Personal Care and Cosmetic Preservatives Market to Witness Huge Growth by 2029| DuPont, Lonza Group Ltd, Clariant AG
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Key Takeaways of Personal Care and Cosmetic Preservatives Market:
• Alternative blends that provide resistance against a broad spectrum of microbes without comprising the performance of products will assist the market’s growth.
• Increasing preference for naturally sourced and non-animal based products will create remunerative opportunities in the market.
• Tightened legislation by governments with regard to safety has raised the development costs of formulations, thus squeezing the profit margins of personal care and cosmetic preservative manufacturers.
• Despite increased demand for bio based products, synthetic products are poised to witness high demand growth and accounted for more than three fourth of the market share in 2019
• On the basis of chemical type, phenoxyethanol has maintained its supremacy in the personal care and cosmetic preservatives market and is poised to chart an upward trajectory in the market throughout the assessment period.
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“Increasing demand from niche applications like wet wipes, baby wipes and male grooming products are set to augment the personal care and cosmetic preservatives market growth”, says the Fact.MR analyst.
Tightening Legislations by Governments to Pave Way for Innovation
Personal care and cosmetic preservatives market is consolidated in nature in which, DuPont, Lonza Group Ltd, Clariant AG, Schülke & Mayr GmbH, Ashland, Akema Fine Chemicals and Lanxess AG accounted for over one third of the market share in 2018. With tightening legislations on chemicals used in cosmetic products, prominent companies have launched range of natural products to meet the global demand for personal care and cosmetic preservatives.
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For instance, Dow and Lanxess has expanded their product portfolio to align with the government norms and to maintain their sales during the forecast period.
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