According to a market statistics analysis report, the Global Cosmetic Preservatives Market size is set to surpass USD 1,901.3 million by 2030, At A CAGR of 8.4% during the forecast period 2021 to 2030
| Source: SPHERICAL INSIGHTS LLP
New York, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) — According to a market statistics analysis report, the Global Cosmetic Preservatives Market size is set to surpass USD 1,901.3 million by 2030, according to a new research report published by Spherical Insights & Consulting. The market is growing at a CAGR of 8.4% from 2022 to 2030
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The report identifies that cosmetic preservatives are expanding in response to the rising demand for diverse products such as lotions, shampoos, sunscreens, and hair oils. Factors including shifting lifestyles, growing awareness of personal hygiene, and purchasing power are anticipated to propel market expansion during the projected period. The availability of less expensive alternatives to cosmetic preservatives and the strict regulations governing the labeling of cosmetic components are two obstacles that limit the market’s expansion. In recent years, disposable income has soared. The Indian government’s gross national disposable income for the 2020–2021 period was 27,17,345 USD million, according to the Reserve Bank of India’s report on income. The US Bureau of Economic Analysis estimated that the country’s total disposable income will be around 74,030,500 USD million in 2021. The market for cosmetic preservatives is expanding as a result of the rise in disposable income, which promotes the use of luxury goods in daily life and the consumption of cosmetic products worldwide.
Opportunities for the development of the natural cosmetic preservatives business are predicted as consumer awareness of the negative skin effects of artificial preservatives rises.
Natural cosmetic preservatives are anticipated to observe a growth of 15% during the forecast period. The demand for clean and organic products from consumers is expected to increase, which will boost the market for natural cosmetic preservatives. Modern liquid cosmetic formulations have rich ingredients that are exposed to the bacterial skin flora, which creates the perfect habitat for microbial growth. Essential oils with antifungal and antibacterial properties, like thyme, neem, orange, rosemary, clove, and lavender, can balance product shelf life and stop microbial growth. Organic acids are frequently used to stop the growth of fungus-related microbes, primarily in water-based formulations. Sorbic acid shields cosmetics and personal care items by preventing and slowing the growth and reproduction of germs. Demand for natural preservatives is also predicted to increase due to strict regulatory guidelines on the restricted use of synthetic preservatives.
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Demand for products used in skincare applications is predicted to increase due to consumers’ growing preference for organic cosmetic ingredients.
The application cosmetic preservatives segment’s skincare market is projected to grow at 12% gains through 2030. The business environment is predicted to be driven by increased customer preference for maintaining youthful skin and rising demand for skin care goods such body lotions, sunscreens, and moisturisers. The demand for skincare goods is being driven by consumers’ growing awareness of the importance of sun protection and anti-aging skincare products. These elements are projected to increase product demand for skincare applications and consequently raise market statistics as a whole. Growing e-commerce and increased consumer knowledge of the advantages of utilising skin care products should increase the demand for skin care product production, which will help the market develop.
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North America region emerges as a prominent revenue pocket
North America’s cosmetic preservatives market accounted for USD 331.2 million in 2021. The market for cosmetic preservatives in the North America region has been expanding as more people are choosing vegan, natural, and organic cosmetic products. Regional need for natural cosmetic preservatives should increase due to the high desire for organic beauty products to counteract the detrimental effects of sun, dust, and other elements. The market for natural cosmetic preservatives is expected to increase as a result of firms moving faster toward sustainable supply chains as a result of the COVID-19 pandemic. The need for synthetic cosmetic preservatives may increase due to the fact that chemical compounds are more affordable than natural ones.
Key Companies & Recent Developments
Key participants operating in the cosmetic preservatives market are Brenntag AG, Lonza, Penta Manufacturing Company, Forbes Pharmaceuticals, Thor Group Ltd, Indian Spice Oil Industries, Expo Essential Oils, Chemipol, Clariant AG, Ashland, BASF, Sharon Laboratories, Dadia Chemical Industries, Gujarat Organics Limited, and Symrise AG.
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