Global Benzenoid Market Expected to Register a Revenue of $1,710.3 Million and Grow at 5.2% CAGR in the 2021-2028 Timeframe | Exclusively Available [215-Pages] by Research Dive

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07 Jun, 2022, 12:40 GMT

Benzenoid market is expected to grow by 2028 due to its wide utilization in the aroma chemicals & flavor sectors. Soaps & detergents sub-segment to be most dominant. Market in the Asia-Pacific region expected to witness better growth opportunities.

NEW YORK, June 7, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Benzenoid Market by Type (Benzyl Acetate, Benzoate, Chloride, Salicylate, Benzaldehyde, Cinnamyl, and Vanillin), Application (Soaps & Detergents, Personal Care, Food & Beverage, and Household Care), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028."

According to the report, the global benzenoid market is estimated to gather a revenue of $1,710.3 million by 2028, growing at a CAGR of 5.2% during the forecast period 2021-2028.

Dynamics of the Market:

Drivers: Growing utilization of benzenoid in aroma chemicals, flavor industries, and pharmaceuticals products are expected to drive the global benzenoid market by 2028. In addition, growth in the retail sector and easy availability of products like detergents, soaps, cosmetics, etc. are also major factors expected to boost the market growth during the analysis timeframe.

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Opportunities: Strategic acquisitions and partnerships by specialty chemical manufacturers is predicted to offer ample growth opportunities for the global benzenoid market during the forecast period.  In addition, the increasing R&D activities by chemical engineers in the benzenoid chemical compound is projected to further propel the market development by 2028.

Restraints: Health risks associated with the use of benzenoid is the major factor anticipated to hinder the market growth.

Covid-19 Impact on the Market:

The global crisis of the Covid-19 pandemic has had a positive impact on the global benzenoid market due to balanced demand from the end-use industries like personal care, fragrance and flavor, and others. Rising concerns over personal hygiene due to the fear of contracting the deadly coronavirus led to a spike in the demand for personal care products like soaps, detergents, perfumes, sanitizers, and other pharmaceuticals among people. However, restriction on movement of goods, import-export, strict lockdowns, and travel bans led to supply chain disruptions and delayed manufacturing processes. But considering the present company initiatives like product enhancements, partnerships, etc., the market is expected to revive its growth rate and flourish immensely during the analysis years.

Check out Post COVID-19 Positive Impact on the Benzenoid Market Growth. Speak with our Expert Analyst for more insights @ https://www.researchdive.com/connect-to-analyst/8545

Segments of the Market:

The report has fragmented the benzenoid market into a few segments based on type, application, and regional analysis.

  • By type, the benzoate sub-segment of the benzenoid market is predicted to hold a dominant market share and gather a revenue of $414.6 million by 2028. A naturally occurring molecule, benzoate is widely used as a preservative, solvent, fragrance chemical, fixative, and plasticizer. In addition, benzyl benzoate is used as an insect repellent against ticks and mosquitos and can also treat lice and scabies effectively. These usages are the main factors anticipated to propel the growth of the sub-segment's growth during the forecast period.
  • By application, the soaps and detergents sub-segment is projected to have a significant market share and surpass $623.2 million by 2028. Benzenoid is widely used as an aromatic compound in manufacturing soaps and detergents and with the outbreak of Covid-19 pandemic, importance of washing hands regularly and maintaining personal hygiene has heightened tremendously among people. These factors are expected to accelerate the sub-segment's development during the analysis timeframe.
  • By region, benzenoid market in the Asia-Pacific region is estimated to hold a dominant market share and have the fastest growth rate of 5.8% CAGR. Increasing demand from cosmetics, personal care, and processed food industries is responsible for uplifting the market growth during the forecast years. In addition, growing middle-class population, enthusiasm to discover new products, and concern over health and wellness in countries like Japan, South Korea, India, and China are also anticipated to drive the demand and growth of benzenoid in the Asia-Pacific region by 2028.

Region: Asia-Pacific Region has lucrative growth in revenue during the forecast period (Avail Report Customization) @ https://www.researchdive.com/request-for-customization/8545

Significant Market Players:

Some significant benzenoid market players are

  1. Sensient Technologies Corporation
  2. BASF SE
  3. Firmenich SA
  4. LANXESS
  5. Symrise AG
  6. Valtris Specialty Chemicals
  7. International Flavors & Fragrances, Inc
  8. Jayshree Aromatics Pvt. Ltd.
  9. Givaudan
  10. Eternis Fine Chemicals Ltd

These players are building several strategies like product development and enhancement, merger and acquisition, partnerships, and collaborations to assist the market growth.

For example, in November 2020, Givaudan, a Swiss multinational manufacturer of flavors, fragrances, and cosmetic ingredients, announced its partnership with Novozymes, a global biotechnology company, with an aim to uplift the development of synergistic ingredients and technologies. Moreover, both the organizations would increase their R&D activities to obtain sustainable solutions in the food and cleaning sector.

The report also sums up various crucial facets including the financial performance of the benzenoid market players, SWOT analysis, product portfolio, and the latest strategic developments.

Grab the full report here started at $2999 (Read-Only) @ https://www.researchdive.com/purchase-enquiry/8545

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