Sellbyville, DE -- (SBWIRE) -- 05/01/2019 -- The size of Phenoxyethanol Preservative Market was anticipated as 110 million in the year 2019 and is predicted to touch 150 million till 2024, rising with a CAGR of 5% between the years 2019 to 2024 as per the research done by Global Market Insights, Inc.

Increasing spending capacity, digital engagement and shifting of distribution network from traditional channels to e-commerce have resulted in the growth of personal and home care products, in turn affecting the growth of phenoxyethanol market in a positive manner.

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According to German Cosmetic, Toiletry, Perfumery and Detergent Association (IKW), cosmetics sales was about USD 14.6 billion in 2016 growing around 1.6% from the previous year. The annual per capita spending on cosmetics in Germany was about USD 170 mainly due to mature demand for premium products. It is also expected that the demand for skin care products will drive the overall personal care market in the country. Japan is also one of the major cosmetics and personal care market, generating a sale of around USD 13.2 billion in 2016. Japanese population is considered to be sophisticated, prolific and quality conscious consumers, and with increasing geriatric population, the demand for anti-aging cosmetics is increasing. All these factors together will escalate the phenoxyethanol preservative market demand over the forecast timeframe.

Increasing awareness regarding the hazards posed from synthetic cosmetic ingredients along with adaptation of healthier lifestyles by consumers have given rise to the demand for organic or natural cosmetics products. This will certainly obstruct the growth rate of phenoxyethanol preservative market in near future.
Phenoxyethanol P5 preservatives shows a compounded annual growth rate of around 5% from 2019 to 2024 owing to its extensive usage in cosmetics and personal care products. This is due to its lower phenol content and higher purity factor of this grade. A large base of young consumers across emerging economies will further propel the phenoxyethanol preservative market growth over the forecast time spell.

Pharmaceutical segment shows a significant growth of about 5.5% CAGR by the end of forecast time period. Phenoxyethanol demand in this sector is anticipated to increase due to its extensive usage in medicines and vaccines used to treat hepatitis B, polio, diphtheria, tetanus and Hemophilus influenzae. It is used as primitive anti-microbial agents as well as topical antiseptic solutions and with new health welfare schemes implemented in developing countries the product demand is likely to escalate in coming years propelling the overall phenoxyethanol preservative market growth rate.

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Phenoxyethanol preservative market will show a decent growth rate in North America due to prevalent presence of end-use industries such as home & personal care, pharmaceutical and other industries such as paints & coatings. The region held about 20% share of the overall market in 2018. FDA approval for use of phenoxyethanol as preservatives up to a concentration of 1% has resulted in tremendous boost for the market.

Some of the key players in the global in phenoxyethanol preservative market are BASF SE, Clariant AG, Akema Fine Chemicals, Schülke & Mayr GmbH, Dow Dupont, Galaxy surfactants, Ashland Global Holdings, Lonza Group AG, Symrise AG, Thor Personal Care, etc.

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