Powered by the steady surge in the demand for high quality cosmetic products, the global cosmetic preservative market has indeed witnessed a meteoric rise in terms of revenue lately. The demand is perpetually fueled by constantly evolving beauty standards and fashion trends that influence cosmetic product sales at an unprecedented level. Although beauty standards have a certain capricious tendency to alter from time to time the use of some form of cosmetic or the other remains fairly constant.
Surveys show that the average woman tends to own at least 40 cosmetic products while using as many as 16 products daily, on the grounds of which cosmetic preservative market has been projected to witness an exponential growth curve. However, if a person is not an avid user of cosmetics, chances are only 5 products are used daily while they others are left to languish on the shelves. This serves as a strong reason for the cosmetics industry to opt for better preservatives given that they elongate the shelf life of products. With the growth of online shopping platforms, small cosmetic manufacturers are also finding a growing customer base, thus adding to the growth of the cosmetic industry and consequentially serving to increase cosmetic preservative market size.
U.S. Synthetic Cosmetics Preservative Market Size, By Product, 2017 & 2024, (Kilo Tons)
A condensed outline of two of the major application areas for cosmetics will elucidate further the growth prospects of the cosmetic preservatives market.
Expanding haircare industry to augment cosmetic preservative market trends:
The second largest and one of the oldest cosmetic preservative consumers, the haircare industry, as on 2018, is estimated to be worth nearly $88 billion. With the influx of new consumers from emerging economies where global beauty standards have gradually started to gain a foothold due to popular media, the haircare industry has registered an expanding consumer base adding to the growth of the cosmetic preservative market. The idea that healthy hair projects a youthful appearance is also driving product sales.
Furthermore, even with thousands of natural as well as synthetic ingredient-based products such as shampoo, serums, conditioners, sprays, colorants, hair gels, hair wax and hair oils crowding the supermarket shelves, key haircare industry players are still carrying out research and development operations on a regular basis to formulate their next showstopper. Of late, the use of organic ingredients comprising olive oil, avocado sunflower, panthenol rosemary, glyceryl aloe Vera, lavender, and wheat germ has been gaining traction, given that they help resist fungi formation. Powered by the demand to lend therapeutic benefits in hair care products, cosmetic preservative market share from hair care applications is projected to cross USD 400 million by 2024.
Skincare industry growth to play a considerable role in cosmetic preservative industry expansion:
The skincare sector is largest cosmetic preservative consumer in the world, accounting for a fairly large proportion of the global cosmetics sphere. In recent years skincare routines are becoming a part of self-care for many from a very young age and are continued throughout, being viewed as an antiaging endeavor. The phenomenon of going green in recent years has also made an impact on the skincare industry trends, the influence of which can be notably felt in the unprecedented growth pace of the overall cosmetic preservative market.
A recent survey conducted among U.S. women measured the importance attached to makeup products and found 60% of the women to have responded positively to the notion of their cosmetics being sourced from all-natural ingredients. This trend has caused a massive shift in the cosmetic preservative industry as all-natural preservatives have started to carve out a bigger piece of the skincare market replacing synthetic counterparts.
Considering natural preservatives are less effective than synthetic ones, larger portions of preservatives have to be used in products, a factor that will further contribute to the expansion of the cosmetic preservative industry. Natural & organic ingredients are found to increase the quality of and decrease the contamination in end-use cosmetics, on the grounds of which the demand for organic cosmetic preservative market is projected to observe an exponential rise in the years ahead. Plant extracts for instance, have been gaining robust momentum across the beauty realm. As per estimates, natural cosmetic preservative industry size from plant and herbal extracts are estimated to surpass $120 million by 2024.
As the trend of beauty and image consciousness continues to catch on among the masses, the demand for excellent quality cosmetics will witness an upsurge. Driven by incorporation of sophisticated preservatives and the rising standards of the beauty industry, global cosmetic preservative market outlook is expected to witness a transformation over the ensuing years.