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Benzenoid Market Report

RA08545

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

RA08545

Pages: 215

Jan 2022

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Benzenoid Market

Global Benzenoid Market Analysis

The global benzenoid market accounted for $1,146.0 million in 2020 and is predicted to grow with a CAGR of 5.2%, by generating a revenue of $1,710.3 million by 2028.

Market Synopsis

Benzenoid market is gaining huge popularity owing to application across aroma chemicals, flavor, and fragrance industry verticals. For instance, benzenoid is also known as aromatic hydrocarbon which has wide range of applications in cosmetics, pharmaceuticals, soaps, and other products. Also, benzenoid is widely used in fine fragrances and various consumer good products such as detergents, perfumes, hair oils, confectionaries, beverage, and others. Various products and blends such as specialty aroma chemicals, industrial fragrance compounds, customized fragrance compounds, flavor compounds use benzenoid which is estimated to drive the market demand.  

However, the health risk associated with the use of synthetic chemicals that are toxic to humans is estimated to hamper the benzenoid market size during the forecast period. Research studies have shown that exposure to benzenoid can increase the risk of cancer. Also, this chemical is toxic and flammable.

Growth in retail sector across emerging economies have made the availability of products such as cosmetics, detergents, soaps, fragrance, and other products easier. Aroma plays an important role across various industries as every aroma has specific need and unique characteristic, which is used to mimic, mask, or maximize taste or smell. Benzenoid has range of applications across cooking, fragrance, and pharmaceutical sectors which is estimated to drive the benzenoid market share during the analysis timeframe.  

According to regional analysis, the Asia-Pacific benzenoid market accounted for $385.6 million in 2020 and is predicted to grow with a CAGR of 5.8% in the projected timeframe.

Benzenoid Overview

Benzenoid also known as aromatic hydrocarbons are class of chemical compounds with at least one benzene ring. Most of the aromatic hydrocarbons are benzenoids and some of the popular examples are cyclooctadecanonaene, trans-bicalicene, and azulene. Also, toluene, nitrobenzene, phenol, and aniline are widely used benzenoid compounds. 

COVID-19 Impact on the Benzenoid Market

The global crisis caused by COVID-19 pandemic did not have severe impact on benzenoid market owing to stable demand from end-use industries such as flavor & fragrance, personal care, and others. Instead, the pharmaceutical and personal care products have led to significant rise in the demand for benzenoid owing to rising concerns over personal hygiene among public due to the fear of contracting COVID-19 virus. Also, there has been high demand for soaps and detergents during the pandemic. Furthermore, most of the soap and detergent manufacturers were able to continue their business operations after certain relaxations in lockdown given by the government of various countries.

However, supply and demand of benzenoid have experienced certain delays owing to restriction on movement of goods, unnecessary travel, and import-export restrictions. Also, majority of the raw materials required for manufacturing of personal care and household care products are imported from China. However, China being the epicenter of COVID-19 virus, import-export challenges and some delay in the availability of raw materials were experienced across various countries. 

Various company initiatives to protect people from contracting COVID-19 is helping the society to recover from the chaotic situation. For instance, in April 2020, Firmenich SA, the specialty chemicals company, donated 20 tons of hand sanitizer in Geneva, Switzerland. Also, the company is increasing its production capacity to 100 tons for medical, hospital, and emergency services across Switzerland and the U.S. To address the shortage of sanitizer, the company had donated 20 tons of hand sanitizer to the Geneva University Hospital (HUG) in Switzerland. 

Growing Demand from Fragrance Industry to Drive the Market Growth

High demand for benzenoid from fragrance industry can be attributed to sense of smell which is the first of all senses to develop. It is a well-known fact that 80% of all the flavors comes from taste. This is the main reason due to which foods become flavorless when we have blocked nose. Aroma or fragrance is an essence of every product, and each aroma molecule can be adapted to suit variety of products and their own signature fragrance. In addition, enticing fragrances are used in haircare, cosmetics, and variety of personal care products which is powerful propellers of product success. Also, the beauty and personal care products mask the base odor of the formula, have emotional & psychological effects, and can boost the quality perception among the buyers. Even from marketing point of view, fragrance plays a major role that positively reflects the brand and caters to the target customer.   

