According to Acumen Research & Consulting, the global cosmetic preservatives market size is projected to grow at a CAGR of above 6.4% during the projected years and reach a value of over US$ 622 Mn by 2030.
According to the European Regulation, preservatives are any substance that is solely or primarily intended to inhibit the growth of microorganisms in cosmetic products. Preservatives help to keep the formula fresh and extend the life of cosmetics. They are required in a water-based recipe. The inclusion of water in a formula does offer a favorable environment for the growth of microorganisms. Increasing awareness about preservatives in cosmetics to enhance the quality of products primarily drives the demand for the cosmetic preservatives industry.
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Global Cosmetic Preservatives Market Growth Factors
The rising inclination toward cosmetic preservatives due to their ability to safeguard cosmetics and increase their shelf life is expected to boost the demand of the market. Growth in sales of skincare and hair care products all over the world will also expand the growth of the market. The easy availability of synthetic and natural preservatives for cosmetics as well as the rising trend of multifunctional cosmetics has also created several growth prospects for the market during the forecasted years 2022 – 2030.
In addition, growing consumer emphasis on the use of organic and natural label products has created a buzz for natural cosmetic preservatives. An increased sale of functional cosmetics that cover anti-aging and sun care products is also likely to fuel the industry demand. Increasing consumer awareness of personal grooming is also driving the cosmetics industry which eventually expands the cosmetic preservative market growth. However, strict regulations for the use of preservatives coupled with the high cost of natural cosmetic preservatives are some of the aspects that may restrain the market from growing.
Furthermore, growth in e-commerce websites that allow a consumer to choose from a wide range of product lists as suited to their skin, increasing research & development activities in the preservatives industry, and favorable support from government organizations for the use of natural and organic cosmetic preservatives are amongst the few aspects that are generating numerous growth opportunities for the market in the coming years.
Global Cosmetic Preservatives Market Segments
The market for cosmetic preservatives is categorized into product, application, and geography. The product segment is further split into phenol derivatives, paraben esters, formaldehyde donors, quaternary compounds, alcohols, organic acids, and others. Based on our analysis, the phenol derivatives segment is expected to lead the market with a considerable market share in 2021. However, the organic preservatives segment is expected to attain a substantial growth rate during the forecast period 2022 – 2030. The demand for organic preservatives such as cinnamon, clove, tea tree, rosemary, lavender, and other essential oils & herbs is likely to gain a significant impetus in the organic preservatives industry. Adding to that, the demand for paraben esters is also estimated to grow in terms of CAGR in the coming years.
Based on application, the market is split into skin and sun care, hair care, makeup & color, toiletries, fragrances & perfumes, and others. Based on the applications, the skin and sun care segment conquered the market with a noteworthy share in 2021. The high demand in the segment is ascribed to the growing population of working women, increased consciousness towards personal beauty, and rising acne disorders among the population. The unprecedented rise of the COVID-19 pandemic has created awareness among consumers to use toiletries to a greater extent such as soaps, face wash, bath oils, hand wash, etc. Thus, the rising alertness towards personal hygiene is propelling the toiletries market growth.
Cosmetic Preservatives Market Regional Stance
North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa are covered under the regional category. The market for the Asia-Pacific region is expected to lead the market with respect to revenue. The market for Asia-Pacific is growing due to the escalated demand from emerging countries such as China and India. China is viewed as the fastest-growing market, with enormous development potential, partly due to the fact that current per capita cosmetics spending is starting from a low basis. Additionally, the shift towards mental and physical well-being through the use of natural, organic, anti-fatigue, antipollution, anti-aging products, increased adoption of men’s grooming products, and consumers opting for at-home services, online buying are some of the aspects that are driving the Indian cosmetic preservatives market. On the other hand, the European region is expected to lead the market with respect to CAGR during the predicted years.
Major Players
The cosmetic preservatives industry involves many key players. The top players presented in the report include Arkema Fine Chemicals, Ashland, BASF, Chemipol, Dadia Chemical Industries, DuPont de Nemours, Inc., Lonza, Salicylate, and chemical Pvt Ltd., Sharon Laboratories, Symrise AG, and Thor Group Ltd.
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