Press release
Paraben Market Projected To Hit $164.8 million By 2031 | Growth With Recent Trends & Demand
The global paraben market size was valued at $91.1 million in 2021, and is projected to reach $164.8 million by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
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parabens are approved for usage by government agencies globally, including the U.S., the European Union, Australia, Japan, and Canada. Safe ranges for the usage of paraben preservatives have been made in these nations. Further, the U.S. Food and Drug Administration (FDA) has also classified propylparaben and methylparaben as "Generally Regarded As Safe" (GRAS) by medical and toxicological experts for use in preserving food.
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Increase in applications of parabens in various industries, such as pharmaceutical, food & beverages, and others is predicted to drive the parabens market growth. In addition, rise in demand from personal care & cosmetics industry is expected to boost the parabens market growth during the forecast period. However, adverse effects of parabens such as skin irritation and reproductive difficulties are projected to restrain the market expansion. Nevertheless, rise in demand for processed food is anticipated to offer lucrative growth opportunities for the parabens market.
Key Market Players:
DuPont de Nemours, Inc., UENO FINE CHEMICALS INDUSTRY LTD, JOHNSON and JOHNSON CONSUMER INC., Croda International plc, JIANGSU HUANXIN HIGH-TECH MATERIALS CO. LTD, the estee lauder companies inc., SHARON LABORATORIES, NU SKIN INTERNATIONAL INC, CHEMPOINT, ZHEJIANG SHENGXIAO CHEMICAL CO LTD, TORONTO RESEARCH CHEMICALS, SHANDONG AILITONG NEW MATERIAL CO. LTD, SHREEJI PHARMA INTERNATIONAL, HEXON LABORATORIES PRIVATE LIMITED, CENTRAL DRUG HOUSE (P) LTD.
COVID-19 Analysis:
The COVID-19 pandemic had moderate impact on the parabens industry. It also had an influence on the import and export of chemicals, such as parabens. During the pandemic, the purchase and consumption of cosmetics & personal care products sales decreased and thereby negatively impacted the parabens market, as the cosmetics & personal care industry is the major end-user of parabens.
However, the demand for parabens as food preservatives has grown during the pandemic due to its antibacterial properties. The antioxidant capacities of food preservatives are required by the food industry to extend product shelf life and prevent hazardous microbial activity. The rising demand for convenience and processed food incorporating antioxidant capabilities is propelling manufacturers to use food preservatives, such as parabens to enhance the shelf life of food products.
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