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 observed growth during the historical period can be attributed to the expansion of the cosmetic and personal care industry, an increase in consumer awareness regarding UV protection, the growth of organic and natural cosmetics, a rise in demand for skincare products, and an 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 anticipated growth in the forecast period can be attributed to the demand for photostable sunscreen ingredients, the expansion of the fragrance industry, the influence of fashion and beauty standards, an increase in dermatologist recommendations, and the introduction of water-resistant formulas. Major trends expected in the forecast period include advancements in sunscreen formulations, innovation in skincare technologies, technological enhancements in cosmetic formulations, the promotion of sustainable and eco-friendly products, and collaborations with health and wellness brands.

The octyl salicylate market is expected to witness growth due to the increasing demand for personal care products. Personal care products encompass a range of self-care items utilized for personal hygiene, cleaning, and grooming, including shampoos, toothpaste, creams, sunscreens, and more. Octyl salicylate, employed in items such as sunscreens and lotions, plays a role in shielding the skin from UVB rays. For example, in February 2023, L'Oréal S.A., a French-based personal care company, reported increased sales in consumer products and active cosmetics, emphasizing the significance of Dermatological Beauty Division's exceptional growth.

The rising incidence of skin cancer is anticipated to drive the octyl salicylate market forward. Skin cancer, originating from unrepaired DNA damage caused by UV radiation, underscores the importance of sun protection. Octyl salicylate, with its UV-absorbing properties, is crucial in sunscreens to prevent skin damage. In 2020, World Cancer Research Fund International reported 324,635 new cases of Melanoma of skin cancer. The American Cancer Society projects 97,610 new melanoma cases in the United States for 2023. This underscores the relevance of octyl salicylate in addressing the growing concern of skin cancer.

The growth of the cosmetics industry is set to contribute to the expansion of the octyl salicylate market. The cosmetic industry focuses on producing and selling goods that enhance physical appearance, and octyl salicylate is a key ingredient in cosmetics for protecting the skin from UVB rays. In 2022, the Cosmetic, Toiletry, and Perfumery Association Limited reported a rise in small and medium-sized companies in the European cosmetic industry. Fragrances and decorative cosmetics divisions witnessed growth in 2022 compared to 2021, emphasizing the positive impact of the cosmetics industry on the octyl salicylate market.

The octyl salicylate market is experiencing a surge in product innovation as major companies strive to maintain their market position. For example, Givaudan, a chemical manufacturing company based in Switzerland, introduced Neosalyl in July 2022. Representing a pure substitute for its synthetic counterpart, Neosalyl is an organic form of salicylic acid derived entirely from the pure essential oil of the wintergreen plant using green fractionation. This innovation provides natural dermo-purification benefits for the skin and imparts shine while offering anti-dandruff capabilities for hair care.

Leading companies in the octyl salicylate market are actively engaged in developing inventive products to secure a competitive advantage. An illustrative instance is Coopera, a US-based cosmetics company, which launched an Oil-free Sunscreen in March 2023. This type of sunscreen is specially formulated to be free of oils or oil-based ingredients. The oil-free formulation, combined with potentially hypoallergenic ingredients, aims to minimize irritation and discomfort, particularly for individuals with sensitive skin. With key components such as 3% Avobenzone, 2.7% Oliclin, 5% Octyl Salicylate, and 10% Homosalate, this sunscreen caters to the preferences of consumers with sensitive and oily skin, offering them diverse options in sunscreen solutions.

Major companies operating in the octyl salicylate market report 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, Mane SA.

Asia-Pacific was the largest region in the octyl salicylate market in 2023. The regions covered in the octyl salicylate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the octyl salicylate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The octyl salicylate market consists of sales of salicylic acid and 2-ethylhexanol. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.