Burlingame, July 26, 2024 (GLOBE NEWSWIRE) -- According to CoherentMI, New Zealand Phenoxyethanol Market was valued at US$ 5.87 Million in 2024 and is anticipated to reach a value of US$ 8.66 Million by 2031 at a CAGR of 5.8% during forecast period 2024 and 2031. The personal care industry in New Zealand has seen significant growth in recent years. Phenoxyethanol is widely used as a preservative in personal care products like cosmetics, shampoos, lotions and creams due to its effectiveness and stability. It prevents the growth of microorganisms in these products helping them last longer. Furthermore, Phenoxyethanol is a popular solvent used in the formulation of household cleaners and disinfecting products. Its favorable solvent properties along with preservative qualities make it suitable for use in diverse cleaning applications. The ongoing COVID-19 pandemic has led to heightened awareness about hygiene and sanitation in New Zealand.
Market Dynamics:
The growth of the New Zealand phenoxyethanol market is primarily driven by the rise in the use of preservatives in personal care products such as cosmetics, lotions, creams, sunscreens, and other products to increase the shelf life of the product. Phenoxyethanol is widely used as a preservative in various personal care products owing to its effectiveness as a preservative even at low concentrations and ability to prevent microbial growth. Additionally, growing awareness regarding hygiene and health is also promoting the sales of personal care products, thereby propelling the market growth of phenoxyethanol in New Zealand.
Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2024: | US$ 5.87 Million |
| Estimated Value by 2031: | US$ 8.66 Million |
| Growth Rate: | Poised to grow at a CAGR of 5.8% |
| Historical Data: | 2019–2023 |
| Forecast Period: | 2024–2031 |
| Forecast Units: | Value (USD Million/Billion) |
| Report Coverage: | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered: | By Product Type, By Application Type |
| Geographies Covered: | New Zealand |
| Growth Drivers: | • Growing Personal Care Industry |
| • Increasing Demand for Preservatives | |
| Restraints & Challenges: | • Strict Environmental Regulations |
Key Market Takeaways:
- The New Zealand phenoxyethanol market size is anticipated to witness a CAGR of 6.23% during the forecast period 2024-2031, owing to the growing personal care and pharmaceutical industries in the country.
- On the basis of application, the home & personal care segment is expected to hold a dominant position, owing to wide usage of phenoxyethanol as an effective preservative in personal care products.
- By product, Phenoxyethanol P5 segment is expected to hold a dominant position due to its extensive use as a broad-spectrum preservative.
- Regionally, North America is expected to hold a dominant position over the forecast period, due to well-established personal care and pharmaceutical industries in the region.
- Key players operating in the New Zealand phenoxyethanol market include BASF SE, Clariant International Ltd., Galaxy Surfactants Limited, Jiangsu Jiafeng Chemical Co. Ltd., Haihang Industry Co. Ltd., Symrise, Dow Chemical Company, Schülke & Mayr GmbH, Ashland Global Holding Inc., Lonza Group, Penta International Corp., Akema Fine Chemicals and Du Pont de Nemours Inc. These players are focusing on new product launches and capacity expansions to strengthen their position in the market.
Recent Development:
- In September 2023, Dow, collaborated with LanzaTech, to launch a readily biodegradable cleaning solution EcoSense 2470 Surfactant that utilizes circular carbon capture. This solution meets sustainable standers by incorporating innovative carbon capture technology.
- In July 2022, Specialty chemicals company, LANXESS completed the acquisition of the microbial control business unit of the U.S. group International Flavours & Fragrances Inc. (IFF).
Read complete market research report, "New Zealand Phenoxyethanol Market, By Product Type, By Application Type, and other Segment Forecast 2024-2031", Published by CoherentMI.
Market Trends:
Increasing demand for natural and organic cosmetics:
One of the key trends witnessed in the New Zealand phenoxyethanol market is the increasing demand for natural and organic cosmetics and personal care products. Consumers prefer products that are made from natural ingredients obtained sustainably without harming the environment. This reduces the usage of synthetic preservatives such as phenoxyethanol in personal care products.
Rising popularity of multifunctional ingredients:
The multifunctional ingredients are gaining popularity in the cosmetic industry. Ingredients that provide more than one benefit are becoming more sought-after as they reduce production costs by reducing the number of ingredients required. Phenoxyethanol is being increasingly used as a multifunctional ingredient owing to its properties such as moisturizing, antimicrobial activity, and preservative functionality. This trend is expected to drive the demand for phenoxyethanol in the New Zealand market.
Home & Personal Care Segment:
The home & personal care segment is anticipated to hold a major share in the New Zealand phenoxyethanol market during the forecast period. Phenoxyethanol is widely used as a preservative in personal care products such as cosmetics, shampoos, lotions, sunscreens and other products. It acts as an effective broad-spectrum preservative that protects products from microbial degradation. The growing personal care industry in New Zealand is expected to drive the demand for phenoxyethanol from this segment.
Pharmaceutical Segment:
Phenoxyethanol is commonly used as a preservative in various pharmaceutical formulations including ointments, liquids, and creams. It protects medications from contamination by microbes and prevents degradation. The rising healthcare spending and growing pharmaceutical industry in New Zealand are projected to boost the consumption of phenoxyethanol from the pharmaceutical segment during the forecast period.
New Zealand Phenoxyethanol Market Segmentation:
- By Product Type
- Phenoxyethanol P5
- Phenoxyethanol P25
- By Application Type
- Home & Personal Care
- Paints & Coatings
- Dyes & Inks
- Pharmaceuticals
- Others
Purchase Latest Edition of this Research Report @ https://www.coherentmi.com/industry-reports/new-zealand-phenoxyethanol-market/buynow
Top Questions Answered in this Report:
- What factors are impeding the growth of the New Zealand Phenoxyethanol Market?
- What are the primary drivers fueling the growth of the New Zealand Phenoxyethanol Market?
- Which segment stands out as the leading component in the New Zealand Phenoxyethanol Market?
- Who are the key players actively participating in the New Zealand Phenoxyethanol Market?
- Which region is poised to take the lead in the New Zealand Phenoxyethanol Market?
- What is the projected CAGR for the New Zealand Phenoxyethanol Market?
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