Europe Cosmetics Preservative Market Share was over USD 380 million in 2019 and industry expects to witness significant gains at over 8.0% by 2026. Preservatives are natural or synthetic ingredients which are added to cosmetic products to ensure the product remains suitable with extended shelf life among consumers. Favorable EU Commission regulatory amendments pertaining to use of natural and organic cosmetic ingredients will foster overall market growth.
Supporting policies is likely to act as effective tool to educate consumer over preservatives content and benefits thereby increasing consumer adoption. Growing concept of multifunctional and premium cosmetics among European consumers has led to enhanced utilization of preservatives in personal care products. Stringent regulatory laws laid down by EU commission limits the paraben content and formaldehyde releasers in beauty goods is anticipated to restrain market growth to certain extent.
Europe cosmetics preservative market size from skin care application was valued at over USD 130 million in 2019 and is likely to grow over the projected period. European consumers are categorised by trend towards the personalized beauty products supported by high investment in research to develop specialized goods will favour Europe cosmetic preservatives industry growth. Large amount of preservatives is incorporated in skin care products to enhance its shelf life and make it suitable for sensitive skin. Antioxidants such as vitamin E, ascorbic acid and essential oil play vital role in preventing oil base formulations and active ingredients from oxidizing used in skin care products, thus driving product demand
Market from synthetic application would register significant gains at over 6.5% by the end of forecast timeframe. Synthetic preservatives witness enhanced demand in cosmetic formulations since they inhibit the growth of microbial contaminants and offer better product stability, odor, appearance, and texture than naturally sources preservatives. Phenol derivatives are widely used in skin care and hair care cosmetics owing to its gentle and non-irritant characteristics.
Market will record robust gains due to stringent regulations over the processing of beauty products and usage of preservatives has encouraged effective manufacturing of cosmetic goods. Germany cosmetic preservatives market demand may surpass over 6.5% CAGR by 2026. German consumers are willing higher to spend on effective and natural ingredient based cosmetic products. Rising consumer interest in greener lifestyles with perception that natural ingredients are as effective as conventional ones will spur preservative penetration in cosmetic products, thus driving European cosmetics preservatives market growth.
Market is experiencing fierce competition with key players including BASF SE, Ashland, Lonza, Chemipol and Clariant. Market may see strategic alliances in the form of joint ventures and mergers which may enhance product portfolio. Companies are engaged in new product formulations to tailor increasing consumer demand supported by development of organic ingredients to make more healthier and safe products.
In March 2017, Evonik industries acquired Dr. Straetmans which added alternative preservatives to its cosmetic ingredients portfolio. This strategy by Evonik will aid in enhancing its product portfolio, overall sales and cementing its market share in market.