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Global Phenoxyethanol Market Is Estimated To Witness High Growth Owing To Increasing Demand for Preservatives in Cosmetics and Personal Care Products

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Pooja salve
Global Phenoxyethanol Market Is Estimated To Witness High Growth Owing To Increasing Demand for Preservatives in Cosmetics and Personal Care Products

The global Phenoxyethanol market is estimated to be valued at US$ 167.5 million in 2021 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Phenoxyethanol is a colorless and odorless organic compound widely used as a preservative in cosmetics and personal care products. It helps in preventing the growth of bacteria and fungi, thereby extending the shelf life of these products. The increasing demand for preservatives in skincare, haircare, and makeup products is driving the growth of the Phenoxyethanol market. Moreover, its non-irritating and low sensitization properties make it a preferred choice among manufacturers.

Market Key Trends:

One key trend driving the Phenoxyethanol market is the growing demand for natural and organic preservatives. With the rising consumer awareness regarding the potential harmful effects of synthetic preservatives, there is a shift towards natural and plant-based ingredients. This trend has pushed manufacturers to develop phenoxyethanol derived from natural sources such as green tea or fermented rice bran. For example, Zhejiang Weishi Biotechnology Co., Ltd. offers a natural version of phenoxyethanol derived from green tea extract, which is gaining popularity in the market.

PEST Analysis:

Political: The tightening regulations on the use of preservatives in cosmetics and personal care products by regulatory bodies such as the European Union and the U.S. Food and Drug Administration (FDA) are key political factors impacting the market.

Economic: The growing consumer spending on skincare and personal care products, coupled with the increasing demand for premium and high-quality products, is boosting the market growth.

Social: The changing consumer preferences towards natural and organic products, driven by concerns over health and the environment, are driving the demand for natural preservatives like phenoxyethanol.

Technological: Advancements in technology have led to the development of innovative and efficient extraction methods for natural phenoxyethanol. This has enabled manufacturers to produce natural variants and cater to the growing demand for eco-friendly products.

Key Takeaways:

1. The Global Phenyoxyethanol Market Size is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period. This growth is primarily attributed to the increasing demand for preservatives in cosmetics and personal care products.

2. The Asia-Pacific region is projected to be the fastest-growing and dominating region in the Phenoxyethanol market, owing to the rapid expansion of the cosmetics and personal care industry in countries like China, India, and Japan.

3. Key players operating in the global Phenoxyethanol market include Zhejiang Weishi Biotechnology Co., Ltd., E. I. du Pont de Nemours and Company, Dow Chemical Company, Eastman Chemical Company, Liaoning Kelong Fine Chemical Co., Ltd, N V Organics Pvt. Ltd, Triveni Interchem Private Limited, BASF SE, Yingkou Tanyun Chemical Research Institute Corporation, and Hangzhou Uniwise International Co., Ltd.

In conclusion, the global Phenoxyethanol market is witnessing significant growth due to the increasing demand for preservatives in cosmetics and personal care products. The shift towards natural and organic ingredients presents opportunities for manufacturers to develop innovative and eco-friendly alternatives. The Asia-Pacific region is expected to be a lucrative market for Phenoxyethanol, driven by the expanding cosmetics industry. Key players in the market are focusing on product innovation and strategic collaborations to gain a competitive edge in the market.

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