The global benzenoid market size was USD 0.82 Billion in 2022 and is likely to reach USD 1.34 Billion by 2031, expanding at a CAGR of 5.9% during 2023–2031. The market is driven by the increasing use of benzenoids in a wide range of industries.
High demand for benzenoid and its derivatives for manufacturing end-use products that involve aroma chemicals, fragrances, or flavors, is expected to propel the market during the assessment period. Industries such as cosmetics, pharmaceuticals, perfumes, soaps, beverages, detergents, hair oils, and confectionaries make extensive use of this chemical.As these industries expand, the requirement for benzenoid is expected to increase, which is likely to bring an upsurge inthe growth of the market.
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As per the report published by the National Institute of Health in 2021, the revenue generated by the pharmaceutical market globally was USD 1143 billion in 2017. Since then,it has been growing at an annual rate of 5.8%. In 2021, it reached a value of approximately USD 1462 billion.
Benzenoids are part of a wide range of daily life products, including face wash, face cream, lipstick, mouthwash, and toothpaste, among others.It is used in making resins, synthetic fibers, dyes, plastic, pesticides, and drugs.Furthermore, factors such as the rapid growth of consumer culture and increasing disposable income in emerging economies create a high demand for various benzenoid-based products, thereby playing a significant role in the augmentation of the market.
The COVID-19 pandemic impeded the market as a result of lockdowns imposed by several governments worldwide. As a result, port activities and domestic transportation came to a halt. This created a deficit in the supply and demand of various benzenoid-based end-use products, causing the slowdown of the market.
Impact of Artificial Intelligence on the Benzenoid Market
Artificial intelligence is likely to provide substantial propulsion to the Benzenoid market. AI optimizes the manufacturing process by analyzing data from different sources and past production records. It helps in predicting the future demand for benzenoids in various sectors and eliminates human error in the production process. Using machine learning algorithms, AI finds data patterns and anomalies, which enables it to make better decisions.
Benzenoid Market Dynamics
Major Drivers
High demand for personal care and beauty products is expected to drive the market during the projection period. With the expansion of the beauty and personal care industry, the utilization of products such as lotions, creams, fragrance oils, and essential oilsoaps has increased at a rapid pace. These products make extensive use of aromatic compounds such as benzenoid to enhance the smell and flavor of these products. The upsurge in consumption of these products is likely to increase the demand for benzenoids in various industries to meet consumer demand.
Existing Restraints
Health risks associated with synthetic chemicals such as benzenoid are likely to hamper the market during the forecast period.Benzenoid-based synthetic chemicals such as xylene, toluene, oxybenzone, paraben, and phthalates are intensively used in the manufacture of several beauty and personal care products. However, these chemicals are known to be highly carcinogenic and cause damage to the DNA. As a result, factors such as the rise in healthcare awareness and stringent government regulations towards the use of harmful chemicals are expected to impede the market.
Emerging Opportunities
Research and development for the customization of aromatic compounds in the fragrance industryare anticipated to provide substantial growth opportunities for the market. The increase in demand for new fragrances and the rising propagation of gender-neutral products has led to the availability of a wide variety of customization options.This allows the customers to avail of fragrance kits that match their requirements. The consumers form unique scents that last long and help them stay fresh and energetic throughout the day. Consequently, the market is likely to grow at a rapid pace in the coming years.
Scope of the Benzenoid Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Benzenoid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Benzoate, Benzyl Acetate, Salicylate, Chloride, Benzaldehyde, Vanillin, and Cinnamyl), and Application (Personal Care, Soaps &Detergents, Household Care, and Food &Beverage)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, MarketTrends, and Revenue Forecast
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Key Players Covered in the Report
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BASF SE; ETERNIS; Firmenich SA.; Givaudan; International Flavors & Fragrances Inc.; Jayshree Aromatics Pvt. Ltd.; LANXESS; Sensient Colors LLC; Symrise; and Valtris Specialty Chemicals.
