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.
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:
Some of the prominent organizations in the global parabens market comprise the below-mentioned:
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.
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.