Market for personal care delivery systems set for big growth
The global market is set to grow by almost 8% a year up to 2020, with high demand in Asia likely to be the main driving force, according to the report titled “Global Market Study on Delivery Systems in Personal Care”, from Persistence Market Research.
The research points to the fact that the global market currently has an estimated value of $345.3m, but with a forecast CAGR of 7.8%, that figure is likely to hit $543.4m by 2020.
Skin care is the focus
Skin care continues to overshadow hair care as the largest market category in the beauty industry, and with the bar continuing to be raised for functional, effective products, this means that demand for delivery systems will also continue in the same manner.
According to the study, the performance of such products is being raised because highly effective active ingredients can be delivered to specific areas of the skin in a targeted manner thanks to increasingly sophisticated delivery systems.
What is also driving demand is an increase in a number of skin conditions, the fight against harmful UV rays and a growing aging population that also has rising income levels.
Europe continues to dominate, as Asia catches up
Although growth in delivery systems is continuing in North America, the report highlights that it is in Europe where the market is biggest, but Asia is continuing to catch up with rapid growth in demand for delivery systems.
In all three regions an ageing population is playing a major role in demand for delivery systems, while there is also a growing awareness of the therapeutic properties of skin care products that is contributing to further growth worldwide.
The report also highlights major delivery systems players to be Unipex, Salvona, Lipo, Lonza, BASF, Croda, Clariant and Air Products and Chemicals.
