Agreements/Contracts, Expansions, Acquisitions, and New Product Developments are Key Strategies Adopted by Leading Players in the Cosmetic Preservatives Market
Preservatives are substances mainly used to prevent the formation of microorganisms across various products. Cosmetic preservatives are used in personal care products to prevent spoilage due to microbial growth and therefore increase their shelf life. Cosmetic preservatives are added to personal care products such as lotions, facemasks, sunscreens, shampoos, and others to prevent undesirable chemical changes or microbial growth. Without preservatives, products can become contaminated, which may lead to product spoilage and possibly cause infections.
The major drivers for the cosmetic preservatives market include increase in purchasing power of consumers, increase in female working population and shelf life enhancement of cosmetic products. High cost of organic products, stringent regulatory norms and possibilities of skin infections can restrain the market from growing. Some of the opportunities for manufacturers include increasing demand in Asia Pacific region, rising demand for natural and organic preservatives in cosmetics and increasing focus on male-specific cosmetics. The major challenges faced by the manufacturers are demand for paraben-free preservatives in cosmetics and high prices of organic and natural cosmetic preservatives. The global cosmetic preservatives market is estimated to be USD 410 million in 2022 and is projected to reach USD 562 million by 2027, at a CAGR of 6.5% between 2022 and 2027.
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Companies operating in the cosmetic preservatives market have strengthened their position by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2018-2022. For instance, in March 2022, Sharon Laboratories, Ltd., a global manufacturer of preservative solutions for the cosmetics and personal care markets signed a definitive agreement to acquire Italy-based specialty ingredients producer RES Pharma Industriale (RPI). RPI's technology, R&D, manufacturing, commercial development, and customer service capabilities will be integrated into Sharon Laboratories' Personal Care business.
Ashland Group Holding Inc. (US), BASF SE (Germany), Akema S.r.l. (Italy), Symrise AG(Germany), Clariant AG (Switzerland), Salicylates and Chemicals Pvt.Ltd (India), Chemipol (Spain), Evonik Industries AG (Germany), International Flavors and Fragrances Inc.(US), Sharon Laboratories (Israel), Brenntag AG (Germany), Thor Group Ltd.(UK), Dadia Chemical Industries (India), Gujarat Organics Limited (India) AND Isca UK Ltd.(UK) are some of the key players in the cosmetic preservatives market.
Ashland Group Holdings Inc. is one of the major providers of specialty chemical solutions to customers across a wide range of consumer and industrial markets. The company has four commercial business units, namely, life sciences, specialty additives, personal care and households, and intermediates and solvents. Cosmetic preservatives are offered under the specialty chemicals unit. The segment includes oral care, hair care, skin care, home care, pharmaceutical and nutrition specialties, construction, energy, coatings, adhesives, industrial specialties, and performance specialties. The company has operations in more than 100 countries.
Established in 1865, BASF is headquartered in Ludwigshafen, Germany. It operates under seven business segments, namely, chemicals, materials, industrial solutions, surface technology, nutrition and care, agricultural solutions and others. The performance products segment of BASF is further segmented into five divisions, dispersions and pigments; care chemicals; nutrition and health; paper chemicals; and performance chemicals. The care chemicals division manufactures ingredients for skin and hair cleansing and care products, and for detergents and cleaners in households, institutions, or industries such as surfactants, emollients, preservatives, and polymers. It has presence in various countries such as China, India, South Korea, Philippines, Australia, Netherlands, Russia, Spain, UK, Switzerland, France, South Africa, US, Brazil, and Chile, among others.
Akema S.r.l. has been producing allantoin, allantoin derivatives, and preservatives for personal care products for over 40 years. Its products are manufactured in Italy and distributed through a global network of leading distributors. The company is dedicated to production, research & development, and customer service, and has developed strong working ties with customers. Akema S.r.l. is a well-known, dependable partner with a strong position in the cosmetic ingredients industry. The company is a prominent European allantoin manufacturer offering a unique spectrum of allantoin derivatives as well as a full range of traditional and alternative preservative solutions to meet the needs of the current personal care industry.
Related Reports:
Cosmetic Preservatives Market by Type (Paraben Esters, Formaldehyde Donors, Phenol Derivatives, Alcohols, Inorganics, Quaternary Compounds, Organic Acids & Their Salts), Application and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027
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