Discernible increase in hygiene and sanitation awareness is estimated, to drive the EMEA Personal Care and Cleaning Chemicals Market to $16.6 Billion by 2023.
The EMEA Personal Care and Cleaning Chemicals Market is growing because of the increased consumer purchasing power, consumer’s preferences are drawn towards multipurpose products, which retain clean and germ-free facilities. Innovation, primarily in product performance, is the most important driver for the industry. Personal care and cleaning chemicals have a wide range of applications, where personal care includes sun care, oral care, skincare, body care, perfume, hair care, and so on, whereas cleaning chemicals include household cleaners, industrial and institutional cleaners, and various other applications.
According to IndustryARC, the EMEA Personal Care and Cleaning Chemicals Market is expected to reach $ 16675.87 Million by 2023, growing at a CAGR of 5.03%. The EMEA Personal Care and Cleaning Chemicals industry is being largely driven by a significant increase in awareness of hygiene and sanitation, combined with the population outflow that creates possibilities in the EMEA personal care market in combination with the sector for cleaning chemicals.
Key Insights on EMEA Personal Care and Cleaning Chemicals Market
· The cosmetics and personal care industry is an innovative industry with huge investments in R&D. Personal care products with multiple benefits such as anti-aging, moisturizing, and SPF protection are gaining prominence in the cosmetics industry. The cosmetics industry in the Middle East and in some part of the African region are focused on producing Halal personal care products that meet the criteria according to the Islamic faith. The increase in population has also escalated the demand for personal care products across the MEA region.
· The increase in demand for EMEA Personal Care and Cleaning Chemicals market is driven by several factors, such as the rise in awareness of consumers for natural as well as organic products and disposal incomes. Constant innovations and improvisations in products have also led to a demand for multifunctional and cosmeceutical products. The growing trend towards proactive healthcare in recent years is instrumental in positively influencing the demand for the cleaning chemicals products & services that help hospitals, public transport systems, hotels, schools, and offices maintain hygiene.
· The rise in environmental and health concerns among consumers has forced the cleaning chemical industry to offer eco-friendly products that do not harm the environment as well as human health. SMME’s industry in the Middle East and Africa are driving the growth of cleaning chemicals market as they are offering the products as per the need of consumers at affordable price. They are also indulging in economic growth by penetrating the market because of their strategy by adopting consumer preference.
· Introduction of new, innovative and technologically advanced products, with huge investments in research and development of the product to meet the needs of the consumer are some of the growth opportunities which are likely to drive the market in Europe during the forecasting period.
· With the highest revenue share of 80% in 2018, Europe was the most dominant region in the EMEA personal care and cleaning chemicals market. This is largely attributed to the region’s stable markets and the region’s perceptibly increasing demand for organic personal care products. In addition, due to the increase in disposable personal income in most of Europe, including France, Italy, Germany, and Great Britain, the industry for personal care and cleaning chemicals is having progress in the region.
Key companies identified in the market are currently holding majority shares in the EMEA personal care, and cleaning chemicals market are BASF SE, DowDuPont, Solvay SA, AkzoNobel NV, Symrise AG, Lanxess AG, Royal DSM, Ashland, Evonik Industries, Wacker Chemie AG and others will fuel market growth during the forecast period.
The main driving power for EMEA personal care market is the increasing per capita income in African nations like Kenya, Uganda, and Tanzania, contributing to sector possibilities that have not been exploited in the region due to poverty. In addition, Europe’s countries allow citizens to invest in personal care products that drive the region’s industry. The market for personal care EMEA is segmented on the basis of products for sun, oral, skin, and body care. Perfume, decorative cosmetics, and hair care products are also products of personal care that gain a ton of traction in EMEA. In addition, the industry for household cleaning chemicals is expected to observe a low CAGR of 4.59% fold by 2023, reaching a business volume of 36.777 million euros.