To know more about global benzenoid market drivers, get in touch with our analysts here.

Health Risk Associated with the Use of Synthetic Chemicals to Restrain the Market Growth

Exposure to benzenoid can be toxic and can pose health risk to humans. For instance, synthetic chemicals that exhibit environmental persistence can cause bioaccumulation that leads to acute or chronic toxicity. Also, some of these chemicals are carcinogenic that can impact human health which is anticipated to restrain the benzenoid market share during the forecast period.  

Business Expansion, Product Launch, and Research & Development to Generate Huge Opportunities

Benzenoid is widely used by the specialty chemicals manufacturers for producing different flavor and fragrances. Also, the specialty chemical manufacturers are incorporating various strategies to generate excellent growth opportunities for the benzenoid market. For instance, in December 2021, Firmenich SA, the Switzerland based privately-owned fragrance and flavor company, established partnership with Jungle, the French start-up company, to promote sustainable innovation capabilities in natural ingredients. Similarly, in March 2020, the International Flavors & Fragrances, Inc., leading flavor & fragrance manufacturer, collaborated with Evolva, the Swiss biotech company, to develop and expand commercialization of vanillin. Vanillin is an organic compound which is widely used in perfumes, fragrances, and cleaning products. In food & beverage industry, vanillin is used to flavor baked goods, chocolate, ice cream, and others.    

To know more about global benzenoid market opportunities, get in touch with our analysts here.

Benzenoid Market
By Type

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Based on type, the market has been divided into benzyl acetate, Benzoate, chloride, salicylate, benzaldehyde, cinnamyl, and vanillin. Among these, the benzyl acetate sub-segment accounted for the highest revenue share in 2020 and it is estimated to show the fastest growth during the forecast period. Download PDF Sample Report

Source: Research Dive Analysis

The benzoate sub-type is anticipated to have a dominant market share and generate a revenue of $414.6 million by 2028, growing from $256.7 million in 2020. Benzyl benzoate is naturally occurring molecule which is made up of benzyl alcohol and benzoic acid. Benzoate is widely used as a fragrance chemical, a preservative, a solvent, a fixative, and as a plasticizer. It also works as an insect repellent against bugs like ticks and mosquitoes as well as it is used to treat scabies and lice. The use of benzoate in perfume products helps in slowing down the escape of other fragrances and increases the fragrance lifespan. Its use as a plasticizer makes the product less brittle. These factors are anticipated to drive the benzoate market growth during the analysis timeframe.

Benzenoid Market
By Application

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Based on application, the market has been divided into Soaps & Detergents, personal care, food & beverage, and household care. Among these, the Soaps & Detergents sub-segment accounted for the highest revenue share in 2020 and it is estimated to show the fastest growth during the forecast period.

    

Source: Research Dive Analysis

The soaps & detergents sub-segment is anticipated to have a dominant market share and generate a revenue of $623.2 million by 2028, growing from $394.1 million in 2020. Benzenoid is widely used as an aromatic compound for manufacturing of soaps and detergents. The COVID-19 pandemic has heightened the importance of washing hands, sanitization and personal hygiene among public. Growing hygiene consciousness has boosted the demand for soaps and detergents to keep coronavirus at bay. People have started washing their hands and clothes more often which have significantly boosted the demand for soaps & detergents globally. For instance, The Daily Star, popular news platform, stated that in the month of June-July 2020, the production of soaps & detergents was 25,185 tons which was 54% more compared to its production in June 2019.

