Global Benzenoid Market Predicted to Make a Robust Comeback After the Pandemic Debacle by Registering a Revenue of $1,333.1 Million in the 2022-2031 Timeframe [200-Pages] | Analysis by Research Dive

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Apr 26, 2023, 06:30 ET

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.)

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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