The global benzenoid market is envisioned to garner $1333.10 million by 2031, growing from $764.40 million in 2021 at a CAGR of 5.8% from 2022 to 2031.
Demand for benzenoid has increased in the foodservice, perfume, and cosmetics sectors. Growing personal care awareness, applicability in various industries, and increased disposable income are some of the reasons driving market expansion. Benzenoids have been in high demand throughout the COVID-19 pandemic for use in the production of soaps, detergents, cleaning solutions, sanitizers, and personal care products. However, the pandemic has had a significant impact on the cosmetics and fragrance industries.
Absorption of benzenoid can be poisonous and dangerous to health. For example, man-made chemicals that stay in the ecosystem might generate biomagnification, which can lead to acute or long-term toxicity. Furthermore, some of these compounds are carcinogenic and can affect human health, which is expected to limit the benzenoid market share during the projected period.
Development in the cosmetics and beauty industry, particularly in emerging economies, is likely to drive benzenoid market growth. Benzenoid is used in cosmetics, hygiene, and health products for aroma and flavor. Cosmetics, fragrances, and beauty oils have seen more sales as disposable income rises and middle-class aspirational purchasing rises. The growing adoption of Western trends, expanding need and awareness for skin care products, and industry participants' marketing techniques have increased demand for cosmetics and perfumes around the world, fueling the expansion of the benzenoid market.
The benzenoid market in the Middle East & Latin America region is growing at a significant pace. Growing influence of social media, fast-paced lifestyle, changes in consumer buying patterns, and rise in disposable income is estimated to drive the benzenoid market demand in this region. Also, male consumers in the middle east countries are more conscious about the fragrance products owing to growing influence of social media.
The presence of famous perfume brands in middle east countries namely Kayali, Arcadia, Odict, The Fragrance Kitchen, Lootah, and others have attracted large number of customers. In middle east countries alcohol is prohibited due to which fragrance oil such as sandalwood oil is used as a base ingredient for manufacturing perfume known as scent.
The coronavirus outbreak has hampered the operations of numerous enterprises worldwide. The benzenoid market, on the other hand, has seen consistent demand from end-use industries such as household care and taste & fragrance. The demand for fragrance compounds such as vanillin from personal care products such as shampoos, soaps, handwash, and detergents has increased significantly. This increase can be ascribed to rising public health, safety, and hygiene concerns. Because of the increased emphasis on personal cleanliness to avoid coronavirus, there has been an increase in demand for benzenoid, which is widely used in the production of soaps, detergents, handwash, and other goods. Furthermore, panic purchases of COVID-19 basics such as masks, hand sanitizers, handwash, soaps, and detergents have increased demand for benzenoid.
The key players profiled in this report include 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.
Demand for benzenoid has increased in the foodservice, perfume, and cosmetics sectors. Growing personal care awareness, applicability in various industries, and increased disposable income are some of the reasons driving market expansion. Benzenoids have been in high demand throughout the COVID-19 pandemic for use in the production of soaps, detergents, cleaning solutions, sanitizers, and personal care products. However, the pandemic has had a significant impact on the cosmetics and fragrance industries.
Absorption of benzenoid can be poisonous and dangerous to health. For example, man-made chemicals that stay in the ecosystem might generate biomagnification, which can lead to acute or long-term toxicity. Furthermore, some of these compounds are carcinogenic and can affect human health, which is expected to limit the benzenoid market share during the projected period.
Development in the cosmetics and beauty industry, particularly in emerging economies, is likely to drive benzenoid market growth. Benzenoid is used in cosmetics, hygiene, and health products for aroma and flavor. Cosmetics, fragrances, and beauty oils have seen more sales as disposable income rises and middle-class aspirational purchasing rises. The growing adoption of Western trends, expanding need and awareness for skin care products, and industry participants' marketing techniques have increased demand for cosmetics and perfumes around the world, fueling the expansion of the benzenoid market.
The benzenoid market in the Middle East & Latin America region is growing at a significant pace. Growing influence of social media, fast-paced lifestyle, changes in consumer buying patterns, and rise in disposable income is estimated to drive the benzenoid market demand in this region. Also, male consumers in the middle east countries are more conscious about the fragrance products owing to growing influence of social media.
The presence of famous perfume brands in middle east countries namely Kayali, Arcadia, Odict, The Fragrance Kitchen, Lootah, and others have attracted large number of customers. In middle east countries alcohol is prohibited due to which fragrance oil such as sandalwood oil is used as a base ingredient for manufacturing perfume known as scent.
The coronavirus outbreak has hampered the operations of numerous enterprises worldwide. The benzenoid market, on the other hand, has seen consistent demand from end-use industries such as household care and taste & fragrance. The demand for fragrance compounds such as vanillin from personal care products such as shampoos, soaps, handwash, and detergents has increased significantly. This increase can be ascribed to rising public health, safety, and hygiene concerns. Because of the increased emphasis on personal cleanliness to avoid coronavirus, there has been an increase in demand for benzenoid, which is widely used in the production of soaps, detergents, handwash, and other goods. Furthermore, panic purchases of COVID-19 basics such as masks, hand sanitizers, handwash, soaps, and detergents have increased demand for benzenoid.
