According to the report published by Global Market Insights Inc., the cosmetic preservatives market was valued at $975 million in 2019 and is projected to surpass $1.25 billion by 2026, registering a CAGR of 7% from 2020 to 2026. The report delivers a thorough analysis of the driver and opportunities, top winning strategies, market size and estimations, major investment pockets, competitive scenario, and wavering market trends.
As per market trends and analysis, the increasing use of cosmetic preservatives in baby products, hair care, fragrance & perfumes, toiletries, and skincare products is likely to encourage industry growth. The product helps in reducing microbial deterioration, decreases infection risks, and maintains the fresh features and nutritional qualities of cosmetic products. These above-mentioned factors would likely boost the cosmetic preservatives market share in a significant manner.
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In terms of product, the formaldehyde-releasing preservatives are anticipated to grow over 6% through 2026. The formaldehyde-releasing preservatives are used substantially in baby products, nail polish, shampoos, hair smoothening products, liquid baby soaps, toiletries, color cosmetics, and hair gel. These chemical groups are significantly effective against a broad variety of microbes that predominantly grow in formulations that are water-based. The above-mentioned product benefits are likely to drive the cosmetic preservatives market.
Based on the application, the baby product application is anticipated to grow at over 5.5% through 2026. The availability of a wide range of products coupled with the increasing working women population is likely to drive the demand for baby products. These products comprise mild preservatives to decrease the risk of irritation and skin allergies. Furthermore, natural antioxidants and essential oils are mostly utilized in baby products in order to balance out the preservation effect and the therapeutic properties, thereby boosting the cosmetic preservatives market value.
Key reasons for cosmetic preservatives market growth:
On the geographical front, the growing demand for natural cosmetic products in North America will result in market growth. The market for cosmetic preservatives in North America is expected to reach approximately $355 million by the end of the projected time period.
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The cosmetic preservatives market in Europe is anticipated to grow at over $460 million over the forthcoming time period. The region is considered a global leader in the cosmetics business and is also a prominent exporter. Moreover, the introduction of stringent regulations such as the Regulation (EC) N° 1223/2009, which is concerned with the processing of the region's beauty products, and the use of preservatives have further stimulated the production of effective beauty goods. In addition, the technical advancements in safety testing and the rising research & development expenditure to develop advanced cosmetic raw materials is likely to favor the regional demand.
Leading market players analyzed in the cosmetic preservatives industry research include DOW, Thor Group, Evonik and Isca UK Ltd, Sharon Laboratories, BASF, Gujarat Organics, Salicylates and Chemicals, Akema Fine Chemicals, Clariant, Dadia Chemical, Sharon Laboratories, Lonza, Ashland, Chemipol, and Symrise among others.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company-level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
Source - https://www.newswire.com/news/cosmetic-preservatives-market-valuation-to-exceed-1-25-billion-by-2026-21146805
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