My bits hurt just reading the ingredients. I wonder why so many preservatives are necessary for this product.
I'm also very very very sensitive to most water-based lubricants - so much so that I have switched almost exclusively to silicone-based, at the expense of rarely using silicone toys any more
Water-based are usually chock full of horrifyingly irritant ingredients, including glycerin, parabens and natural or artificial sweeteners (wtf). When I was using mostly water based lube (and, um, I go through a lot of lube from time to time), I regularly gave myself UTIs and yeast infections even though I kept my toys (and my partner, and myself) squeaky clean.
You might have to consider switching away from water-based lube if you're sensitive to the preservatives or to glycerin.
Sliquid makes a number of lubes that have neither parabens nor glycerin in them, if that helps at all.