USD 3.87 billion
LATAM Cosmetic Preservatives Market Size, Share, Growth Analysis, By Product(Parabens, Formaldehyde Releasers, and Organic acids), By Application(Skincare, Haircare, and Makeup Products), By Region - Industry Forecast 2024-2031
Report ID:
SQMIR15G2092 |
Region:
Regional |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
LATAM Cosmetic Preservatives Market Insights
LATAM Cosmetic Preservatives Market size was valued at USD 3.87 billion in 2022 and is poised to grow from USD 4.13 billion in 2023 to USD 6.94 billion by 2031, growing at a CAGR of 6.7% in the forecast period (2024-2031).
The LATAM cosmetic preservatives market is in a state of steady growth bolstered by several factors that are determining the shape the cosmetics industry across this region. The cosmetic preservatives are important for the extension of the shelf life of personal care and beauty products through the inhibition of microorganisms' growth and the preventing the product degradation. Product market demand is stimulated by the rising consumer demand for those cosmetics that have a longer service life and increased stability.
As consumers become more mindful of the safety and functionality of the products, they are likely to opt for cosmetics less likely to undergo microbial contamination or spoilage, thus fueling the demand for the most effective preservatives. In addition, the further growth of cosmetics industry in Latin America is impacting on the demand for preservatives. These markets such as Brazil, Mexico, Argentina and Colombia are expanding rapidly and they are reaping benefits such as rising incomes, urbanisation and fashion change. The growth is spearheading an increase in the production and consumption of cosmetic items, thus, upping the demand for preservatives that ensure safety and superior product quality.
Indeed, the market meets with certain problems, such as legislative supervision and the trend of consumers becoming more and more well-informed about the safety and environment hazards of preservatives. In Latin America, the regulatory agencies like ANVISA (Brazil) and COFEPRIS (Mexico) set stringent rules on the use of preservatives in cosmetics to guarantee safety of products and protect user’s health.
Moreover, the consumption habit is also shifting towards natural and organic cosmetic products, which causes a surge in the sales of preservative-free or naturally derived preservatives. The fad, therefore, presents manufacturers of preservatives with an opportunity as well as with a challenge as they strive to come up innovative ways of meeting the regulatory requirements while at the same time addressing the consumers' preference for natural ingredients.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Haircare
Fastest Growth
Skincare
Growth Rate
6.7% CAGR
LATAM Cosmetic Preservatives Market ($ Bn)
Country Share for Latin America Region (%)
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LATAM Cosmetic Preservatives Market Segmental Analysis
Product types include parabens, formaldehyde releasers, and organic acids, among others. Applications encompass skincare, haircare, and makeup products. Regionally, the market focuses on the Latin American (LATAM) region, including countries such as Brazil, Mexico, and Argentina.
Analysis By Product
The market's largest category, with a share of more than 75% in 2022, is synthetic preservatives. This is because synthetic preservatives are widely used in many cosmetic goods, including makeup, skin care, and hair care. Preservatives made of synthetic materials are reasonably priced and effective at stopping the growth of microbes in cosmetics. With a CAGR of more than 5% over the course of the projected period, the natural preservatives sector is the one in the market that is expanding the fastest. The growing market for natural and organic products is fueling this expansion. Natural preservatives are thought to be safer than synthetic ones because they come from plants and other natural sources.
Analysis By Application
With the most market share in 2022, the hair care category is the biggest one. This is because the area is seeing a rise in the demand for shampoos, conditioners, and styling products. This market is developing as a result of the region's consumers having more disposable cash, salon services becoming more and more popular, and people realizing how important hair care is.
Skin care, the market's fastest-growing sector, is anticipated to expand at the fastest compound annual growth rate (CAGR) over the projected period. This is because customers in the area are becoming more conscious of the value of skin care, natural and organic goods are becoming more and more popular, and demand for anti-aging products is rising.
LATAM Cosmetic Preservatives Market By Product
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LATAM Cosmetic Preservatives Market Regional Insights
LATAM's biggest cosmetic preservatives market segment is Mexico, followed closely by Argentina and Brazil. The projected CAGR for the LATAM cosmetic preservatives market is ascertained to be fixed at 6% for the next 5 years. The growing need for cosmetics in these countries and rising consumer disposable income is propelling market expansion.
The market for natural and organic preservatives used in cosmetics is expanding rapidly in Latin America. The rising demand for natural and organic products and growing consumer awareness of the negative effects of artificial preservatives on the environment and human health are responsible for this growth. Natural and organic cosmetic preservatives are expected to keep growing the LATAM market as the world prioritizes green and eco-friendly products. The negative effects of artificial preservatives is considered a major inhibitor to the market growth, but the cosmetic preservative industry continues to rake in the revenues in the LATAM market.
LATAM Cosmetic Preservatives Market By Region
- Largest
- Fastest
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LATAM Cosmetic Preservatives Market Dynamics
Drivers
- Increasing Consumer Awareness about Product Safety: One major driver has been customers' growing knowledge of the significance of product safety and the possible health hazards connected to microbiological contamination in cosmetics. The market for natural and alternative preservatives is being driven by consumers' desire for products with longer shelf life and fewer preservatives they believe to be hazardous.
- Rising Cosmetic Industry in Latin America: The Latin American cosmetic industry has been growing steadily as a result of lifestyle changes, urbanization, and rising disposable incomes. The need for cosmetic preservatives to increase product shelf life and preserve quality has increased as a result of this rise.
