Persistence Market Research offers crucial insights relating to the global preservative blends market, and provides elaborate information through organized market research. The report titled, ‘Preservative Blends Market: Global Industry Analysis 2014–2018 and Opportunity Assessment 2019–2029′, assesses the market, and forecasts the future market scenario on the basis of product type, application, and region. The global preservative blends market was pegged at US$ 159.4 Mn in terms of value at the end of 2018, and is expected to reach US$ 290.0 Mn by the end of the forecast period (2029), registering a CAGR of 5.6%.
Increasing Consumption of Cosmetic Products and Rising Prominence of Packaged Foods Owing to Changing Consumer Lifestyles Driving the Growth of the Preservative Blends Market
Increasing disposable income and rising consumer spending with rising youth inclination towards the adoption of cosmetics & personal care products have elevated the consumption of cosmetics & personal care products. The increasing popularity of anti-aging products, particularly in developed markets such as Japan, North America, and Europe, has spurred the demand for beauty care products. In the current scenario, growing interest in grooming and personal care products, especially by men, has elevated the sales of cosmetics and personal care products.
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Various factors such as growing disposable income and rising consumer awareness towards hygiene, grooming, beautification, and sanitation are expected to propel the growth of the preservative blends market in the coming years. Also, the upsurge witnessed in the demand for beauty products that are specifically targeted towards particular countries or regions is also propelling the consumption of preservative blends in cosmetics and personal care applications. Subsequently, the increasing consumption of cosmetics and personal care products is expected to create substantial opportunities for market participants in the preservative blends marketplace.
Preservation also plays a major role in the food industry, due to the need for maintaining product quality and increasing shelf life. Several preservative blends can survive at process temperature. Preservative blends also act as an enabler for the frozen and packaged food industry, and the market is anticipated to grow in tandem with the packaged food industry. With frozen food manufacturers striving to reduce the lead time of their products, preservative blends play an important role in maintaining product quality throughout the supply chain. Increasing awareness in developing economies regarding home hygiene and sanitation activities has led to the significant increase in the demand for home care products.
As preservative blends simplify and speed up the formulation process of different home care products, the rising demand for such products is expected to have a positive impact on the preservative blends market.
Fluctuating Raw Material Prices and Stringent Government Laws Act as Restraints to the Growth of the Preservative Blends Market
Governments have banned the use of some preservatives in the production of food and personal care products, as they have harmful effects on human health with long-term usage. Fluctuations in the prices of raw material are also affecting the market of preservative blends. Products within each functional category often compete with one another, regardless of chemical resemblance.
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East Asia to be a Prominent Region in the Preservative Blends Market by the End of the Forecast Period
Currently, North America accounts for a significant proportion in the consumption of preservative blends. However, East Asia is anticipated to grow at a rapid pace in the global preservative blends market throughout the forecast period, surpassing the volumetric consumption of North America by the second half of the forecast period.
Cosmetic industries in the countries of North America and Europe are estimated to grow in the range of 0.3% to 2% during 2019 to 2029. Ingredients such as parabens, salts of organic acids, alcohols, and formaldehydes are majorly used in the preparation of preservative blends.