BURNABY, Canada, June 5, 2014 /PRNewswire/ --
Surging demand for high performance, multi-functionality personal care products coupled with growth in male grooming segment to drive cosmetic ingredients market in India
Cosmetic ingredients provide physical and functional properties to personal care products like shampoos, conditioners, creams, lotions and make-up cosmetics. Exponential growth in personal care market in India, coupled with increasing use of natural and multi-functional ingredients in these products, has been driving the country's cosmetic ingredients market. India continues to be one of major target markets for various cosmetic chemical companies due to the country's huge consumer base. As a result, major players such as Galaxy Surfactants, Clariant and BASF are focusing on increasing their investments towards cosmetic ingredients manufacturing in the country.
According to a recently published TechSci Research report "India Cosmetic Chemicals Market Forecast and Opportunities, 2019", the cosmetic chemicals market is forecast to grow at a CAGR of around 10% during 2014-19. Galaxy Surfactants, BASF, Clariant and Fine Organics are among the leading domestic cosmetic chemical manufacturers, while the major end-user companies in India include Hindustan Unilever, Procter & Gamble, L'Oreal and Dabur.
The report reveals that the western region accounts for the largest manufacturing share of the country's cosmetic care ingredients market. Surging demand for personal care products with multi-functional benefits such as fairness, smoothening, anti-aging and sun protection properties is significantly driving the demand for cosmetic ingredients in India. Over the last few years, the personal care market in India has been witnessing a healthy double digit growth, with the industry offering huge growth potential for next five years as well. Various cosmetic companies are increasing their R&D expenditure to develop new product for addressing diverse consumer requirements. The emerging concept of BB creams and natural ingredients in cosmetic products, coupled with the expanding male consumer segment, is expected to drive the personal care market in the country.
"In the cosmetic ingredients market, surfactants account for the largest share in terms of value. Surfactants are used intensively in shampoos, face washes and cleansers, and their market is expected to grow significantly through 2013-19 in India. Moreover, the demand for creams and lotions with skin repair and anti-aging benefits is expected to augment the market share of emollients over the next five years", said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
"India Cosmetic Chemicals Market Forecast & Opportunities, 2019" has analyzed the potential of the cosmetic chemicals market in India and provides statistics and information on market size, share and trends. The report will suffice in providing intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
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SOURCE TechSci Research