Global Parabens Market: Overview
Parabens refers to a group of preservative ingredients that are utilized for various purposes, such as pharmaceuticals, food products, personal hygiene products, and cosmetics. These products are extremely efficacious in the prevention of growth of yeast, bacteria, and fungi, which result in the wastage of products. As such, they directly enhance the quality of products through extension of shelf life making them hygienic and keep them safe for consumption. This factor is expected to work in favor of the global parabens market over the period of analysis, from 2020 to 2030.
Parabens find extensive utilization owing to its little cost of production and its effectiveness as a hypoallergenic, which is estimated to drive the demand for parabens across the globe.
Product, application, end use, and region are the four important parameters based on which the global parabens market has been classified.
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Global Parabens Market : Notable Developments
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global parabens market is mentioned as below:
- On March 2017, Israel-based TENE Investment Funds acquired Sharon Laboratories. The latter is a prominent producer of solutions that prolongs the shelf life of and preserves personal care products.
Some of the prominent organizations in the global parabens market comprise the below-mentioned:
- Jiangsu BVCO
- Sharon Laboratories
- Ueno Fine Chemicals
- Shandong Ailitong
- Gujarat Organics Ltd
- Zhejiang Shengxiao
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Global Parabens Market : Key Trends
The global parabens market is characterized by the presence of the following restraints, drivers, and opportunities.
Changing Lifestyle of People to Drive Demand in the Market
Parabens find extensive use in the form of a preservative in various cosmetic products, thanks to its anti-microbial properties. There has been a rise in the demand for cosmetics in the last few years due to growing awareness about one’s personal grooming. In addition, rise in disposable income has led to improved affordability of the people. Change in the lifestyle of people has, in many cases, led to a competition to look better and make oneself more presentable in the professional sphere. As such, personal grooming products have witnessed an unprecedented rise in its demand, which is expected to pave way for rapid growth of the global parabens market in the near future.
In addition to that, parabens find utilization as a preservative for several processed food products, seasoning sugar, oil and fats, and processed vegetables. Ever expanding population together with rising demand for augmented quantity and better quality is play an important role in propelling growth of the global parabens market over the tenure of analysis, from 2020 to 2030. Increase in per capita income is estimated to be a major factor for the driving the demand for parabens in forthcoming years.
Parabens come in different types, which find use in many different applications across several end use industries, such as chemical, pharmaceutical, personal care and cosmetic, and food industries. Such wide use of the product is likely to shape the contours of the global parabens market in the near future.
Global Parabens Market: Geographical Analysis
Asia Pacific is likely to present lucrative growth opportunities to the players in the global parabens market. Regional dominance of Asia Pacific is mainly due to the rising disposable income of the people in the region. Countries like China, India, and South Korea are likely to generate immense demand for cosmetic and personal care products. North America is likely to emerge as another prominent region in the market. However, Europe has banned parabens for use in cosmetics and personal care industry.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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