Its good toxicology profile makes the product a preferred preservative, according to GMI, which will drive the phenoxyethanol preservatives market in various end-use industries.
Active ingredient delivery systems are on the rise, which has improved the product market, and the ban of paraben preservatives in many regions has brought phenoxyethanol into spotlight.
Approval, with regulation
Approval for use has set the ingredient up for ever increasing growth, suggests the firm, which notes that international bodies such as European Economic Community, Cosmetic Toiletry Fragrance Association, USA, U.S. Pharmacopoeia, British Pharmacopoeia and Japanese Ministry of Health and Welfare have approved and recognized phenoxyethanol as an effective preservative.
However, due to the stringent government regulations, the approval process for preservatives can be time-consuming and expensive, notes GMI.
The use of natural preservatives can put pressure on the product market too, with some of the naturally occurring preservatives including neem seed oil, tea tree oil, grapefruit seed extract, etc.
Owing to the high consumption and significant expenditure on beauty products, Brazil will record a rising trajectory in terms of product market growth. In Europe, the demand of the product will be driven by the competitive pharmaceutical sector as it represents a major source of growth of the economy.
A full market report from GMI on the phenoxyethanol preservatives market, including predictions for drivers, is available here.