Global Phenoxyethanol Preservatives Market was valued at US$ 177.3 Million in 2022, exhibiting a CAGR of 6.5% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 294 Million by 2030.
Phenoxyethanol Preservatives Market, By Product Type (Phenoxyethanol P5, Phenoxyethanol P25), and By Application (Home and personal care (Cosmetics, Perfumes, Detergents, and Ointments), Pharmaceuticals, Dyes and inks, others), and By Region (North America, Europe, Asia-pacific, and Rest of the World) – Size, Share, Outlook and Opportunity Analysis, 2023 – 2030 Published by: Coherent Market Insights.
Market Drivers
Rapid increase from cosmetic industry
Robust demand for cosmetic products coupled with increasing consumer spending, especially across the Asia Pacific region is predominantly fuelling 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.
Market Opportunities
Increasing use of phenoxyethanol as an anesthetic in fisheries
The growing use of phenoxyethanol as an anesthetic in fisheries is projected to serve potential opportunities in the market of phenoxyethanol preservatives. It is mainly used to anesthetize ornamental fish during transport and can be effectively used at 0.3, 0.4, and 0.5 ml/L concentration levels. 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.
Market Restraints
Various alternatives available in market
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 phenoxyethanol preservatives over the forecast timeframe.
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https://www.coherentmarketinsights.com/market-insight/phenoxyethanol-preservatives-market-4070
Key Takeaways:
On the basis of region, Asia Pacific region dominated the global optical coatings market followed by North America and Europe.
On the basis of product type, phenoxyethanol p5 dominated the global phenoxyethanol preservatives in terms of revenue, followed by phenoxyethanol p25.
Market Trends
Growing consciousness for personal care among middle-aged population
Market trends show that middle-aged populations are becoming more and more interested in anti-aging products. The market for phenoxyethanol preservatives is also anticipated to grow as key manufacturers employ increasingly aggressive marketing strategies to position their brands in the market throughout the developing region. Additionally, growing R&D spending by major players for the creation of novel products with improved features is anticipated to support market expansion over the forecast period.
Increasing demand for male grooming products
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, and deodorant products is projected to foster the market growth of phenoxyethanol preservatives. This is attributed to the increasing focus of men on 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 has reduced globally owing to the rapid changes in expenditure patterns as people are reluctant towards spending on non-essential products during (Covid-19) Pandemic. This has reduced the demand for phenoxyethanol preservatives in recent months. However, the global phenoxyethanol preservatives market is expected to stabilize after the end quarter of 2020 with recovering of the global economy.
Competitive Section:
- Key Companies
- 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.
- StruChem Co., Ltd.
