Market Trends of Aerosol Propellants Industry
Personal Care Application to Dominate the Market
- The demand for aerosol propellants is increasing in personal care applications. The aerosol propellants are used in various personal care products such as shaving creams, deodorants and antiperspirants, hair care products, infant care products, and body sprays.
- Aerosol propellants improve the aesthetics, performance, appearance, texture, durability, and protection properties of personal care products. The growing skin care industry in emerging economies is also fueling the demand for aerosol propellants.
- In the Asia-Pacific region, the demand for personal care products is increasing, which is driving the demand for aerosol propellants. According to CHINABRIEF, in 2022, the cosmetics and personal care products market revenue registered at USD 54.11 billion, as compared to USD 50.62 billion registered in the previous year, at a growth rate of 6.4%.
- Furthermore, the country's cosmetics and personal care market is expected to reach USD 78 billion by 2025. This is due to increasingly sophisticated consumers and a large middle-class section of people, and continuous growth in population is another factor fueling the demand for personal care and skin care products.
- Similarly, in India, the cosmetic industry has been experiencing robust growth, with growing preferences for beauty and hair care products. According to Loreal, the country could potentially become the epicenter of the beauty industry across the globe. In 2023, Loreal announced its revenue is expected to reach USD 1.16 billion (EUR 1 billion) in the next 3-4 years. These factors are anticipated to augment demand for the studied market in the country.
- Similarly, in the North American region, the demand for beauty and personal care products is increasing. According to a report by L'Oréal, North America accounted for 28% of the global market in 2022. The United States ranks as the largest consumer market for beauty and cosmetics products, representing a share of approximately 20% of the total global market and generating around USD 50 billion annually in cosmetic sales. Thus, the increasing demand for cosmetic products is likely to drive the market for aerosol propellants.
- Owing to all these factors, the personal care application is expected to dominate the market for aerosol propellants during the forecast period.
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The Europe Region to Dominate the Market
- The robust manufacturing base of cosmetic products in economies such as the United Kingdom, Germany, Spain, and France. is a notable contributing factor to the dominance of the European region in the aerosol propellants market.
- The European cosmetics and personal care industry is the world's largest cosmetic product market. According to Cosmetics Europe, in 2022, the sales of personal care and cosmetics products in the region registered at USD 94 billion, compared to USD 85.5 billion in 2021, at a growth rate of 9.94%.
- In 2022, the largest markets for cosmetics and personal care products within Europe were Germany (USD 15.5 billion), France (USD 14 billion), the UK (USD 11.4 billion), and Italy (USD 12.47 billion). Thus, the increasing sales of cosmetics and personal care products are anticipated to drive the market for aerosol propellants in the country.
- In the Food and Beverage industry, aerosol propellants are used to dispense fluid food products in the form of a liquid, foam, or spray. The food and beverage sector is one of the largest manufacturing industries in Europe. According to the FoodDrink Europe report published in December 2022, the food and beverage industry in the European Union employs 4.6 million people, has a turnover of USD 1.2 trillion (EUR 1.1 trillion), and a value-added of USD 244 billion (EUR 23 billion).
- Germany is the largest market for food and beverage products in Europe. The food industry represents the fourth-largest industrial sector in the country. According to data from the Federation of German Food and Drink Industries (BVE), in 2022, the total revenue of food and beverage processing in the country reached USD 20.7 billion, at a growth rate of 17.9% as compared to the previous year. Thus, the growth in the food and beverage sector will likely drive the market for aerosol propellants in the region.
- Due to all such factors, the market for aerosol propellants in the region is expected to grow during the forecast period.
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