Benzenoid Market: Growth Opportunities and Recent Developments

The report "Benzenoid Market by Type (Benzyl Acetate, Benzoate, Chloride, Salicylate, Benzaldehyde, Cinnamyl, Vanillin), Application (Soaps & Detergents, Food & Beverage, Household Products), and Region – Global forecast to 2025", size is estimated to be USD 651 million in 2020 and is projected to reach USD 857 million by 2025, at a CAGR of 5.6% during the forecast period. The market is being strongly driven by soaps & detergents industry, which is witnesses a high demand. With newer premium products coming up in the market and unique fragrance blends, their demand is projected to grow in the market in the near future

COVID-19 Impact on the Global Benzenoid Chemicals Market

Amid the spread of COVID-19 pandemic the benzenoids market kept receiving stable demands from end use sectors such as soaps, detergents, personal care products, household products, pharmaceuticals and hygiene products. This was due to the rising concerns of hygiene amongst the populations. Most of the manufacturers were able to maintain the continuity if their operations after a lockdown of brief time period and recover their production and sales which is estimated to keep the market stable in the unprecedented economic scenarios globally. As reported by IFRA (International Fragrance Association) 10-15% of the raw materials used in fragrance come from China and around a quarter for some companies. While China recovers, India’s lockdown presents new challenges to the fragrance market, and other countries, like Brazil, maybe the next to be affected. According to the primary insight the demands from soaps and detergent industries also continued to remain stable during the period of the pandemic outbreak and are estimated to regain steady growth soon as the lockdowns ease.

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Restraint: Potential health risks of synthetic chemicals affecting production growth

The genotoxicity and carcinogenicity are the key factors that are taken into consideration to determine the safety of the chemical use. Companies that manufacture perfume or cologne purchase fragrance mixtures from fragrance houses to develop their own proprietary blends. Benzenoids as food additives and fragrance ingredients are regulated as some of them pose potential risks to human health at defined concentrations. Organization such as US FDA (US Food & Drug Administration), EU Commission, IFRA (International Fragrance Association) set standards and guideline for manufacturers in order to control the possible health risks due to overuse of aroma chemicals in food and fragrance products.

The benzyl benzoate sub-segment is estimated to account for the fastest growth in the by type segment for Benzenoid Chemicals market .

Benzyl benzoate is naturally found in cinnamon, apricots, honey cocoa, cloves, cranberries jasmine, and mushrooms. RIFM (Research Institute for Fragrance Materials) has identified the compounds as a very weak skin sensitizer and IFRA (International Fragrance Association) has set standards for acceptable concentrations of benzyl benzoate that can be used in variety of consumer goods. It serves a supporting role, helping to dissolve and blend together all the different scent substances.

By Application, the soaps & detergents sub-segment is estimated to observe the fastest growth in Benzenoid Chemicals market.

The aroma in soaps and detergent products is bought about by the use many natural and synthetic compounds. The generally used natural compounds include oregano oil, lemon oil, coconut oil, camellia oil, and coffee essential oil amongst others. During the spread of coronavirus pandemic, the significance of soaps and detergents for hygiene purposes grew tremendously giving a boost to the sales of the industry. With organizations such as American Centers for Disease Control and Prevention (CDC), promoting hand hygiene through use of soaps and clean running water the benzenoids market grew faster in the pandemic time.

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Asia Pacific is estimated to be the largest market.

The Asia Pacific region is estimated to account for the largest share of the global benzenoids market in 2020. The rising income, purchasing power, rapid growth of the middle-class population, and consumer demand for processed products present promising prospects for growth and diversification in the region’s benzenoids sector. The European aroma chemicals manufacturers are gradually losing their market share, failing to compete with products from Asia (mainly from China), where labor costs are much lower and the quality control is constantly growing, imitating western technologies. Further, countries such as China, Japan, South Korea, and Indonesia are witnessing significant growth in the cosmetics, beauty, and personal care products markets. These rae expected to drice the growth from benzenoid chemiclas in the region.

Key players in this market include include major players such as BASF (Germany), Firmenich (Switzerland), Emerald Kalama Chemical (US), International Flavors & Fragrances, Inc. (US), Eternis Fine Chemicals (India), Symrise (France), Tennants Fine Chemicals Ltd. (England), Jayshree Aromatics Pvt. Ltd. (India), and Valtris Specialty Chemicals (US. These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.