The market is driven by the growing trend in food preservation use of salicylic acid, the extensive growth of the cosmetic & personal care industries, and the proliferation of sunscreen & anti-acne products.
Huge demand for skincare, hair care products, and a sudden enormous rise in the growth of pharmaceutical products such as disinfectants, wart removal, antiseptic end-use over-the-counter medications, and medicines have significantly propelled the overall growth of the industry and are expected to contribute to the market share mainly in the coming years.
During the forecast period, this region is also expected to record the highest growth as an immense increase in demand for personal care & cosmetics products & consumer growth due to an increase in disposable income, especially in countries such as China, India, and Indonesia, among others.
Due to the high consumer focus on pharmaceutical products and healthy food preservation, especially in the U. S. and Canada, North America is projected to rise at a CAGR of 7.7% over the period 2020 to 2027.
Shandong Xinhua Pharmaceutical Co. Ltd.