Phenoxyethanol Market Driven By Increasing Demand from Personal Care & Cosmetics Industry

 

Disability Devices Market


Phenoxyethanol is a preservative used in cosmetics and personal care products. It is used as antibacterial, preservative, or stabilizer in soaps, cleansers, perfumes, and fragrances to prevent products from spoilage, as well as to maintain their effectiveness. Phenoxyethanol is also used as preservative in colorants, toner, ink, pharmaceutical products, and cleaning and furnishing home care products. Chemically, phenoxyethanol is known as a glycol ether or a solvent. It is listed as a vaccine ingredient in the United States, the European Union, and Japan. Growth of the phenoxyethanol market is mainly driven by the increasing demand from personal care and cosmetics industry.

According to the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the market size of India's beauty, cosmetic and grooming market will reach US$ 20 billion by 2025 due to increasing disposable income and growing youth population that is contributing to the exponential sales growth of grooming products. However, some regulatory bodies such as the Food and Drug Administration (FDA) has limited the use of phenoxyethanol up to 1% w/w concentration in cosmetics due to product toxicity. Similar regulations have been made in Japan and the European Union. Thus, such government regulations are expected to hinder growth of the phenoxyethanol market.

The phenoxyethanol market, in the Asia Pacific, is witnessing robust growth due to increasing demand for personal care and cosmetic products and the rapid growth of the e-commerce in the region. According to the India Brand Equity Foundation (IBEF), Indian E-commerce industry is expected to surpass the U.S. to become the second largest E-commerce market in the world by 2034. The popularity of e-commerce companies, such as Amazon and Nykaa has also helped the youth get access to the latest products. This has prompted major brands to spruce up new product launches. For instance, in January 2021, Nykaa announced the launch of the widely renowned, much-loved beauty brand e.l.f. Cosmetics.

Moreover, increasing demand for phenoxyethanol form the pharmaceutical industry is major factor driving the phenoxyethanol market growth. Phenoxyethanol is used as a preservative for pharmaceuticals. It is used as an alternative preservative in some human vaccines such as Repevax, Revaxis, Pediacel, and Tetravac. Moreover, it is currently used as a preservative in one Food and Drugs Administration (FDA) approved available vaccine, Ipol, for the prevention of polio, at a concentration of 0.5%. The vaccine contains a small amount of phenoxyethanol as a preservative. This vaccine has been introduced to prevent re-emergence of polio.


Location: India

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