Cosmetic Preservatives Market is expected to reach US$ 846.44 Million by 2031

Increased Consumption of Skincare and Makeup Products Bolster Cosmetic Preservatives Market Growth

According to our latest study on “Cosmetic Preservatives Market Size and Forecast (2021–2031), Global and Regional Growth Opportunity Analysis – by Source, Product Type, and Application,” the market size is expected to grow from US$ 591.75 million in 2023 to US$ 846.44 million by 2031; it is estimated to register a CAGR of 4.6% from 2023 to 2031. The report highlights key factors driving the market growth and prominent players along with their developments in the market. Apart from growth drivers, the report covers the cosmetic preservatives market trends and their foreseeable impact during the forecast period.

The rise in expenditure on skincare and makeup products plays a major role in boosting the business of the cosmetic & personal care industry worldwide. As per World Bank data, consumer expenditure in India increased from US$ 1.9 trillion in 2018 to US$ 2.4 trillion in 2022. According to the survey data published in the Journal of Emerging Technologies and Innovative Research (JETIR), on average, 65% of consumers purchase 1 to 3 cosmetic products every month in 2023. Similarly, as per the International Trade Administration, South Korea is one of the top ten beauty markets in terms of global market share. According to the Korea Customs Service statistics, skincare cosmetics was the largest import category, representing 41.8%, or US$ 711 million of total cosmetic imports, in 2022. Perfumes, scents, and haircare products accounted for the second-largest import categories in the country. As per Cosmetics Europe—the Personal Care Association, the Europe personal care and cosmetics market was valued at ~US$ 94 billion in 2022. The personal care & cosmetics industry adds ~US$ 30 billion to the European economy. According to The Cosmetic, Toiletry, and Perfumery Association, in 2022, Germany held the largest share (in terms of revenue) of personal care and cosmetic products across Europe.

Cosmetic Preservatives Market Breakdown – by Region

To meet the evolving consumer demand for advanced personal care and cosmetic products, manufacturers are introducing highly innovative products and formulations. This includes advancements in skincare, haircare, color cosmetics, and other personal care products. These advancements and expansions in product manufacturing boost the demand for cosmetic ingredients such as preservatives. Cosmetic preservatives such as parabens, formaldehyde releasers, phenol derivatives, and organic acids are among the essential ingredients in cosmetics and personal care formulations. They act as antimicrobial agents, antioxidants, and stabilizers and enhance the shelf life of the final product. Thus, increased consumption of skincare and makeup products fuels the cosmetic preservatives market growth. However, the use of preservatives can lead to health issues such as reproductive toxicity, skin allergies, and endocrine disruption, as they often contain chemicals that can lead to harsh outcomes. Owing to these harmful effects, governments of various countries across the globe are strictly monitoring the usage of preservatives in cosmetic products.  For instance, the Scientific Committee for Consumer Safety (SCCS) in Europe regularly reviews cosmetic preservatives. Canada has set concentration limits on the use of certain parabens, while Denmark and France have banned propyl, isopropyl, and butyl parabens. Similarly, a high concentration of benzyl alcohol might cause skin sensitization in repeated or prolonged exposure. Thus, the government regulation on the use of cosmetic preservatives and associated side effects hampers the market growth.

The cosmetic preservatives market analysis has been performed by considering the following segments: source, product type, and application. In terms of application, the market is segmented into hair care, skin care, makeup products, toiletries, perfumes and deodorants, and others. The skin care segment held the largest cosmetic preservatives market share in 2023. Several natural preservatives, coupled with natural fruit blends and extracts, are added to the skin care products to gain customer’s interest. There is an increasing trend of skin care among consumers owing to the impact of several influencers on social media platforms. This leads to increased demand for several skin care products, such as moisturizers, serums, and essential oils worldwide. Broad-spectrum preservative blends are usually needed for emulsions, such as creams and lotions, as the water phase of these products creates an optimal environment for the growth of yeast, bacteria, and fungi. The growing adoption of skin care routines and increasing awareness about the benefits of natural preservatives in cosmetic products are boosting the demand for skin care products with naturally sourced preservatives.

In terms of revenue, Asia Pacific dominated the cosmetic preservatives market share in 2023. China is one of the largest markets for cosmetic preservatives, owing to the rising demand for cosmetic and personal care products. Chinese consumers spend a substantial amount of time reviewing products online, which widely influences their purchasing behavior. The e-commerce platform impacts consumer purchases by offering several beauty product influencers a platform to share their shopping and product experiences. In addition, livestreaming is another growing trend in the country. This encourages smartphone-savvy customers to shop online after watching a product review on a live stream conducted by celebrities and influencers. Thus, the increasing number of influencers promoting several cosmetics online boosts the demand for cosmetic products in the country, which fuels the need for cosmetic preservatives as an ingredient.

The cosmetic preservatives market forecast can help stakeholders plan their growth strategies. Ashland Inc; BASF SE; Clariant AG; Evonik Industries AG; Lanxess AG; Symrise AG; Tate & Lyle Plc; INEOS Group Holdings SA; Biosynth AG; Valtris Specialty Chemicals Inc; Sharon Group; CHEMIPOL, S.A.; SEIWA KASEI Co, Ltd.; and Celanese Corp are among the prominent players profiled in the cosmetic preservatives market report. These market players are focusing on providing high-quality products to fulfill customer demand. They are also adopting strategies such as new product launches, capacity expansions, partnerships, and collaborations to stay competitive in the market.

The cosmetic preservatives market is segmented on the basis of source, product type, application, and geography. Based on source, the market is bifurcated into natural and synthetic. Based on product type, the market is segmented into parabens, formaldehyde releasers, organic acids, quaternary compounds, phenol derivatives, alcohols, and others. By application, the market is categorized into hair care, skin care, makeup products, toiletries, perfumes and deodorants, and others.

The geographic scope of the cosmetic preservatives market report focuses on North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Asia Pacific market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The cosmetic preservatives market in the Middle East & Africa is subsegmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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