The key players profiled in this report include 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.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the benzenoid market analysis from 2021 to 2031 to identify the prevailing benzenoid market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the benzenoid market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global benzenoid market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Benzyl Acetate
- Benzoate
- Chloride
- Salicylate
- Benzaldehyde
- Cinnamyl
- Vanillin
By Application
- Soaps and Detergents
- Personal Care
- Food and Beverage
- Household Care
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- BASF SE
- firmenich sa
- Jayshree Aromatics Pvt. Ltd.
- International Flavors & Fragrances, Inc.
- Lanxess
- valtris specialty chemicals
- Eternis Fine Chemicals Ltd
- Symrise AG
- Sensient Technologies Corporation
- givaudan
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BENZENOID MARKET, BY TYPE
CHAPTER 5: BENZENOID MARKET, BY APPLICATION
CHAPTER 6: BENZENOID MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Benzenoid Market," the benzenoid market was valued at $764.40 million in 2021, and is estimated to reach $1,333.10 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.A benzenoid, commonly known as an aromatic compound, is a form of chemical substance that includes at least one benzene ring. The majority of aromatic hydrocarbons are benzenoids, with popular examples including cyclooctadecanonaene, trans-baicalein, and azulene. Benzenoid chemicals that are commonly employed include toluene, nitrobenzene, phenol, and aniline.
Key factors driving the growth of the benzenoid market include the increasing use of the chemical benzenoid in the production of personal care products and cosmetics such as skincare products, moisturizers, sunscreen creams, nail paints, and hair care products. Benzenoid is also used in fragrances, medicines, foodservice, cleaning supplies, detergents and soaps, and household goods. The increasing use of benzenoid in cosmetic and personal care products is one of the primary factors driving market growth. Furthermore, increased processed food consumption and a predilection for flavor and scent trends are expected to accelerate market expansion.
The demand for benzenoid across several regions is increasing rapidly owing to its use in fragrance sector. For instance, the benzenoid market share in Europe is driven by growing demand from cosmetics and personal care sector. Also, the demand for essential oils from food industry in Europe is growing rapidly. In addition, it is estimated that one-third of essential oils production in this region, is used in aromatherapy, cosmetics, and fragrance sector. Recent trend of personalization of fragrances is growing among millennials as young consumers want to wear unique fragrance which is driving the benzenoid market share in this region.
Growing emphasis on the development of sustainable products and inclination toward specific or personalized fragrances are the major factors driving the benzenoid market demand in Europe. Personalization in fragrance help the perfume manufacturers in producing scents from alternative base ingredients that help in developing long-lasting and trustworthy relationship with the clients. Patchouli, lemon, orange, lemon, frankincense, and peppermint are majorly adopted essential oils used to generate exciting fragrances. For instance, Aromaaz International, the leading pure organic oil manufacturer, have stated that Europe is one of the largest personal care and cosmetics market in the world which accounted for US $97 billion in 2019 whereas the Europe fragrance sale accounted for US $18 billion in 2019. Also, European perfumes are world-famous owing to their distinct and enchanting fragrance. High purchasing power and growing awareness regarding glamor, fashion, style, and fragrances is estimated to drive the benzenoid market demand.
Germany, France, UK, Spain, and Netherlands are the largest importers of organic oils and Germany, UK, and France form the largest cosmetics and fragrance market. For instance, France is leading the world perfume industry and it is home to largest perfumeries namely Chloé, Christian Dior, Chanel, Yves Saint Laurent, Guerlain, and others. Perfumes and other fragrance products widely use benzenoid which is a popular aroma chemical that is used to mask the odor of base ingredients or to mimic particular fragrance.
The market also offers growth opportunities to the key players in the market. The benzenoid market is dominated by the need for fragrance items. Benzenoid is a significant place to start for many aroma ingredients. One of the most important benzene-derived aroma molecules is 2-phenoxyethanol. As of its mixing qualities, phenyl ethanol, a prominent element of rose oils, is commonly used in scent. As the smell sense is the first to emerge, the perfume industry has a high demand for benzenoids. Each perfume molecule can be modified to match a variety of items and give each one a distinct aroma. Appealing fragrances are also employed in many personal care items, such as skincare, cosmetics, and hair care, as effective marketing strategies. Benzenoid is commonly used by manufacturers of specialist chemicals to create a variety of flavors and smells.
The benzenoid market is segmented into type, application, and region. On the basis of type, the market is categorized into benzyl acetate, benzoate, chloride, salicylate, benzaldehyde, cinnamyl, and vanillin. As per application, it is categorized into soaps and detergents, personal care, food and beverage, and household care. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, UAE, Saudi Arabia, South Africa, and rest of LAMEA).
The key players profiled in the study include 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. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain advantage over the competitors in the market. For instance, in December 2021, Firmenich, the prominent fragrance company announced a partnership with Jungle, the French startup company. This partnership will drive sustainable innovation and leadership in natural ingredients sector.
Companies Mentioned
- BASF SE
- firmenich sa
- Jayshree Aromatics Pvt. Ltd.
- International Flavors & Fragrances, Inc.
- Lanxess
- valtris specialty chemicals
- Eternis Fine Chemicals Ltd
- Symrise AG
- Sensient Technologies Corporation
- givaudan
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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