The global benzenoid market is expected to witness significant growth by 2031, owing to the growing demand for beauty & personal care products among people worldwide. Regionally, the Asia-Pacific region is expected to hold the dominant market share
NEW YORK, April 26, 2023 /PRNewswire/ -- Global Benzenoid Market Forecast Analysis:
As per the report published by Research Dive, the global benzenoid market is projected to garner $1,333.1 million in revenue and rise at a CAGR of 5.8% over the estimated period from 2022 to 2031.
Segments of the Benzenoid Market
The report has divided the market into the following segments:
- Type: benzyl acetate, benzoate, chloride, salicylate, benzaldehyde, cinnamyl, vanillin, and others
- Benzoate – Generated the highest market share in 2021
The increasing use of benzoate as an aroma chemical and a solvent with other fragrances for repelling insects and other medications is expected to fortify the growth of the market sub-segment forward. - Application: soaps and detergents, personal care, food & beverage, and household care
- Soaps and Detergents – To have the fastest growth by 2031
The increasing use of benzenoid for the manufacturing of soaps and detergents can boost the functional & quality perception of a product which is expected to push the growth of the market sub-segment further. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – To hold the largest share of the market by 2031
The growing self-awareness among people of this region regarding personal hygiene and the growth of the retail sector in emerging economies across the region are expected to boost the regional growth of the market in the coming period.
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Dynamics of the Global Benzenoid Market
The increasing demand for beauty & personal care products among people due to the growing awareness regarding health & well-being is expected to foster the growth of the benzenoid market over the analysis timeframe. Besides, the increasing demand for some fragrance oils and essential oils containing benzenoids for inducing psychological effects is expected to augment the growth of the market over the forecast period. However, the health concerns linked with the use of synthetic chemicals may hinder the growth of the market over the estimated period.
The rising consumer trends and advancements in the fragrance industry such as genderless scents or gender-neutral products are expected to create wide growth opportunities for the product during the forecast timeframe. Furthermore, the growing demand for natural and clean-label products among people across the globe is expected to propel the growth of the benzenoid market in the coming period.
Covid-19 Impact on the Global Benzenoid Market
The outbreak of the Covid-19 pandemic has brought several uncertainties across various businesses and impacted them harshly. However, it has had a moderate impact on the benzenoid market. This is mainly due to the stable demand for personal care products with different fragrances and flavors such as soaps and detergents among individuals during the pandemic period. In addition, the increasing demand for benzenoid from the healthcare & pharmaceutical sector to reduce the risk of infection from the deadly virus has further inclined the growth of the market throughout the crisis. However, the disruption in the supply chains of benzenoid due to the import-export restrictions affected the market growth during that period.
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Key Players of the Global Benzenoid Market
The major players of the market include
- Valtris Specialty Chemicals
- International Flavors & Fragrances Inc.
- Eternis Fine Chemicals Ltd.
- LANXESS
- Symrise AG
- Firmenich SA
- Sensient Technologies Corporation
- BASF SE
- Givaudan
- Jayshree Aromatics Pvt. Ltd.
These players are mainly working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to obtain a leading position in the global industry.
For instance, in September 2021, BASF SE, a European multinational chemical company announced its partnership with RiKarbon Inc., a next-generation technology company. With this partnership, the companies aimed to incorporate innovative technology into personal care formulations to impart excellent soft and silky sensory properties.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Benzenoid Market:
- What's New in Benzenoid Industry? Exploring the Latest Breakthroughs
- Global Benzenoid Market to Experience Noteworthy Growth with Growing Popularity of Benzenoid
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