2-Phenylethanol Industry is anticipated to register 5.5% CAGR from 2022 to 2028 due to its wide application in cosmetics & personal care, laundry and home care products, food & beverages and pharmaceutical.
SELBYVILLE, Del., March 28, 2022 /PRNewswire/ -- Global 2-phenylethanol market value is projected to cross USD 370 million by 2028, according to a new research report by Global Market Insights Inc. 2-phenylethanol is widely used in the compounding of the essence in food, cigarettes, wine, and seasoning production. It also adds nutrient value and prevents the spoilage of the food. An increase in the consumer demand for processed foods has supported the growth of 2-phenylethanol in food additives.
Natural segment is projected to show a significant CAGR of over 7% during the forecast timeframe. It is owing to growing consumer consciousness towards health and increasing demand for natural ingredients.
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2-phenylethanol market from Laundry & home care segment surpassed USD 45 million in 2021 and is set to register a CAGR of over 5.5% between 2022 and 2028. 2-phenylethanol is used as a preservative and odor agent in soaps owing to its stability in basic conditions. The product offers aromatic essence and disinfectant, antifungal & antibacterial properties due to which it is used in laundry detergents & cleaning products, which will drive product demand from detergent manufacturers.
Additionally, increasing consumer consciousness toward home and personal hygiene especially post the covid-19 should support the market expansion. Moreover, along with growing consumer focus on fragrance in laundry detergents is likely to drive product demand.
Some major findings of the 2-phenylethanol market report include:
- Cosmetic and personal care segment is set to surpass USD 120 million by 2028 due to rising consumer spending on cosmetic and personal care owing to increasing disposable income.
- Synthetic segment is expected to witness over 3% CAGR during the forecast periods owing to low cost and easy availability nature of Synthetic 2-phenylethanol compared to natural 2-phenylethanol.
- Major players in the 2-phenylethanol industry are focusing on implementing strategic initiatives including mergers & acquisitions, expansion of production capacity, and partnerships to cater to rising demand for 2-phenylethanol across the globe.
- Asia Pacific market is estimated to exhibit a CAGR of 6.5% through 2028 owing to the increasing food and beverage industry in the region.
Browse key industry insights spread across 175 pages with 158 market data tables and 37 figures & charts from the report, "2-Phenylethanol Market Forecasts by Application (Cosmetics & Personal Care, Laundry & Home Care, Food & Beverages, Pharmaceuticals), Product (Synthetic, Natural), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2028" in detail along with the table of contents:
Europe 2-Phenylethanol market is poised to surpass USD 95 million by 2028 growing at a CAGR of 4.5% throughout the forecast period. Growing consumer inclination toward maintaining the quality of life in the region has led to an increased demand for cosmetics and personal care products, which will accelerate the business landscape. 2-phenylethanol is used in cosmetics as a preservative to inhibit microbial action and enhance the shelf life of cosmetic products.
Consumers strongly believe in hygienic and healthy life owing to which they are inclined toward personal care products. Personal care product formulations are water- & oil-based and are easily susceptible to bacterial growth due to which 2-phenylethanol is used as an antibacterial and anti-fungal agent to inhibit microbial action, in turn, accelerating European industry expansion.
A few prominent companies operating in the 2-phenylethanol market include LyondellBasell Industries N.V., Shandong Xinhua Pharmaceutical Co., Ltd., AACL, Apple Flavor and Fragrance Group Co., Ltd., Eternis Fine Chemicals Ltd., Firmenich SA, KDAC Pvt Ltd., Symrise AG, among others.
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