- Stringent Regulatory Requirements: Latin American regulatory bodies have been strengthening laws pertaining to the effectiveness and safety of cosmetics. Manufacturers have been forced to invest in preservation technologies that satisfy these demands as a result. Preservatives that are compliant and inventive are therefore always needed.
Restraints
- Consumer Preference for Natural and Clean Beauty Products: Latin American customers are moving toward natural and clean beauty products as they become more aware of the substances in their cosmetics. Manufacturers of conventional chemical preservatives may face difficulties as a result of this shift in consumer preferences, which could restrict the market for these products.
- Concerns Over Preservative Safety: Although preservatives are necessary for the proper functioning of products, some synthetic preservatives have raised safety questions. Because of this, producers and customers are now looking for alternatives, such as natural and organic preservatives, which are occasionally more costly and less effective.
- Environmental Concerns: There is growing pressure on the cosmetics business to lessen its environmental impact. A few conventional preservatives, like parabens, have come under fire because of possible environmental effects. As a result, there is a need for preservatives that are more sustainable and kind to the environment, albeit this could provide formulation and financial difficulties.
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LATAM Cosmetic Preservatives Market Competitive Landscape
In addition to regional and specialty manufacturers, the LATAM cosmetic preservatives market is home to a wide range of competitors, including international chemical corporations like BASF and DowDuPont. Because of the strict regulations and the increasing need for natural and environmentally friendly preservatives, there is strong competition. To improve market presence, key methods include mergers and acquisitions, strategic alliances, and new product creation. In the Latin American cosmetics market, leading competitors prioritize providing a broad range of preservative solutions to fulfill the needs of different customers while also putting an emphasis on sustainability and safety to satisfy changing consumer preferences.
Top Player’s Company Profiles
- BASF SE - Germany
- Dow Chemical Company - United States
- Lonza Group - Switzerland
- Ashland Global Holdings Inc. - United States
- Symrise AG - Germany
- Clariant AG - Switzerland
- DSM Nutritional Products - Netherlands
- Sharon Laboratories - Israel
- Chemipol - Spain
- Akema Fine Chemicals - Italy
- Salicylates and Chemicals Pvt. Ltd. - India
- Brenntag Specialties, Inc. - United States
- Galaxy Surfactants Ltd. - India
- Innospec Inc. - United States
- Sharon Laboratories - Israel
- Kumar Organic Products Limited - India
- Schülke & Mayr GmbH - Germany
- Evonik Industries AG - Germany
- KLK Oleo - Malaysia
- Kemin Industries, Inc. - United States
Recent Developments
- In January 2023, BASF, a leading global supplier of cosmetics, acquired Evonik's Active Beauty Care division, the second-largest chemicals company in Germany. This strategic acquisition aims to enhance BASF's Care Chemicals division by incorporating Evonik's expertise and product portfolio, ultimately improving efficiency and ensuring optimal performance in the cosmetics industry.
- In February 2023, Clariant, a globally renowned specialty chemical company, acquired the Personal Care Preservatives division of Akzonobel, a Dutch multinational known for its paint and performance coatings. This acquisition allows Clariant to expand its presence in the personal care sector and strengthen its portfolio of preservative solutions, catering to the evolving needs of customers worldwide.
- In March 2023, Lonza Group AG, a Swiss manufacturing multinational serving the nutrition, pharmaceutical, and biotechnological industries, completed the acquisition of Symrise's preservative business. This strategic move enables Lonza to broaden its product offerings and enhance its position in the preservatives market, leveraging Symrise's expertise and innovative solutions to meet the increasing demand for safe and effective preservative solutions.
LATAM Cosmetic Preservatives Key Market Trends
- Demand for Natural and Eco-Friendly Preservatives: Concerns regarding the safety and environmental effects of the items they use have grown among consumers in the cosmetics sector. As a result, there is an increasing need for natural and environmentally friendly preservatives in cosmetic goods. Key developments could be the replacement of conventional synthetic preservatives like parabens and formaldehyde-releasing compounds with plant-based or organic alternatives, such as essential oils, herbal extracts, and organically produced antibacterial agents.
- Regulatory Compliance and Safety Standards: The cosmetics sector is subject to strict safety standards and regulatory restrictions, notably in the LATAM region. Market changes could include a shift toward preservatives that adhere to these criteria and an emphasis on following current laws. To ensure the safety of cosmetic products, businesses might spend money on research and development to find preservatives that satisfy regulatory requirements and are also effective.
- Innovation in Preservation Techniques: Research and technological developments could result in new preservation methods for the cosmetics sector. This can involve creating brand-new preservation systems with enhanced stability, longer shelf lives, and lower chances of microbiological contamination. Preservatives in cosmetics may become more effective due to emerging developments like microencapsulation and the use of sophisticated delivery methods.
LATAM Cosmetic Preservatives Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the LATAM cosmetic preservatives market is poised for significant growth in the coming years, driven by rising consumer demand for safe and long-lasting cosmetic products in the Latin American region. Increasing awareness about the importance of preserving cosmetic formulations and extending shelf life is boosting the market. Regulatory compliance and the shift towards natural and sustainable preservatives are also shaping the industry's future. With expanding beauty and personal care sectors in LATAM, coupled with evolving consumer preferences, the cosmetic preservatives market is likely to witness steady growth, presenting opportunities for innovative, eco-friendly solutions in the region.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.87 billion |
| Market size value in 2031 | USD 6.94 billion |
| Growth Rate | 6.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on LATAM Cosmetic Preservatives Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on LATAM Cosmetic Preservatives Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the LATAM Cosmetic Preservatives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the LATAM Cosmetic Preservatives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the LATAM Cosmetic Preservatives Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the LATAM Cosmetic Preservatives Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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