Cosmetics preservatives market size was over $970 million in 2019 and is anticipated to surpass $1.2 billion at a CGAR of 6.5% by 2026. These products are used to control cosmetics decay caused due to bacterial and fungal growth which can alter the product’s properties and functionalities, thereby increasing cosmetic shelf life and keeping their molecules intact and free from impairment.
North America cosmetics preservatives market size is anticipated to witness respectable gains of over 6.5% on account growing beauty consciousness, which is increasing the sells for skin care products. Skin care products utilizes variety of synthetic and natural preservatives including parabens, formaldehyde releasers, essential oils and plant extracts, which makes them an attractive proposition in North American market.
Europe cosmetics preservatives market size is anticipated to witness mild to high gains due to strong domestic cosmetics demand and exports. Strong production output of skin care, perfumery, wet wipes and toiletries in the region has led to the incorporation of novel preservatives, which are effective and safe in smaller quantities. Additionally, favorable regulation by European Commission for using natural products will further favor regional cosmetics preservatives industry.
Asia Pacific cosmetics preservatives market will reach 300 million by 2026 owing to strong domestic demand on account of growing awareness regarding personal grooming especially in men’s cosmetics, which extensively utilizes organic acids, formaldehyde releasers and parabens. The region has potential 3 billion cosmetics customers, which symbolizes strong industry potential. Presence and expansion of multinational market players for cosmetics preservatives will further drive regional cosmetics preservatives sector.
Latin America cosmetics preservatives industry will witness a CAGR of over 5% by 2026. Growing cosmetics consumption in Brazil, which serves as fourth largest cosmetics market globally, will positively impact cosmetics preservatives industry growth. Emerging markets including Ecuador and Chile will also contribute to Latin American cosmetics preservatives industry.
Middle East & Africa cosmetics preservatives market will grow at the strong CAGR in coming years. Emerging regional cosmetics industry which utilizes essential oil, herbs and organic acids in order to formulate novel products with longer shelf life will favor industry growth. Rising luxury cosmetics demand which utilizes active cosmetics ingredients as preservatives & antimicrobe will further contribute to market expansion.
Natural cosmetics preservatives market size will witness substantial gains in the forecast timeframe, which is down to growing awareness regarding the high potential of natural ingredients which are safe and effective. Products including essential oil, organic acid and plants herbs acts as an effective preservative and have potential to dominate the global market in coming years. However, high product prices and tough competition given by cost effective and efficient synthetic chemicals will pose a challenge for natural preservatives.
Synthetic cosmetics preservatives market may witness sluggish but promising growth in coming years owing to their cost effective nature along with penetrating power in developing markets especially in Asia Pacific and Latin America. Moreover, these products can be produced in bulk volume, which serves as another positive factor in growth of synthetic cosmetics preservatives. However, doubts regarding quality of synthetic chemical which may potentially hinder the segment growth in coming years.
Ongoing COVID-19 pandemic has negatively impact cosmetics market, which in turn has impacted cosmetics preservative sector. However, the market is anticipated to witness substantial gains as manufacturers will produce and penetrate in to the market in order to regain their market share.
The cosmetics preservative market share is consolidated and competitive with major players including Ashland, BASF, Clariant, DOW Chemicals and Lonza accounts for major shares in the market. Other players operating in this industry include LANXESS, Akema, Thor group and Symrise AG.
Companies are engaged in new product formulation to cater increasing consumer demand supported by development of organic ingredients to make more safer and healthy products. Companies are working to make their supply chain as secure and sustainable as possible. For example, In May 2018, Lanxess introduced new solbrol preservatives for cosmetics protection. Solbrol FFA is a preservative-free fruit acid blend that is highly effective against both bacteria and fungi. This GMO-free product is designed for oral care, hair care and skin care, for both leave-on and rinse-off applications.
About The Author
Amit Rawat is project lead-research at Global Market Insights (GMI). Global Market Insights Inc. has a market report dedicated to Cosmetic Preservatives, available at: https://www.gminsights.com/industry-analysis/cosmetics-preservative-market