Cosmetic Based Preservatives Market Growing Demand to Impact Revenue Share during 2018-2028
The cosmetic industry has witnessed significant growth over the past few years. Preservatives are essential constituents in many cosmetic products. Cosmetic based preservatives include the various ingredients mixed in cosmetic formulations to restrict the growth of microorganisms in them.
[UKPRwire, Tue Jul 16 2019] The fluctuating price of raw materials has also been a major cause of concern for the global Cosmetic Based Preservatives Market. Changing preferences of consumers may also affect the demand for cosmetic based preservatives, during the forecast period. Manufacturers of cosmetic based preservatives are expanding their businesses through the expansion of their distribution network. Long-term partnerships with distributors are aiding manufacturers to strategically grow in this market.
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The cosmetic industry has witnessed significant growth over the past few years. Preservatives are essential constituents in many cosmetic products. Cosmetic based preservatives include the various ingredients mixed in cosmetic formulations to restrict the growth of microorganisms in them. Cosmetic based preservatives are added in various cosmetics such as creams and shampoos to curb and avoid the growth of microorganisms. The growth of microorganisms may degrade cosmetic products within a short time and therefore, the use of preservatives extends their life spans. Cosmetic based preservatives are broadly of two types, natural and synthetic. Natural based preservatives for cosmetics include castor oil, rosemary, coconut oil, oregano extract, salt, vinegar, alcohol, sugar and diatomaceous earth. Natural preservatives are safer as compared to synthetic preservatives; however, synthetic preservatives offer superior performance. Thus, manufacturers of cosmetics prefer synthetic preservatives over natural ones in many cosmetic product formulations. Synthetic based cosmetic preservatives include optiphen, formaldehyde, phenoxyethanol, organic acids, isothiazolinones and methylparben.
Cosmetic based preservatives are regulated more stringently in the cosmetic industry today. The tight regulations governing these preservatives can be attributed to the risks associated with using these ingredients. A list of chemicals are restricted from using in cosmetics, in various developed countries.
The rapid growth of the personal care industry has created a surge in the demand for cosmetic based preservatives. Cosmetic preservatives are used to increase the life of cosmetics and enhance their durability. Thus, the high demand for anti-ageing cosmetics and fairness products is driving the demand for cosmetic based preservatives. Rising awareness regarding the advantages of using organic cosmetic based preservatives is accelerating the demand for organic preservatives and is projected to support the demand for cosmetic based preservatives over the forecast period. Improvement in the European economy is a green signal for the growth of the cosmetics market, which will also boost the demand for preservatives from the cosmetics industry.
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One of the major challenges faced by the global cosmetic based preservatives market is the increasing number of regulations on the chemicals used in cosmetics. This is one of the most tightly regulated industry in the world. Federal Food, Drug, and Cosmetic Act. in North America and laws in Europe are trying to restrict harmful chemicals use in cosmetics. Therefore, it is challenging for manufacturers to comply with the ongoing and upcoming regulations by respective regulatory bodies. Another major challenge faced by the global cosmetic based preservatives industry is the increasing competition from global as well as local players. The manufacturing technology for these preservatives is not so expensive and critical, therefore the entry of new player is easy. This implies the high threat of new entrant in this market.
Innovations and R&D are the major strategies adopted to differentiate cosmetics in terms of safety quality and effectiveness. Manufacturers are focusing on the manufacturing of low cost and effective cosmetic based preservatives for customers. Manufacturers are also trying to reduce the use of harmful chemicals as preservatives in cosmetics by continuous research and development.
The global cosmetic based preservatives market is anticipated to be dominated by North America with the U.S. leading the market in terms consumption. The U.S. has been registering high spending on cosmetic products, due to the higher spending power of its population. High penetration rate in North America is expected to push the consumption of cosmetic based preservatives in the region, which is expected to drive the market in the U.S. and other North American countries. Europe is expected to follow the U.S. in terms of demand for cosmetic based preservatives while Asia Pacific is projected to be the fastest growing region in the cosmetic based preservatives market. Growth of the make-up and other cosmetics market and the increasing demand for personal care products in Asia Pacific are expected to drive the demand for cosmetic based preservatives in the region. The Middle East and Africa region is projected to witness moderate growth in the demand for cosmetic based preservatives over the forecast period.
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