Benzenoid Market
By Region

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The benzenoid market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Benzenoid in Asia-Pacific to be the Most Dominant and Fastest Growing

The Asia-Pacific benzenoid market accounted $385.6 million in 2020 and is projected to grow with a CAGR of 5.8%. Asia-Pacific benzenoid market share is driven by high demand from end-use sectors such as personal care, cosmetics, and processed foods sectors. Also, high demand for unique flavor and fragrance blends is estimated to drive the benzenoid market size. China is one of the leading exporters of organic chemicals. In addition, Asia-Pacific regions such as Japan, South Korea, and China are largest markets for cosmetics and few of the largest exporters for color cosmetics, hair care, sun care, deodorants, skin care, and others. Clean Beauty Asia, the platform that offers tailored solutions for Indie Beauty brands, stated that Asia-Pacific is an important market for personal care & cosmetics that accounted for 39% market share in 2018.. This is majorly owing to growing middle class population, appetite to discover new products, and proactiveness regarding health & wellness. These factors are estimated to drive the benzenoid market share in the Asia-Pacific region during the analysis timeframe.         

Competitive Scenario in the Global Benzenoid Market

Business expansion and acquisition are common strategies followed by major market players.

Competitive Scenario in the Global Benzenoid Market

Source: Research Dive Analysis

Some of the leading benzenoid market players are Jayshree Aromatics Pvt. Ltd., BASF SE, Firmenich SA, LANXESS, International Flavors & Fragrances, Inc., Valtris Specialty Chemicals, Eternis Fine Chemicals Ltd, Symrise AG, Sensient Technologies Corporation, and Givaudan.  

Porter’s Five Forces Analysis for the Global Benzenoid Market:

  • Bargaining Power of Suppliers: The bargaining power of suppliers is high as the specialty chemicals manufacturers buy various raw materials from numerous suppliers. Powerful suppliers use their bargaining power to extract higher prices from the benzenoid and specialty chemicals manufacturers. 
    Thus, the bargaining power of suppliers is high.
  • Bargaining Power of Buyers: The bargaining power of buyers is moderate as smaller and more powerful consumer base puts pressure on specialty chemicals manufacturers in long run. Hence, building large consumer base is essential to reduce the bargaining power of buyers to streamline its production and sales process. 
    Thus, buyer’s bargaining power will be moderate.
  • Threat of New Entrants: The threat of new entrants is moderate as the specialty chemicals manufacturers are adopting various strategies to enter the market such as reducing the product cost, lower pricing strategy, new value propositions, and others. 
    Thus, the threat of the new entrants is moderate.
  • Threat of Substitutes: The threat of substitutes is low as there is no alternative to benzenoid and it is one of the key ingredients widely used by the flavor and fragrance manufacturers. 
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The companies operating in this market are focusing on adopting various growth strategies such as business expansion, acquisition, and product launch to attract large number of customers. 
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • Benzyl Acetate
  • Benzoate
  • Chloride
  • Salicylate
  • Benzaldehyde
  • Cinnamyl
  • Vanillin

  Segmentation by Application

  • Soaps & Detergents
  • Personal Care
  • Food & Beverage
  • Household Care

  Key Companies Profiled

  • Jayshree Aromatics Pvt. Ltd.
  • BASF SE
  • Firmenich SA
  • LANXESS
  • International Flavors & Fragrances, Inc.
  • Valtris Specialty Chemicals
  • Eternis Fine Chemicals Ltd
  • Symrise AG
  • Sensient Technologies Corporation
  • Givaudan

Frequently Asked Questions
 

A. The size of the global benzenoid market was over $1,146.0 million in 2020 and is projected to reach $1,710.3 million by 2028.

A. BASF SE, Firmenich SA, and LANXESS are some of the key players in the global benzenoid market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Asia Pacific benzenoid market is anticipated to grow at 5.8% CAGR during the forecast period.

A. Business expansion and acquisition are the two key strategies opted by the operating companies in this market.

A. International Flavors & Fragrances, Inc., Valtris Specialty Chemicals, and Eternis Fine Chemicals Ltd. are the companies investing more on R&D activities for developing new products and technologies.

