Press release
Preservative Blends Market - High Demand from Personal Care Products to Drive Market’s Growth By 2016 - 2024
Preservative Blends Market
The global preservative blends market offered an opportunity worth US$133.5 mn in 2015. Progressing at a CAGR of 5.60% between 2016 and 2024, the market is estimated to reach US$215.9 mn by the end of 2024.
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Asia Pacific to Continue as Dominant Regional Market
The worldwide market for preservative blends stretches across Europe, Asia Pacific, the Middle East and Africa, North America, and Latin America. With a share of more than 35%, Asia Pacific held the dominant position in this market in 2015. The Rising population and the increasing awareness level of consumers regarding personal care and beauty products led the demand for preservative blends in this region. Over the forthcoming years, the Asia Pacific preservative blends market is likely to retain its dominance, thanks to the swelling demand for these preservatives in the beauty, home, and personal care applications.
On the other hand, North America and Europe are projected to exhibit a stable rise in their respective markets for preservative blends in the years to come. However, as the markets in Latin America and the Middle East and Africa are growing exponentially, they are likely to be proved as most profitable markets for producers in the near future. In the Middle East and Africa, the GCC countries are expected to surface as the key contributor to this market on account of the presence of well-established manufacturers.
Demand from Personal Care Application Segment to Remain High
Preservative blends are most prominently applied in beauty care, home care, and personal care products. Among these, the demand for these preservatives from personal care products is greater than others. With the rise in awareness among consumers regarding personal health and hygiene, coupled with the increase in purchasing power, the application of these preservatives in personal care products is expected to remain high over the forthcoming years.
The beauty care segment is also projected to demonstrate a high demand rate, thanks to the significant growth of the beauty care market. The accelerating interest of people in personal grooming is influencing the sales of beauty products significantly, which is likely to reflect positively on the demand for preservative blends from this segment in the years to come.
Troy Corp., Thor Personal Care, Spectrum Chemical, Sharon Laboratories, Schülke Inc., Salicylates & Chemicals Pvt. Ltd., ISCA UK Ltd., Dr. Straetmans GmbH, CISME Italy SRL, The Dow Chemical Co., Lonza, Lanxess, Clariant International Ltd., BASF SE, and Ashland are some of the leading players operating in the global market for preservative blends.
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