The market for cosmetic preservatives was valued at approximately US$ 591.75 million in 2023 and is anticipated to grow to around US$ 846.44 million by 2031, reflecting a compound annual growth rate (CAGR) of 4.6% during the period from 2023 to 2031.
Increased spending on skincare and makeup products significantly contributes to the growth of the global cosmetic and personal care sector. According to data from the World Bank, consumer spending in India rose from US$ 1.9 trillion in 2018 to US$ 2.4 trillion in 2022. A survey published in the Journal of Emerging Technologies and Innovative Research (JETIR) indicates that, on average, 65% of consumers buy between one to three cosmetic items each month in 2023. Additionally, the International Trade Administration highlights South Korea as one of the leading beauty markets globally. Statistics from the Korea Customs Service reveal that skincare cosmetics constituted the largest import category, accounting for 41.8% or US$ 711 million of total cosmetic imports in 2022. Other significant import categories included perfumes, scents, and haircare products. According to Cosmetics Europe, the personal care and cosmetics market in Europe was valued at approximately US$ 94 billion in 2022, contributing around US$ 30 billion to the European economy. The Cosmetic, Toiletry, and Perfumery Association reported that Germany held the largest revenue share of personal care and cosmetic products in Europe in 2022.
To cater to the changing consumer preferences for innovative personal care and cosmetic products, manufacturers are developing advanced formulations. This includes innovations in skincare, haircare, color cosmetics, and various personal care items. Such advancements in product development drive the demand for cosmetic ingredients, particularly preservatives. Essential cosmetic preservatives, including parabens, formaldehyde releasers, phenol derivatives, and organic acids, serve as antimicrobial agents, antioxidants, and stabilizers, thereby extending the shelf life of the final products. Consequently, the rising consumption of skincare and makeup products propels the cosmetic preservatives market.
The market is categorized by application into several segments: hair care, skin care, makeup products, toiletries, perfumes and deodorants, among others. In 2023, the skin care segment captured a substantial portion of the market. Many skincare products now incorporate natural preservatives along with fruit blends and extracts to attract consumers. The influence of social media personalities has led to a growing trend in skincare, resulting in heightened demand for products such as moisturizers, serums, and essential oils globally. Emulsions like creams and lotions typically require broad-spectrum preservative blends due to the water phase, which creates a conducive environment for the proliferation of yeast, bacteria, and fungi. The increasing adoption of skincare routines and heightened awareness regarding the advantages of natural preservatives in cosmetic formulations are driving the demand for skincare products that utilize naturally sourced preservatives.
Key players in the cosmetic preservatives market include Ashland Inc, BASF SE, Clariant AG, Evonik Industries AG, Lanxess AG, Symrise AG, Tate & Lyle Plc, INEOS Group Holdings SA, Biosynth AG, Valtris Specialty Chemicals Inc, Sharon Group, CHEMIPOL, S.A., SEIWA KASEI Co., Ltd., and Celanese Corp, among others. These companies are focused on delivering innovative and health-conscious products at competitive prices to meet consumer demands.
The overall size of the cosmetic preservatives market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. Furthermore, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the cosmetic preservatives sector.