A. The key market trend in the benzenoid market is rapid expansion of flavor & fragrance sector, cosmetics, personal care, and household care products.

A. The COVID-19 outbreak did not have much severe impact on benzenoid market owing to stable demand from personal care, cosmetics, and household care sectors.

A. Geographically Asia-Pacific region is the largest segment in the global benzenoid market.

A. Benzenoid compounds are the molecules that have at least one benzene ring in its chemical structure whereas benzene ring is a cyclic structure having six carbon atoms as the ring members.

A. Most of the aromatic hydrocarbons are benzenoid. In terms of organic chemistry, benzenoids are a class of chemical compounds with at least one benzene ring.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.Type trends
2.3.Application trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.Benzenoid Market, by Type 

4.1.Benzyl Acetate

4.1.1.Key market trends, growth factors, and opportunities
4.1.2.Market size and forecast, by region, 2020-2028
4.1.3.Market share analysis, by country, 2020 & 2028

4.2.Benzoate

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region, 2020-2028
4.2.3.Market share analysis, by country, 2020 & 2028

4.3.Chloride

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region, 2020-2028
4.3.3.Market share analysis, by country, 2020 & 2028

4.4.Salicylate

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast, by region, 2020-2028
4.4.3.Market share analysis, by country, 2020 & 2028

4.5.Benzaldehyde

4.5.1.Key market trends, growth factors, and opportunities
4.5.2.Market size and forecast, by region, 2020-2028
4.5.3.Market share analysis, by country, 2020 & 2028

4.6.Cinnamyl

4.6.1.Key market trends, growth factors, and opportunities
4.6.2.Market size and forecast, by region, 2020-2028
4.6.3.Market share analysis, by country, 2020 & 2028

4.7.Vanillin

4.7.1.Key market trends, growth factors, and opportunities
4.7.2.Market size and forecast, by region, 2020-2028
4.7.3.Market share analysis, by country, 2020 & 2028

5.Benzenoid Market, by Application 

5.1.Soaps & Detergents 

5.1.1.Key market trends, growth factors, and opportunities
5.1.2.Market size and forecast, by region, 2020-2028
5.1.3.Market share analysis, by country, 2020 & 2028

5.2.Personal Care 

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region, 2020-2028
5.2.3.Market share analysis, by country, 2020 & 2028

5.3.Food & Beverage 

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region, 2020-2028
5.3.3.Market share analysis, by country, 2020 & 2028

5.4.Household Care

5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by region, 2020-2028
5.4.3.Market share analysis, by country, 2020 & 2028

6.Benzenoid Market, by Region

6.1.North America

6.1.1.Key market trends, growth factors, and opportunities
6.1.2.Market size and forecast, by Type, 2020-2028
6.1.3.Market size and forecast, by Application, 2020-2028
6.1.4.Market size and forecast, by country, 2020-2028

6.1.5.U.S.

6.1.5.1.Market size and forecast, by Type, 2020-2028
6.1.5.2.Market size and forecast, by Application, 2020-2028

6.1.6.Canada

6.1.6.1.Market size and forecast, by Type, 2020-2028
6.1.6.2.Market size and forecast, by Application, 2020-2028

6.1.7.Mexico

6.1.7.1.Market size and forecast, by Type, 2020-2028
6.1.7.2.Market size and forecast, by Application, 2020-2028

6.2.Europe

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by Type, 2020-2028
6.2.3.Market size and forecast, by Application, 2020-2028
6.2.4.Market size and forecast, by country, 2020-2028

6.2.5.Germany 

6.2.5.1.Market size and forecast, by Type, 2020-2028
6.2.5.2.Market size and forecast, by Application, 2020-2028
6.2.5.3.Comparative market share analysis, 2020 & 2028

