Antimicrobial Ingredients Market - Global Industry Insights and Forecast year 2018-2025
The global antimicrobial ingredients market is expected to grow from USD 7,820 Million in 2017 to USD 10,720 million by 2025 at a CAGR of 4.11% during the forecast period from 2018-2025. Asia Pacific market is expected to witness substantial growth over the next decade. This growth is witnessed in the wake of easy procurement of raw materials required to produce antimicrobial ingredients at a commercial scale, low-wage skilled labour are some of the key factors driving the growth of the market.
Global Antimicrobial Ingredients Market by Product (Antibacterial Agent, Antifungal Agent, Antiviral Agent, and Antiparasitic Agent), Form, End-use (Skin Care Products, Hair Care Products, Oral Care Products, others), Regionâ?? and Global Forecast 2018-2025.
Prominent companies in the industry include BASF SE, Ashland Global Holdings Inc., Lonza Group Ltd., Croda International Plc., The Dow Chemical Company, Clariant AG, Akzo Nobel N.V., Solvay SA, Evonik Industries AG, and Wacker Chemie AG, Pfizer Inc., Destiny Pharma plc Merck & Co., Inc., Novartis among others. Developing and developed countries are offering greater opportunities and major players are continuously focused on new product developments, strategic partnerships, acquisitions and venture capital investments to obtain high growth in the market. For instance, in 2017, AkzoNobel opened a new performance coatings facility in Chonburi, Thailand.
The product segment is classified into antibacterial agent, antifungal agent, antiviral agent, and antiparasitic agent. Antibacterial agents held the largest market share and expected to register the highest CAGR of 5.83% in the forecast period. Increased sales and their importance in protecting cosmetic products from common bacterial outgrowth are driving the growth of the segment. Form segment includes dry and liquid based. Dry segment held the largest market share in 2017. Limited applications of liquid ingredients are favouring the demand for dry ingredients in the global antimicrobial ingredients market. End use segment is divided into segments such as skin care products, hair care products, oral care products, make-up products and other cosmetic. Skin care segment is playing a chief role in shaping business growth. These ingredients are being introduced in the formulations of skin care products to extend the effectiveness of these creams and lotions.
Product safety is a top priority of competitors in the global cosmetics industry. To ensure that manufacturers of cosmetic products are using antimicrobial ingredients as additives in production techniques. In addition, antimicrobial ingredients extend the product life in the cosmetics landscape fuelling the growth of market. Varying end-user requirements may hamper the growth of market. However, high demand from skin care industries are expected to propel the growth of the market in coming years.
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