According to Fior Markets’ latest offering, the global antimicrobial ingredients market is predicted to grow from USD 7,820 Million in 2017 to USD 10,720 million by 2025 at a CAGR of 4.11% between the forecast periods from 2018-2025. Asia Pacific market would see substantial growth over the next decade as there is the easy acquisition of raw materials required to produce antimicrobial ingredients at a commercial scale, low-wage skilled labor that is 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), Region” and Global Forecast 2018-2025.
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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 presenting greater opportunities and major players, aimed at obtaining high growth in the market are continuously focused on new product developments, strategic partnerships, acquisitions, and venture capital investments. For instance, in 2017, AkzoNobel launched a new performance coatings facility in Chonburi, Thailand.
The product segment is divided into the antibacterial agent, antifungal agent, antiviral agent, and antiparasitic agent. Antibacterial agents accounted for the largest market share and expected to obtain the highest CAGR of 5.83% in the forecast period. Rise sales and their importance in protecting cosmetic products from common bacterial outgrowth are responsible to drive the growth of the segment. Form segment contains dry and liquid based. In 2017, the dry segment registered the largest market share. Limited applications of liquid ingredients are boosting the demand for dry ingredients in the global antimicrobial ingredients market. The end-user segment includes segments such as skin care products, hair care products, oral care products, make-up products and other cosmetic. Skin care segment is the key factor for shaping business growth. These ingredients are being introduced in the formulations of skin care products to extend the effectiveness of these creams and lotions.
Players in the global cosmetics industry are focused on product safety as it’s their top priority. Manufacturers of cosmetic products are using antimicrobial ingredients as additives in production techniques. Additionally, antimicrobial ingredients increase the product life in the cosmetics landscape fuelling the growth of the market. Changing end-user requirements are predicted to hamper the growth of the market. High demand from skin care industries are would propel the growth of the market in the coming years.
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