6.2.6.UK

6.2.6.1.Market size and forecast, by Type, 2020-2028
6.2.6.2.Market size and forecast, by Application, 2020-2028

6.2.7.France

6.2.7.1.Market size and forecast, by Type, 2020-2028
6.2.7.2.Market size and forecast, by Application, 2020-2028

6.2.8.Spain

6.2.8.1.Market size and forecast, by Type, 2020-2028
6.2.8.2.Market size and forecast, by Application, 2020-2028

6.2.9.Italy

6.2.9.1.Market size and forecast, by Type, 2020-2028
6.2.9.2.Market size and forecast, by Application, 2020-2028

6.2.10.Rest of Europe

6.2.10.1.Market size and forecast, by Type, 2020-2028
6.2.10.2.Market size and forecast, by Application, 2020-2028

6.3.Asia Pacific

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by Type, 2020-2028
6.3.3.Market size and forecast, by Application, 2020-2028
6.3.4.Market size and forecast, by country, 2020-2028

6.3.5.China

6.3.5.1.Market size and forecast, by Type, 2020-2028
6.3.5.2.Market size and forecast, by Application, 2020-2028

6.3.6.Japan 

6.3.6.1.Market size and forecast, by Type, 2020-2028
6.3.6.2.Market size and forecast, by Application, 2020-2028

6.3.7.India

6.3.7.1.Market size and forecast, by Type, 2020-2028
6.3.7.2.Market size and forecast, by Application, 2020-2028

6.3.8.South Korea

6.3.8.1.Market size and forecast, by Type, 2020-2028
6.3.8.2.Market size and forecast, by Application, 2020-2028

6.3.9.Australia

6.3.9.1.Market size and forecast, by Type, 2020-2028
6.3.9.2.Market size and forecast, by Application, 2020-2028

6.3.10.Rest of Asia Pacific

6.3.10.1.Market size and forecast, by Type, 2020-2028
6.3.10.2.Market size and forecast, by Application, 2020-2028

6.4.LAMEA

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by Type, 2020-2028
6.4.3.Market size and forecast, by Application, 2020-2028
6.4.4.Market size and forecast, by country, 2020-2028

6.4.5.Latin America  

6.4.5.1.Market size and forecast, by Type, 2020-2028
6.4.5.2.Market size and forecast, by Application, 2020-2028

6.4.6.Middle East 

6.4.6.1.Market size and forecast, by Type, 2020-2028
6.4.6.2.Market size and forecast, by Application, 2020-2028

6.4.7.Africa

6.4.7.1.Market size and forecast, by Type, 2020-2028
6.4.7.2.Market size and forecast, by Application, 2020-2028

7.Company profiles

7.1.Jayshree Aromatics Pvt. Ltd.

7.1.1.Company overview
7.1.2.Operating business segments
7.1.3.Product portfolio
7.1.4.Financial performance
7.1.5.Key strategy moves and development

7.2.BASF SE

7.2.1.Company overview
7.2.2.Operating business segments
7.2.3.Product portfolio
7.2.4.Financial performance
7.2.5.Key strategy moves and development

7.3.Firmenich SA

7.3.1.Company overview
7.3.2.Operating business segments
7.3.3.Product portfolio
7.3.4.Financial performance
7.3.5.Key strategy moves and development

7.4.LANXESS

7.4.1.Company overview
7.4.2.Operating business segments
7.4.3.Product portfolio
7.4.4.Financial performance
7.4.5.Key strategy moves and development

7.5.International Flavors & Fragrances, Inc.

