New York, NY -- (SBWire) -- 03/16/2021 --The increasing use of cosmetics and the adoption of advanced technologies in the manufacturing processes have driven the demand for the market.
Market Size – USD 342.3 Million in 2019, Market Growth - CAGR of 6.0%, Market Trends –High demand from the Asia Pacific region.
The global Cosmetic Preservative market is forecast to reach USD 543.6 Million by 2027, according to a new report by Reports and Data. The growing importance of the preservatives in cosmetics to increase shelf life coupled with the upgrading product quality and rising beauty awareness among the population has resulted in an increase in product sales, thus fostering the demand for market growth.
Increasing investment in the research and development for cost-efficient products with the usage of available natural sources of raw material will further enhance the market growth. Moreover, these products are generally premium priced due to their attached psychological desire related to health benefits, which will further propel growth among populations with rising disposable incomes. As regions like the U.S. and Europe have populations possessing high disposable incomes, they are estimated to register higher growth rates.
Key participants include BASF SE, Ashland Inc., Lonza Group Ltd., Symrise AG, Akema Fine Chemicals, Clariant AG, Brenntag AG, Salicylates & Chemicals Pvt. Ltd., The DOW Chemical Company, and Chemipol, among others.
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The cosmetic preservative market is witnessing a surge in demand because of the rising disposable income of people. In countries like the U.S., the annual per capita income was USD 33,706 in 2018, and it rose to USD 45,646 in 2019, which will allow people to spend more on quality products. People in the present world are becoming highly competitive; therefore, they have become very conscious about their personalities. Hence looking young and fit has become a primary issue of concern. Such issues of looking dynamic will propel the growth of this market.
The COVID-19 impact:
The industry has witnessed a decline due to the COVID-19 pandemic, but the impact in this industry has not been as severe as seen in other industries. Due to the corona pandemic, people have reduced discretionary spending, the consumer behavior has shifted towards safe and durable products which have a lower risk of automation contamination, and durable shelf lives that help in rationing of consumer supplies are expected to perform better in the near future. Improving supply lines by strengthening the e-commerce channel along with offering at-home wellness products, which are highly suited in this volatile business environment, are major points of concern for brands.
For the purpose of this report, Reports and Data have segmented the global Cosmetic Preservative market on the basis of product, application, raw material, and region:
Product Outlook (Revenue, USD Million; 2017-2027)
Paraben Esters
Formaldehyde donors
Phenol derivatives
Alcohols
Quaternary compounds
Organic Acids
Others
Application Outlook (Revenue, USD Million; 2017-2027)
Skin and Sun Care
Hair Care
Toiletries
Fragrances and Perfumes
Makeup and Color
Others
Raw Material Outlook (Revenue, USD Million; 2017-2027)
Natural
Synthetic
Regional Outlook (Revenue, USD Million; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
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Further key findings from the report suggest
The main factors driving the growth of natural products will be the rising need for natural health products and cosmetics for skincare and haircare, coupled with environmentally friendly products.
Increasing expenditure over the R&D department to manufacture cost-efficient products with the usage of available natural sources of raw material will further enhance growth. The strict regulations imposed by the government over the beauty product industry will enhance growth.
The consumers in the North American region are increasingly adopting a holistic approach to health and beauty. They are more driven towards beauty products, which have a touch of technological insights from healthcare as well as biotech companies, also known as a cosmeceutical. Along with this trend, the consumers in the region have become more ingredient-focused and are demanding products that use few chemicals and are free from sulfates, petrochemicals, and phthalate. This is anticipated to create lucrative growth opportunities for the industry.
Hair Care is expected to grow during the forecast period. The global market for hair care is forecasted to exceed USD 210 Million by 2024. Parabens, QAC, FRP, and phenol derivatives have functional preservation properties. An increase in beauty awareness among consumers, along with the development of safe ingredients, will foster the demand of the market.
In March 2020, Clariant launched a new product Velsan Flex which is a next-generation preservative booster for application in the cosmetic industry. The product employs 93% renewable carbon index technology, which is highly effective in combination with all preservative types.
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Cosmetic Preservative Market Segmentation & Impact Analysis
4.1. Cosmetic Preservative Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increase in shelf life
4.2.2.2. Rise in standard of living
4.2.3. Market restraints analysis
4.2.3.1. Stringent Regulations
4.2.3.2. Skin Infections
Continued…
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Cosmetic Preservative Market Size, Share, Growth, Revenue and Key Drivers Analysis Research Report by 2027 : BASF SE, Ashland Inc., Lonza Group Ltd., Etc.
The latest study on Cosmetic Preservative Market for the forecast period 2020 to 2027 blends in the best of both qualitative and quantitative research to assess the major driving forces, restraining factors and opportunities shaping the development Cosmetic Preservative industry worldwide.