The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): 751 KMT
• Forecast CAGR (2021-2026): 3%
• Forecast Market Size (2026): 897 KMT
Methyl paraben is being increasingly used in various products such as cosmetics, pharmaceutical and food and beverage products to act as a preservative. It serves as an inexpensive and non-toxic way to protect products against a wide range of microbes. Europe is the leading market for methyl paraben and is anticipated to witness a considerable growth rate owing to rise in awareness regarding health among consumers. Asia Pacific region is expected to emerge as the fastest growing market for methyl paraben due to macroeconomics factors such as growth in economy, rising disposable income, and rapid urbanization. The growing penetration of methyl paraben in emerging economies such as China, India and other ASEAN countries, is further projected to propel market growth.
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Industry Definition and Major Segments
Methyl paraben is a preservative used in the food, pharmaceutical and personal care sectors. It has antifungal and antibiotic properties that can protect products against microbial growth. Methyl paraben is used in several forms. It is used as a preservative in the cosmetic industry where it is a common ingredient in lotions, moisturizers, toothpaste, shampoos, personal lubricants, spray tanning solution and shaving cream, among others. It promotes long shelf life of products by preventing the growth of bacteria and fungi. In the pharmaceutical industry, products such as herbal preparations, eye medications and corticosteroids, among others, consist of methyl paraben to protect against contamination. Food items such as jams, syrups, beverages, and dairy products also contain methyl paraben in small quantities to protect against spoilage.
Based on end-use, the market is divided into:
• Food and Beverage
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The methyl paraben industry is being driven by the rapid expansion and development of the cosmetics and pharmaceutical industries. The increasing per capita income and standard of living of consumers across the world has fueled the rise in expenditure on cosmetics. Methyl paraben is used as a preservative in majority of cosmetics available on the market currently. Parabens are preferred as they are cheap, odorless, colorless, non-toxic and are effective against a wide spectrum of microbes. They are approved by the FDA for use in cosmetics and are generally recognized as safe (GRAS) for food and cosmetic antibacterial preservation. Consumer perception and regulatory issues are expected to shape the future of preservatives such as methyl paraben in the cosmetics industry.
The Asia Pacific market is anticipated to be the fastest growing market for methyl paraben on account of a rising demand for skincare, color cosmetics and hair care products. The BRIC (Brazil, Russia, India and China) are expected to be the major market for cosmetics in the forecast period and most major international cosmetics brands are thus focusing on expanding their BRIC base. Rising population, increase in disposable income and availability of international products in emerging economies such as China and India are likely to contribute to the growth of cosmetics industry in these regions. Other emerging countries such as Argentina, Mexico, Thailand, and Turkey are also expected to witness significant growth. Thus, the growth of the methyl paraben market is expected to be driven by the expansion of the cosmetics industry in the near future. Europe is currently the largest methyl paraben market, followed by Asia Pacific, North America and rest of the world.
Key Market Players
The major players in the market are Hefei TNJ Chemical Industry Co., Ltd., UENO Fine Chemicals Industry, Ltd., and Gujarat Organics Limited., among Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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