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Benzenoid Market Segment Insights
Type Segment Analysis
Based on type, the benzenoid market is divided into benzoate, benzyl acetate, salicylate, chloride, benzaldehyde, vanillin, and cinnamyl. The benzoate segment is projected to hold the major share of the market during the projection period, due to its extensive use in various products. It is used in making a variety of different commodities, ranging from medicine and insect repellants to fragrances.
Benzoate is used in medication for the treatment of scabies and lice by applying to the skin as a lotion. The chemical gets absorbed bylice and mites and destroys their nervous system. In the fragrance industry, this chemical is used as a solvent in different fragrances to dissolve them into a mixture. The expansion of such industries is expected to propel this segment during the forecast period.
Application Segment Analysis
On the basis of application, the global market is segregated into personal care, soaps & detergents, household care, and food &beverage. The soaps & detergents segment is projected to register a high CAGR during the forecast period as benzenoid is intensively used in the manufacture of soaps & detergents. It is used to imbibe these cleansers with a pleasant smell while hiding the base formula’s odor. The rising availability of such products with a wide range of fragrances is likely to impel the growth of this segment during the projection period.
The food & beverage segmentis projected to witness a massive adoption of benzenoid in the near future as it is widely used to impart fragrance and flavor to various consumable products. Benzenoid especially has large-scale applications in the creation of processed foods & beverages. With the globally increasing demand for processed foods, the use of benzoate is likely to upsurge in the coming years, leading to the overall growth of this segment.
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According to the report published by the National Institute of Health in August 2021, out of the total calories consumed by youth in the US, approximately two-thirds of it comprises highly processed food. Such foods are known to make intensive use of benzenoids in their manufacturing process.
Regional Outlook
In terms of region, the global benzenoid market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period due to the high demand for personal care and cosmetic products. Benzenoid is widely used in the manufacturing of perfumes, spices, essential oils, and other products that have an elevated consumption rate in countries such as India and China of this region. As the demand for these products increases, the market in this region is projected to have substantial growth.
North America is likely to see significant propulsion in the benzenoid market owing to the intensive utilization of benzenoids indifferent industries.In addition, the growth in consumer culture is creating high demand for various food and beverage products, which is likely to boost the market in this region during the assessment period.
Segments
The benzenoid market has been segmented on the basis of
Type
- Benzoate
- Benzyl Acetate
- Salicylate
- Chloride
- Benzaldehyde
- Vanillin
- Cinnamyl
Application
- Personal Care
- Soaps &Detergents
- Household Care
- Food &Beverage
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- BASF SE
- ETERNIS
- Firmenich SA.
- Givaudan
- International Flavors & Fragrances Inc.
- Jayshree Aromatics Pvt. Ltd.
- LANXESS
- Sensient Colors LLC
- Symrise
- Valtris Specialty Chemicals
Competitive Landscape
Key players competing in the global benzenoid market are BASF SE; ETERNIS; Firmenich SA.; Givaudan; International Flavors & Fragrances Inc.; Jayshree Aromatics Pvt. Ltd.; LANXESS; Sensient Colors LLC; Symrise; and Valtris Specialty Chemicals.
These companies implement numerous development strategies, such as mergers, partnerships, collaboration, product launches, acquisitions, and production expansion to tap into the untapped region. These market players have to overcome various obstacles such as fluctuations in the prices of raw materials & competition from local brands. They make significant investments in expansion and research to stay ahead of the curve. For instance,
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In December 2021, Firmenich, a global leader in the arena of taste and fragrance, entered a collaborative partnership with Jungle, a French startup company. This is intended to help the company, boost its sustainable innovation and the use of natural ingredients.
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In June 2019,Valtris Specialty Chemicals, one of the leading specialty chemicals manufacturers[KSN1] , made the announcement regarding the increment of its production capacity for benzyl derivatives in Europe. The expansion is intended to strengthen the company’s position as a dependableglobal supplier of benzenoid-based chemicals such as benzyl alcohol, benzoyl chloride, benzaldehyde, and ortho-chlorobenzyl chloride.
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