Context & Market Overview
The trends of urbanisation, digitalisation, and sustainability have significantly influenced consumers, as they increasingly demand more innovative solutions from providers of personal care products.
Consumers have been more conscious of the effect of their products on the environment, seek transparency on ingredients, and expect convenient buying methods. On the technical and production side, the ability for new players to enter the personal care space is becoming easier as market barriers fall. New companies can establish themselves at the local level and have global impact.
BASF is a leader in the chemical industry, differentiating itself from the competition by effectively translating consumer trends into real solutions. In 2018, BASF’s Care Chemicals segment, which includes ingredients for cosmetics, detergent and cleaner industries, agrochemical and technical applications, and hygiene generated in 4.913M€ worldwide sales.
The industry continues to change, and BASF must adapt to changing B2B buying behaviour and the increasing space of the market. BASF is continually looking to enhance its offerings to its customers, ultimately enabling personal care product providers to better serve consumers.