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.
The CAGR (Compound Annual Growth Rate), as per a Transparency Market Research, would be a steady 5.60% over the forecast period of 2016 to 2025. This would pull up the market worth to US$215.9 mn by the end of the period. This would be an increase from market value worth US$133.5 mn in 2015.
The Asia-Pacific Region to Hold a Dominant Preservatives Blends Market Share
Like in 2015, the Asia Pacific region held more than 35% 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 a untapped reservoir of opportunities.
North America and Europe on the other hand will see a steady rise. Markets other than APAC that will show huge potential are Latin America and Middle East due to presence of established manufacturers and also growing clout of social media influencers from these regions.
Rising Trend of Personal Grooming to Drive Market Forward
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 $445 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. And, to understand how big the influence is, a look into her social media would be useful. The middle-eastern blogger currently has over 39 million followers on her Instagram brand page and about 2 million on her personal page.
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. And, all this is fueled by a rise in income to support growth.
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.
This review is based on 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.”
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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