Phenoxyethanol preservatives is an additive that is widely used in personal care and cosmetic products in order to enhance the shelf-life of the products. It is a biocide and is highly active against Gram-negative bacteria. It is mostly used in combination with other preservatives since its activity is weak against mold and yeast.
The global phenoxyethanol preservatives market was estimated to be valued more than US$ 130 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.9% during the forecast period (2020 to 2027).
Robust demand for cosmetic products coupled with the increasing consumer spending especially across the Asia Pacific region is predominantly fueling the market growth of Phenoxyethanol preservatives. According to The International Trade Administration (ITA), Thailand’s beauty and personal care products market was valued at approximately US$ 6.2 billion in 2018 and is expected to reach US$ 8.0 billion in 2022. The beauty care and personal care market in Thailand are projected to have a healthy growth of 7.3% per year from 2019 to 2022. This is attributed to the growing aging and middle age population in the region.
The growing use of phenoxyethanol as an anesthetic in fisheries is projected to serve potential opportunities to the market of phenoxyethanol preservatives. It is mainly used to anesthetize ornamental fish during transport can be effectively used at 0.3, 0.4, and 0.5 ml/L concentration level. Hence, the growing use of phenoxyethanol as an anesthetic in the fishery industry is projected to augment the market growth of phenoxyethanol preservatives over the forecast timeframe.
The availability of large substitutes such as methyl or ethyl parabens is resulting in stiff competition in the market. Moreover, toxicity such as skin irritation associated with phenoxyethanol is also expected to hamper the market growth of the phenoxyethanol preservatives over the forecast timeframe.
On the basis of product type, phenoxyethanol p5 dominated the global phenoxyethanol preservatives market in 2019 with around 62% of market share in terms of revenue, followed by phenoxyethanol p25, respectively.
Rising sense of fashion among consumers coupled with the increasing demand for anti-aging products across middle-age populations are growing trends in the market. Moreover, increasing aggressive marketing strategies by key manufacturers for positioning their brand in the market across the developing region is also expected to augment the market growth of phenoxyethanol preservatives. Furthermore, rising investment by key players in R &D for developing the novel product with enhanced features is further expected to foster market growth over the forecast period.
Rising demand for male grooming products due to rising fashion trends across young male consumers is expected to spur the market growth of phenoxyethanol preservatives. Growing demand for male fragrance and toiletries products such as men’s skin and hair care, bath and shower, deodorant products is projected to foster the market growth of phenoxyethanol preservatives. This is attributed to the increasing focus of men to their skin and appearance coupled with the increasing number of startups targeting make consumers.
Global Phenoxyethanol Preservatives Market - Impact of Coronavirus (Covid-19) Pandemic
Consumer spending on cosmetics and personal care products have reduced globally owing to the rapid changes in the expenditure patterns as people are reluctant towards spending on non-essential products during (Covid-19) Pandemic. This has reduced the demand for phenoxyethanol preservatives during recent months. However, the global phenoxyethanol preservatives market is expected to stabilize after end quarter of 2020 with recovering of global economy.
Key players are operating in the global phenoxyethanol preservatives market are BASF SE, BOC Sciences, The Dow Chemical Company, Finetech Industry Limited, Haihang Industry Co., Ltd., Health Chemicals Co., Ltd., Jinan Haohua Industry Co., Ltd., Kraft Chemical Company, Inc., Procter & Gamble Co. (P&G), Penta Manufacturing Company, LLC, Spectrum Chemical Mfg. Corp., and StruChem Co., Ltd.
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