China and Europe Host Massive Demand for Personal Care Products, Spur Personal Care Ingredients Manufacture, reports TMR
BASF SE, Evonik, and Akzo Nobel N.V. were the leading manufacturers of personal care ingredients in 2014, racking up a collective share of 24.4% in market value. Their lead in this highly fragmented market allows them to take up a larger part of the value chain from a global perspective. According to a new publication released by Transparency Market Research, the competition in the global market for personal care ingredients is expected to remain intense over the coming years, owing to its fragmented nature. The multinational companies have a strong hold over the regions they operate in, creating a chain based on long-term contracts and goodwill. The threat posed by new entrants to personal care ingredients is expected to remain high till 2023, due to the greater number of investors that this market’s growth rate will attract. The high demand will also create a greater concentration of regional players over time.The global market for personal care ingredients...