Global Octyl Salicylate Market Forecast 2023-2032: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
According to The Business Research Company’s Octyl Salicylate Global Market Report 2023, The global octyl salicylate market is expected to grow from $1.05 billion in 2022 to $1.13 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The octyl salicylate market is expected to reach $1.44 billion in 2027 at a CAGR of 6.2%.
Asia-Pacific held the largest octyl salicylate market share.
Octyl Salicylate Market Driver
The increasing demand for personal care products is expected to propel the growth of the octyl salicylate market going forward. A personal care product refers to a group of self-care items used for personal hygiene, cleaning, and grooming. They consist of shampoos, conditioners, toothpaste, creams, coloring products for hair, lipsticks, beauty products, bath soaps, detergents, sunscreens, scents, and home items. Octyl salicylate is used in personal care goods, such as sunscreens, lotions, and other personal care products, to protect skin primarily from UVB rays. For instance, in February 2023, according to L’Oréal S.A., a France-based personal care company, sales of consumer products increased from 11.8% to 14.6% and active cosmetics from 28.0% to 30.6% from the 4th quarter of 2022 to December 31, 2022. With a growth of +21.9% like-for-like and +30.6% based on reported numbers, the Dermatological Beauty Division closed the year with an exceptional gain. Therefore, the increasing demand for personal care products is driving the growth of the octyl salicylate market.
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Key Octyl Salicylate Market Segments
The global octyl salicylate market is segmented –
1) By Type: Colorless, Light Yellow
2) By Application: Perfume, Soap, Cosmetics, Sunscreens, Other Applications
3) By Distribution Channel: Online, Offline
4) By End-User: Personal Care, Consumer Goods
Octyl Salicylate Market Prominent Players
Major players in the octyl salicylate market are Cargill Incorporated, Archer Daniels Midland Company, BASF SE, Evonik Industries AG, DuPont de Nemours Inc., International Flavors & Fragrances Inc., Kao Corporation, Kerry Group plc, Givaudan SA, Lubrizol Corporation, Clariant AG, Symrise AG, Koninklijke DSM N.V., Firmenich SA, Croda International plc, Takasago International Corporation, Sensient Technologies Corporation, Robertet SA, Aceto Corporation, T. Hasegawa Co. Ltd., Bell Flavors & Fragrances Inc., Tokyo Chemical Industry Pvt Ltd., Ernesto Ventos SA, MFCI Co Ltd., Aako BV, and Mane SA.
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Prominent Octyl Salicylate Market Trend
Product innovation is a key trend gaining popularity in the octyl salicylate market. Major companies operating in the octyl salicylate market are developing innovative products to sustain their position in the market. For instance, in July 2022, Givaudan, a Switzerland-based chemical manufacturing company, launched Neosalyl. It is a pure substitute for its synthetic alternative. It is an organic form of salicylic acid that is 100 percent natural for the skin and scalp. Neosalyl, made from the pure essential oil of the wintergreen plant through the method of green fractionation, provides all the advantages of dermo-purification for the skin and shine and anti-dandruff capabilities for hair care.
The Octyl Salicylate Global Market Report 2023 provides comprehensive insights on the octyl salicylate market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the octyl salicylate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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