Lucintel’s latest market report analyzed that antimicrobial ingredient provides attractive opportunities in the skin care products, hair care products, oral care products, make-up products and other cosmetic. The antimicrobial ingredient market is expected to grow at a CAGR of 7%-8%. In this market, antibacterial agent is the largest segment by product type, whereas skin care is largest by end use industry. The development of naturally sourced antimicrobial ingredients, increasing R&D spending and high product innovation provides strategic growth path in this market.
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Based on product type, the antimicrobial ingredient market is segmented into antibacterial agent, antifungal agent, antiviral agent, and antiparasitic agent. The antibacterial agent segment is accounted for the largest share of the market in 2020 due to role in protecting the life of the product and increasing the safety of consumers using the product, and use antibacterial agents in the manufacturing of cosmetic products that have a chance of developing microorganisms upon exposure to certain external elements or under specific conditions.
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The antimicrobial ingredient market is marked by the presence of several big and small players. Some of the prominent players offering antimicrobial ingredient include BASF SE, Ashland Global Holdings Inc, Lonza Group Ltd, Croda International, The Dow Chemical Company, Clariant, Akzo Nobel, and Solvay.
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