Natural skincare, a catalyst for suitable preservatives?
Preservatives manufacturers: there’s a huge market to behold, finds Frost & Sullivan.
It isn’t a hidden fact that the consumers of today have become quite aware of what goes into a product be it the preservatives and to what extent is it safe for them. This concern has led to their increased scrutiny by regulatory bodies. All of which has given an immense boost to suitable preservatives.
Statistically speaking, the global market for personal care and cosmetics preservatives is set to reach $533.8 million by 2023 at a compound annual growth rate (CAGR) of 6.6% between 2018 and 2023. On the other hand, the demand for preservatives is anticipated to reach 125.0 kilotons by 2023, growing at a CAGR of 7.0%, attributed to the rising consumption from the personal care industry, specifically.
“Increasing demand for natural skincare and personal hygiene products has resulted in new research opportunities for organic and natural preservatives,” said Raghu Tantry, Principal Consultant, Chemicals and Materials at Frost & Sullivan. “However, as the use of such ingredients raises the risk of microbial contamination, manufacturers are developing natural preservatives that can be suitably combined with the active ingredients found in most cosmetics.”
Frost & Sullivan’s latest research, Growth Opportunities for the Global Personal Care and Cosmetic Preservatives Market, Forecast to 2023, offers a thorough analysis of the market drivers and restraints, industry challenges, regional trends, product and technology disruptors, and detailed revenue and unit shipment forecasts through the year 2023. Additionally, the research highlights key opportunities that market participants can capitalize on to augment growth.
North America will hold the major unit shipment share of 51.1% of the global personal care and cosmetic preservatives market by 2023. The region will continue to dominate the preservatives market through 2023. Europe is expected to be the fastest-growing region for this market with a CAGR of 7.2%. This growth is attributed to the market developments in the natural preservatives segment and increasing investments by the existing and newer preservative manufacturers in the region.
A sea of opportunities for preservative manufacturers
The changing consumer preferences based on social media influence and increasing beauty consciousness will help in boosting your business. Developing natural preservatives in sync with the changing consumer needs will float your boat. There is a significant growth opportunity in developing blends with lower preservative concentrations. Offering e-Commerce as a highly viable entry route for Western companies seeking to enter emerging markets like Asia-Pacific, the Middle East and Africa will be quite beneficial.
Sourced from prnewswire