The global keratin market is expected to witness considerable growth over the forecast period on account of its increasing demand in the personal care and cosmetic industry. The industry was estimated to be over 3500 tons in 2014 and is projected to grow at a CAGR of above 7.0% from 2015 to 2022. Rising technological advancements to augment the application scope of the product in shampoos and conditioners are expected to open new avenues over the forecast period.
Keratin is a biochemical that is primarily employed in manufacturing personal care products, particularly for nails, skin, and hair. Growing end-use demand, coupled with changing lifestyle of consumers, particularly in Asia Pacific countries including Japan, India, and China, is expected to propel growth over the next seven years. Furthermore, growth in the global salon care sector in Latin America and Asia is expected to aid product growth over the forecast period.
Personal care and cosmetics is the largest application segment for the product accounting for over 50% share. Growing use of the product in shampoos, nail creams, and soaps will augment demand over the forecast period. However, increasing use of Moroccan oil and KeraGreen in hair treatment on account of their organic and non-toxic characteristics is expected to challenge growth over the next seven years. In addition, high cost of the product may also restrain demand.
Keratin biomaterials have several advantages as both a synthetic as well as a natural product. These products find major application scope in controlled release applications as well as tissue culture. They have numerous biomedical applications on account of their biodegradable and biocompatible nature. Increasing use of the product in various applications such as drug delivery, wound healing, and tissue culture is expected to have a positive impact on the keratin industry over the forecast period. Rising R&D focus to introduce eco-friendly products at competitive prices is expected to provide new opportunities over the next seven years.
Prevalence of stringent regulations particularly in North America and Europe has forced various skin and hair care product manufacturers to use non-toxic keratin ingredients in their products. This is expected to have a positive impact on keratin market growth over the next seven years. However, raw material price volatility will be a major challenge for the industry over the projected period.
In terms of geography, the keratin market can is segmented into five major regions including North America, Latin America, the Middle East and Africa, and Asia Pacific. Asia Pacific is expected to be the fastest-growing segment for the product with majority of demand from the personal care products segment. Growth in these segments particularly from India, China, and Japan is expected to propel the industry over the next seven years.
Asia Pacific and Latin America are expected to be the fastest-growing markets for the product in terms of volume and revenue. Asia Pacific accounted for above 25% share, while Latin America accounted for over 20% of the global share. Increasing demand for environment-friendly products in Europe coupled with rising application scope of the product in the biomedical segment is expected to fuel the keratin industry over the next seven years.
The industry is consolidated on account of the presence of few players. Key companies including Rejuvenol, Scherdiva, Keratin Express, and Keraplast account for over 70% of the keratin market. These companies primarily focus on R&D for manufacturing new and improved products. Major personal care & cosmetic companies rely on the push strategy; hence, they also aim to continually improve marketing tactics.
Major companies intend to capture share by increasing production capacity and increasing their geographical reach. Rejuvenol manufactures products using KeraGreen which are scientifically advanced and safe alternatives to formaldehyde-based keratin. Growing demand for natural products from various end-use industries is expected to fuel growth over the forecast period.
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The sudden rise of COVID-19 to a pandemic level has severely impacted the demand patterns of cosmetics and also certain categories of personal care products. Furthermore, policies across the globe restricting the movement of people have also led to disruptions in the supply of personal care products. The availability of e-commerce platforms during these times has, however, offset the disruptions caused in the last-mile supply of customer purchases. From manufacturing stand, production stoppages due to the pandemic shall cast considerable stress on operational costs. The report will account for Covid19 as a key market contributor.