Allied Carbon Solutions Co. Ltd. (ACS) signed a partnership agreement to expand their market capacity for bio-based surfactants and active ingredients. In collaboration with ACS, BASF SE developed a novel sophorolipid-based ingredient, BioToLife, via the fermentation technology. The product curbs the overgrowth of some harmful microbes and provides enhanced cleansing, hence restoring an environment that supports the formation of a balanced micro-ecosystem in skin, scalp, and oral care application.
- In May 2020, Genomatica Inc. and Glenn LLC, an Azelis Americas company, jointly announced Glenn LLC to be the exclusive distributor of Genomatica’s Brontide natural butylene glycol in the U.S. The company added Brontide to its portfolio to support personal care businesses in creating natural and sustainable beauty products.
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.