Phenoxyethanol Preservatives Market Size

Phenoxyethanol Preservatives Market Size

Phenoxyethanol Preservatives Market size valued at over USD 110 million in 2018 and is estimated to witness 5% CAGR from 2019 to 2024.

Increasing per capita income, presence of large young consumer base and advent of e-commerce in emerging economies are the prime factors for growing demand for home & personal care products, thus in turn propelling the phenoxyethanol preservatives market over the forecast timeframe. The product is widely used as preservatives in home care and beauty products such as cosmetics, detergents, ointments, etc. as it inhibits microbial growth helping in increasing shelf life. Developed economies such as France are the front runners in the global personal care and cosmetics market, and host major brands such as L’Oréal, Louis Vuitton, etc. In 2015, the domestic personal care market in the country accounted for about USD 11.7 billion. This high demand is satisfied by making innovative product offerings, and France spends more in R&D of cosmetics product as compared to any other European country.
 

Developing nations such as Brazil, China, and South Korea are the fresh beauty markets in world, Brazil accounts about 9.4% of the global beauty product market according to the Brazilian Association for the Personal Hygiene, Perfume, and Cosmetics Industry (ABIHPEC). In 2015, Brazil had exported beauty products of worth USD 98 million to about 134 countries across the globe, among which Argentina, U.S. and France are the major ones. Such trends are also observed in China, India, Mexico, Southeast Asia, etc., and this will together give an up thrust to phenoxyethanol preservatives market demand in near future.
 

Negative word of mouth against the product regarding its adverse health effects along with increasing popularity of natural/organic cosmetics and personal care products may restrain product market growth over the forecast time period. Some regulatory bodies such as U.S. FDA has also stated warnings regarding product toxicity, and have limited the product use up to 1% w/w concentration in cosmetics. Similar regulations are also formulated in Japan and the European Union.