Published: Apr, 2018
The global preservative blends market is predicted to witness a steady growth in the coming years. According to Transparency Market Research (TMR), the vendor landscape fragmented which makes the market highly competitive. Players are expected to invest heavily in research and development of new and better product, in order to improve their product portfolio and thrive in the market. Leading vendors in the global preservative blends market include Salicylates & Chemicals Pvt. Ltd., BASF SE, Spectrum Chemical, Dr. Straetmans GmbH, The Dow Chemical Co., and Clariant International Ltd.
According to TMR’s report, the worldwide preservative blends market stood at an estimated US$133.5 mn in 2015. Over the forecast period from 2016 to 2024, the market is predicted to rise to US$215.9 mn. The evaluated CAGR that the market will exhibit is projected to be a healthy 5.60%. With rising purchasing powers of consumers and increasing awareness of personal hygiene, the segment of health and personal hygiene is anticipate to emerge as the leading one.
Surge in Awareness Regarding Hygiene to Boost Personal Care Segment
Preservative blends are utilized in home care, beauty care, and a number of personal care products. Among these, the demand for preservatives blends is set to witness high demand from the personal care products segment. With the surging awareness among consumers about maintaining hygiene and health, along with the rise in purchasing power of individuals over the globe, the demand for preservatives blends for personal care products is anticipated to lead over the forthcoming years.
With roughly thirty five percent market, Asia Pacific held the leading share of the market in 2015. This could be ascribed to the region’s exploding population and the increasing awareness consumers about beauty and hygiene is expected to push the demand for preservative blends in this region. Over the forthcoming years, the Asia Pacific preservative blends market is slated to remain dominant, thanks to the surging demand for these preservatives in the mentioned application segments.
Beauty Care to Offer Lucrative Opportunities for Preservative Blends Market
With the growing interest of people in personal grooming, beauty care segment is projected to showcase immense demand in the coming years, which could provide a rich opportunity for growth of the market for preservative blends in the years to come.
According to the lead TMR analyst, “The rising demand for premium personal care products, thanks to the changing lifestyle of consumers owing to their increased disposable income, is expected to influence the demand for preservative blends significantly in the near future,” as quoted.
The existence of stringent government regulations regarding the use of preservative blends, which could have a number of side-effects due to the chemical preservatives added in them, could restrict the growth of the market to some extent in the coming years.
This review is based TMR’s report titled, “Preservative Blends Market (Product - Parabens, Formaldehyde, Halogenated, Alcohols, and Organic Acids; Application - Beauty Care, Home Care, and Personal Care) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”Top of Form
- Asia Pacific acquired the dominance in this market with a share of more than 35%.
- The enforcement of strict government rules may limit the market’s growth
The market is segmented along the following lines:
- Organic Acids
- Personal care
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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