Key Highlights of Global Preservative Blends Market
- The global Preservative Blends market was valued at US$ 156 Mn in 2018 and is anticipated to expand at a CAGR of 5% during the forecast period
- A marked increase in personal care and grooming along with rising demand for beauty care and home care are leading to growth in global preservatives blends market. This is result of a number of factors. First, there is a growth in disposable incomes. Second, influencer marketing is catching up with people in a big way. As people are made aware of latest trends in both personal care and home care and they are able to afford the kind of lifestyle depicted over social media channels, growth of preservatives blends market is predicted.
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Key Drivers of Global Preservative Blends Market
- One of the industries that use preservatives in a major way is beauty and personal care and this is all set to see massive growth. With an increase in awareness levels regarding personal hygiene and a growing pressure on both and women and men to look their best, primarily owing to social media growth, the market would be driven forward over the forecast period. Currently, the beauty industry is estimated to be worth $532 billion and, as a result more and more players are entering the already fragmented market.
- One of the biggest players in the beauty industry is Huda Beauty. The line was launched in 2013, and in 2017, the founder was declared one of the richest women and one of the top beauty influencers by Forbes. To understand how big the influence is, a look into her social media would be useful.
- Also, there are products which weren’t popular among the masses but are now making headway such as vaginal washes and intimate places skin lightening products. All this is fueled by a rise in income to support growth.
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Innovation in Applications Market to Boost Opportunities for Global Preservative Blends Market
- Continuous innovations and research are been conducted by various industries to increase sales of their products. Innovation in application industries such as personal care, home and beauty for improving their product quality is anticipated to affect the demand for preservatives.
- Various new and improved products are been launched in the market after every interval which also leads to changes being brought in the preservatives market.
- Every innovation done in the application market will lead to innovation in preservatives used. For example: A beauty product is being manufactured which requires blending of two to three preservatives together for the product to show its result.
- Therefore innovations done in the applications market is boosting the global preservative blends market.
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Stringent Regulatory Norms Declared by Government to Hamper Global Preservative Blends Market
- Due to various side effects and diseases caused by chemical preservatives, its usage has been reduced and has been banned in many countries. European Union banned the usage of parabens and phthalates in 2003 due to its carcinogenic behavior. It was detected for the cause of breast cancer. Since June 2016, Canada has set new regulations to restrict personal care and cosmetic preservatives. Children’s product with harmful chemical preservatives will no longer be sold in the market. It is complete banned. Also, China has published new cosmetic standards. Since 1st December 2016 the new standard has replaced hygiene standard of cosmetics in China. This shows that stringent regulatory norms can act as a restraint for the preservatives market.
Asia Pacific Dominates Global Preservative Blends Market
- Asia Pacific is anticipated to be a key market for preservatives due to the high production and consumption of beauty, home and personal care products in the country.
- Like in 2018, the Asia Pacific region held more than 40% of market share and it is bound to see an increase over the coming years.
- The increase in population coupled with increase in disposable income will mark the growth of market in this region. It will see a number of 5 billion people by the end of 2050.
- Even currently, it holds 60% of the world population, which is comes to approximately 4 billion people. Governments around are scurrying to create jobs for this increase. This will propel the preservatives blends market forward, owing to creation of untapped reservoir of opportunities.
Competition to See Increase over the Forecast Period
- Currently, the market for preservatives blend is highly fragmented, and therefore, highly competitive. Prominent names in the global preservatives blend market are Troy Corp., Thor Personal Care, Spectrum Chemical, Sharon Laboratories, Schülke Inc., Salicylates & Chemicals Pvt. Ltd., ISCA UK Ltd., Dr. Straetmans GmbH. To keep up to the ever evolving dynamics, players are expected to invest in R&D.
