Categories: Chemicals

Octyl Salicylate Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Octyl Salicylate Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Octyl Salicylate Global Market Report 2024, The octyl salicylate market size has grown strongly in recent years. It will grow from $1.13 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to growth in cosmetic and personal care industry, increase in consumer awareness of uv protection, expansion of organic and natural cosmetics, rise in skincare product demand, increase in outdoor recreational activities.

The octyl salicylate market size is expected to see strong growth in the next few years. It will grow to $1.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to demand for photostable sunscreen ingredients, expansion of the fragrance industry, influence of fashion and beauty standards, rise in dermatologist recommendations, introduction of water-resistant formulas. Major trends in the forecast period include advancements in sunscreen formulations, innovation in skincare technologies, technological advancements in cosmetic formulations, sustainable and eco-friendly products, collaboration with health and wellness brands.

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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The octyl salicylate market covered in this report 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

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 market report table of contents includes: