June 04, 2020
As per the report titled ‘LATAM Cosmetic Preservatives Market Size By Product, By Usage, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, LATAM cosmetic preservatives market is projected to witness significant growth through 2026.
Increasing working women population and rising brand-consciousness across several Latin American countries are the primary growth drivers of LATAM cosmetic preservatives market. Beauty and cosmetic products contain biodegradable ingredients due to which they get spoilt by microbes over time, making the product extremely unsafe and unpleasant for the consumers. This challenge is addressed by the addition of antimicrobial compounds known as preservatives. These ingredients are added to cosmetic product formulations to reduce and inhibit the propagation microbial contaminants for ensuring the microbiological safety of the product.
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Based on product type, plant/herbal segment accounts for a market share of over 6.24% in the recent past. Essential oil segment is slated to experience a 4.7% CAGR over the forecast duration. Natural antioxidants segment currently accounts for over 5.39% market share and is expected to show a sizeable growth in the coming years. Organic acid segment is projected to register 4.9% CAGR through 2026, driven by surging awareness regarding side effects with synthetic acid.
Speaking of the chemical cosmetic preservatives, formaldehyde releasers segment held 10.29% market share in past year while caprylhydroxamic acid segment accounted for 3.17% share. CMI/MI segment presently holds a share of 1.25%. Alcohols segment recorded majority industry share of 27% in the past and is expected to see modest gains in the coming years.
Elaborating further, parabens segment is reckoned to witness around 4.2% CAGR throughout the projected timeframe. QAC segment is poised to expand at 3.8% CAGR during 2020-2026, due to its widespread use as preservative in hair conditioners, dyes, and colors.
Chlorphenesin share is anticipate to grow with a CAGR of 3.7% through 2026, whereas IPBC size will showcase a growth rate of 2.7% owing to beneficial attributes including corrosion resistance and water splash pressure resistance. Preservative boosters segment is expected to expand at 4.1% CAGR over the analysis timeline, driven by its extensive use in cosmetics manufacturing to ensure high quality and to mitigate microbiological contamination of cosmetic products during storage.
On the basis of usage, caprylyl glycol segment dominated the overall market with 38.33% share in past year and is expected to gain decent traction in the forthcoming years. This growth is attributed to its use as blending ingredient in cosmetics and personal care product formulation to stabilize and boost anti-microbial activity of other preservatives, resulting in longer shelf life.
Meanwhile, ethylhexylglycerin held 29.33% market share in the recent past and will see modest growth over the ensuing years. Decylene glycol blend segment holds 27% market share presently while decylene glycol active segment is expanding with a CAGR of 5.2% through 2026.
Elaborating on the application spectrum, fragrance & perfumes segment accounted for 9.32% share of LATAM cosmetic preservatives market in recent past, due to increased usage of QAC and phenol derivatives in manufacturing of perfumes.
From the geographical front, Mexico held 11.35% market share, followed by Peru with 3.65% share, Panama with 1.91% share, Bolivia with over 1.28% share, Ecuador with 1.11% share, and Honduras with over 1% over the past.
Guatemala cosmetics preservatives market is projected to register 4.4% CAGR through 2026. Meanwhile, Uruguay industry is anticipated to expand with a CAGR of 3.9%, driven by growing brand conscious among consumers and rising inclination towards chemical-free beauty products.
Cosmetics preservatives industry in Paraguay will observe a 3.6% CAGR throughout the forecast duration, owing to rising awareness for manufacturing and utilizing good-quality cosmetics. The market in El Salvador is slated to foresee a CAGR of 3.2% and Nicaragua cosmetic preservatives industry will register 3% CAGR through 2026, owing to increasing exports of perfumes, essential oils, and toiletries.
Major players in LATAM cosmetic preservatives market are Lonza, Ashland, Arkema, BASF, The Dow Chemical Company, Chemipol, Sharon Laboratories, Clariant AG, Symrise AG, Coralim Aditivos S.L., Schulke, Merck KGaA, Frutarom Industries Limited, Stepan Company, and International Flavours & Fragrances Inc. (IFF) among others.