7.5.1.Company overview
7.5.2.Operating business segments
7.5.3.Product portfolio
7.5.4.Financial performance
7.5.5.Key strategy moves and development

7.6.Valtris Specialty Chemicals

7.6.1.Company overview
7.6.2.Operating business segments
7.6.3.Product portfolio
7.6.4.Financial performance
7.6.5.Key strategy moves and development

7.7.Eternis Fine Chemicals Ltd

7.7.1.Company overview
7.7.2.Operating business segments
7.7.3.Product portfolio
7.7.4.Financial performance
7.7.5.Key strategy moves and development

7.8.Symrise AG

7.8.1.Company overview
7.8.2.Operating business segments
7.8.3.Product portfolio
7.8.4.Financial performance
7.8.5.Key strategy moves and development

7.9.Sensient Technologies Corporation

7.9.1.Company overview
7.9.2.Operating business segments
7.9.3.Product portfolio
7.9.4.Financial performance
7.9.5.Key strategy moves and development

7.10.Givaudan

7.10.1.Company overview
7.10.2.Operating business segments
7.10.3.Product portfolio
7.10.4.Financial performance
7.10.5.Key strategy moves and development

Benzenoids are aromatic chemical compounds that consist of benzene rings along with conjugated double bonds and alternate single and double bonds. Benzenoids are widely used in various aromatic products like soaps, detergents, perfumes, and cosmetics to cater to people’s growing needs of maintaining health and wellness. In addition, benzenoids also protect from scabies, ticks, and lice, and can also be used as a preservative, plasticizer, fragrance chemical, and much more. However, the usage of synthetic chemicals lie benzenoid is associated with sever health risks like cancer.

Forecast Analysis:

Increasing utilization of benzenoid in aroma chemicals, flavor industries, and pharmaceuticals products is anticipated 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 projected to boost the market growth during the forecast period. Moreover, strategic acquisitions and collaborations by specialty chemicals manufacturers is expected to offer abundant growth opportunities for the global benzenoid market by 2028. In addition, increasing R&D activities by chemical engineers in the benzenoid chemical compound is estimated to further accelerate the market growth in the 2021-2028 timeframe. However, health risks associated with the use of benzenoid like cancer is the major factor predicted to impede the market growth.

Regionally, the benzenoid market in the Asia-Pacific region is expected 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 enhancing the market growth during the analysis 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 projected to drive the benzenoid market’s growth in the Asia-Pacific region by 2028.

According to the report published by Research Dive, the global benzenoid market is expected to gather a revenue of $1,710.3 million and grow at 5.2% CAGR in the 2021–2028 timeframe. Some prominent market players include Firmenich SA, Givaudan, Sensient Technologies Corporation, BASF SE, LANXESS, Valtris Specialty Chemicals, International Flavors & Fragrances, Inc., Symrise AG, Jayshree Aromatics Pvt. Ltd., Eternis Fine Chemicals Ltd, and many others.

Covid-19 Impact on the Market:

The global onset of the Covid-19 pandemic has positively affected the global benzenoid market and has witnessed an increased 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 corona virus 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 global benzenoid market is expected to revive its growth rate and flourish immensely during the analysis years.

Significant Market Developments:

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the benzenoid market to flourish. For instance:

In February 2021, Eternis Fine Chemicals Ltd., a leading aromatic chemical manufacturer, announced its acquisition of the UK-based specialty chemicals firm Tennants Fine Chemicals with an aim to diversify and expand its range of aromatic chemicals and enable multi-location manufacturing. Moreover, Eternis Fine Chemicals also stated its goal to offer varied distribution platforms to cater to their regional customers’ demands and de-risk the supply chains.

In July 2021, Sensient Technologies Corporation, a global manufacturer and marketer of favors, fragrances, and colors, announced its acquisition of Flavor Solutions Inc. to expand its flavor portfolio and utilize advance technologies to uplift its technical solution capabilities. This acquisition would also help Sensient Technologies to add savory reaction flavors, sweetness enhancing, and salt-reduction taste modulation technology platforms.

In July 2021, Symrise AG, a renowned producer of flavors and fragrances, announced its partnership with Giraffe Foods Inc., a producer of customized dips, sauces, syrups, dressings, and beverage concentrates, to expand its portfolio in the market to offer desirable customized flavor and taste enhancement solutions to its customers.

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