Benzenoid Market Size is Projected to Generate a Revenue of $1,333.1 Mn by 2031Download Sample Reports Overview
The Global Benzenoid Market Size is predicted to be valued at $1,333.1 million by 2031, surging from $764.4 million in 2021, at a noteworthy CAGR of 5.8%.
Impact Analysis of COVID-19 on the Benzenoid Market
The communal transmission of the COVID-19 pandemic had a stable impact on the benzenoid market share growth. This is majorly owing to substantial and steady demand from personal care, cosmetics, and home care products. For instance, there was a significant rise in the demand for sanitizers, soaps, detergents, shampoos, and other personal care products as COVID-19 has increased personal care and hygiene awareness among the people. Benzenoid is essential raw material used for the manufacturing of specialty aroma chemicals, flavor compounds, industrial fragrance compounds, customized fragrance compounds, and other products. Also, growth in retail sector especially e-commerce platforms have eased the availability of various products such as cosmetics, detergents, soaps, and others. In addition, the popularity of aroma chemicals that contain benzenoid have increased significantly owing to its use in wine, food, and essential oils as every aroma has unique characteristic. Slight delay in supply-chain owing to COVID-19 restrictions such as social distancing norms and travel restrictions have impacted the supply of benzenoid to the end-use industry.
Global Benzenoid Market Analysis
The prevalence of beauty and personal care products is growing rapidly across the world owing to growing awareness regarding physical appearance, health, and well-being. Aroma plays a major role in beauty and personal care products as it imparts pleasant smell, enhances the user experience of using the products, and masks the inherent smell of some ingredients. Fragrance offers various benefits that are tangible, ubiquitous, and valued. Also, fragrance can communicate complex ideas by creating mood, signaling freshness, softness, alleviating stress, as well as creating attraction and allure. Every beauty and personal care product are enriched with attractive fragrance that contribute toward individuality, personal hygiene, and self-esteem. The fragrance is strongly linked with the product’s identity, acceptability, and have positive impact on the psyche. For instance, enchanting aroma of lavender is popular for its deep relaxing qualities, exotic woody scent of sandalwood is used to fuel desire, fruit scents of orange and grapefruit are energetic and psychologically uplifting. In addition, the fragrance can influence one’s perception of the product. For instance, lime or citrus fragrance is linked with cleansing or comforting benefits while rose or vanilla fragrance can stir up soothing & comforting benefits. Also, majority of the fragrance oils and essential oils have superior aroma due to their natural composition. All these factors are estimated to drive the demand for benzenoid market revenue during the forecast period.
The presence of synthetic chemicals in various personal care and cosmetics products that have negative impact on human health is estimated to restrain the benzenoid market size during the analysis timeframe. This is because the synthetic chemicals namely parabens, phthalate, and triclosan have a carcinogenic effect on human health.
Wide range of benzenoid applications in absolutes, fragrance oils, and essential oils are estimated to boost the benzenoid market growth in the upcoming years.
Benzenoid is being widely used in absolutes, fragrance oils, and essential oils which is anticipated to drive the benzenoid market size during the forecast period. Essentials oils are used in aromatherapy and natural cosmetics. Benzenoid being the popular aroma chemical is widely used in these essential oils that are 100% natural. This is majorly owing to pleasing aroma and therapeutic benefits associated with the use of essential oils. Benzenoid is also used in manufacturing of personal care products and liquids that are highly fragrant and has thick consistency. The commonly used absolutes include lotus, tuberose, rose, and jasmine. The complex blend of aromatic compounds and aroma chemicals that contain benzenoid are majorly used in fragrance oil owing to its consistency and low-cost. Also, benzenoid is used in the manufacturing of plum kernel oil, chamomile butter, fruit butters, coffee butter, and other cosmetics & personal care products. These factors are anticipated to boost the benzenoid market growth during the analysis timeframe.
Global Benzenoid Market, Segmentation
The global benzenoid market is segmented based on type, application, and region.
The type segment is further classified into benzyl acetate, benzoate, chloride, salicylate, benzaldehyde, cinnamyl, and vanilin. Among these, the benzoate sub-segment accounted for the dominant market share and it is projected to grow at a fastest rate during the analysis timeframe. Benzoate is used as a fixative in perfumes which is used to minimize the escape of other fragrances and to enhance the life span of the fragrance. It can also work as an insect repellent against ticks and mosquitoes. Hence, based on product and its end-use benzyl benzoate can act as fragrance, a plasticizer, a fixative, a preservative, and a solvent. These factors are anticipated to boost the benzyl benzoate market demand during the forecast period. Some of the side effects of benzyl benzoate include crusting, oozing, reddening, blister formation or scaling of skin.
The application sub-segment is further classified into soaps and detergents, personal care, food and beverage, and household care. The soaps and detergents sub-segment has registered the dominant revenue share in 2021. Fragrance is one of the key factors in soaps & detergents that boosts the sensorial experience of a product or brand. For instance, no matter how beautiful or high-performing your cleansing soap is, if it has an unpleasant odor, it can negatively influence the quality perception and chase away potential customers. Hence, alluring fragrance can become the single motivator behind purchasing the product. Many fragrances can influence mental or psychological moods. For instance, enchanting fragrance of lavender has deep relaxing qualities while exotic woody scent of sandalwood can fuel desire. Fruity scents such as scents of grapefruit or orange are known to be energetic and psychologically uplifting. These factors are anticipated to drive the benzenoid demand in soaps & detergents sub-segment during the forecast period.
The benzenoid market for the Asia-Pacific region is projected to grow at a fastest rate during the forecast period. Growing demand for personalized skincare products, convergence of beauty and health, and high demand for natural ingredients is estimated to drive the benzenoid market demand in the upcoming years. The ethical labels on the personal care brands play a major role in attracting the consumers owing to growing awareness regarding sustainability among consumers. China is one of the leading exporters of organic chemicals. Asia-Pacific is an important market for personal care & cosmetics that has accounted for 39% market share in 2018 as per the L’Oréal’s annual report. 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.
Key Players in the Global Benzenoid Industry
Some of the leading benzenoid market players are
- Jayshree Aromatics Pvt. Ltd.
- BASF SE
- Firmenich SA
- International Flavors & Fragrances Inc.
- Valtris Specialty Chemicals
- Eternis Fine Chemicals Ltd.
- Symrise AG
- Sensient Technologies Corporation
In February 2021, Eternis Fine Chemicals Ltd., one of the leading chemicals companies, has acquired Tennants Fine Chemicals. This acquisition will help the company in expanding its range of aroma chemicals with the launch of multi-location distribution as well as manufacturing platforms.