What’s driving the Cosmetic Preservative Market Growth? | Top Key Industry Players: Ashland, Lonza, The Dow Chemical Company, BASF, Clariant, Symrise Ag
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Surveys show that the average woman tends to own at least 40 cosmetic products while using as many as 16 products daily, on the grounds of which cosmetic preservative market has been projected to witness an exponential growth curve. However, if a person is not an avid user of cosmetics, chances are only 5 products are used daily while they others are left to languish on the shelves. This serves as a strong reason for the cosmetics industry to opt for better preservatives given that they elongate the shelf life of products. With the growth of online shopping platforms, small cosmetic manufacturers are also finding a growing customer base, thus adding to the growth of the cosmetic industry and consequentially serving to increase cosmetic preservative market size.
The second largest and one of the oldest cosmetic preservative consumers, the haircare industry, as on 2018, is estimated to be worth nearly $88 billion. With the influx of new consumers from emerging economies where global beauty standards have gradually started to gain a foothold due to popular media, the haircare industry has registered an expanding consumer base adding to the growth of the cosmetic preservative market. The idea that healthy hair projects a youthful appearance is also driving product sales.
The skincare sector is largest cosmetic preservative consumer in the world, accounting for a fairly large proportion of the global cosmetics sphere. In recent years skincare routines are becoming a part of self-care for many from a very young age and are continued throughout, being viewed as an antiaging endeavor. The phenomenon of going green in recent years has also made an impact on the skincare industry trends, the influence of which can be notably felt in the unprecedented growth pace of the overall cosmetic preservative market.
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UK cosmetics preservative market from toiletries application is poised to witness gains of over 7.5% by 2024. Toiletries can become polluted and contaminated which can lead to product decay, infection and irritation. Bacterial adulteration of products can cause problems on the skin, preservatives help prevent such problems, thereby fueling product demand.
Global cosmetics preservative market share is competitive as well as moderately consolidated among several participants including Clariant, Symrise AG, Dow Chemicals, Ashland, BASF SE, Lonza Group, Brenntag AG, Chemipol and Evonik. Manufacturers are extensively stressing on research and development doings to eradicate product side effects on consumer, with primary importance is given to natural and organic skin care product to fulfill consumer demand.
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