Benzenoid Market Size, Share, Industry, Forecast and outlook (2024-2031)

Benzenoid Market is segmented By Type (Benzyl Acetate, Benzoate, Chloride, Salicylate, Benzaldehyde, Cinnamyl, Vanillin), By Application (Soaps & Detergents, Personal Care, Food & Beverages, Household Care), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis 2024 - 2031 

Benzenoid Market Size

The global benzenoid market reached USD 1,103.2 million in 2022 and is projected to witness lucrative growth by reaching up to USD 1,693.1 million by 2030. The market is expecetd to exhibit a CAGR of 5.5% during the forecast period (2024-2031). The global benzenoid market is a rapidly expanding market with a wide range of applications across various industries.

The benzenoid market is driven by increasing demand from end-use industries, such as food and beverage, personal care, and pharmaceuticals. Major players operating in the global benzenoid market are focusing on developing new products and expanding their product portfolios through mergers and acquisitions, partnerships, and collaborations, to remain competitive in the market. The increasing demand for scented products, drugs with enhanced efficacy, and reduced side effects are expected to drive the growth of the market. The demand for fragrances and flavors in various industries is expected to drive significant growth in the global benzenoid market during the forecast period.

Benzenoid Market Scope

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Benzenoid Market Dynamics

Rising Demand For Fragrance Products Drives The Benzenoid Market Growth

The growing demand for fragrance products is a significant driver of the global benzenoid market growth. The fragrance industry is the largest application segment of the benzenoid market, and it is expected to continue to grow in the coming years. The increasing demand for scented products, including perfumes, cosmetics, and home care products, is driving the demand for benzenoids. The demand for natural and organic fragrances is also driving the growth of the market, as consumers are increasingly conscious of the ingredients used in their personal care products.

Rising Demand For Cosmetics And Personal Care Products Drives The Market Growth

The rising disposable income levels, growing awareness of personal hygiene, and changing consumer preferences are driving the demand for beauty and personal care products. The use of benzenoids in these products is expected to increase as manufacturers look to meet the growing demand for scented products. The demand for natural and organic beauty and personal care products is also driving the growth of the benzenoid market, as consumers become increasingly conscious of the ingredients used in their products.

Benzenoid Market Segmentation Analysis

The global benzenoid market is segmented based on type, application, and region.

Increased Demand For Fragrances And Flavors in Cleaning Products is Expected to Drive The Segment Growth

The soaps and detergents segment held the largest share of the global benzenoid market in 2022. This can be attributed to the growing demand for fragrances and flavors in personal care and household cleaning products. The increasing consumer focus on hygiene and cleanliness has driven the growth of the soaps and detergents industry, which, in turn, has fueled the demand for the benzenoids market. Companies that have operated in the benzenoid market have adopted various strategies such as product development and innovation, mergers and acquisitions, and collaborations to maintain their market position and expand their product portfolio. 

Benzenoid Market Geographical Share

Rising Demand For Benzenoids From Various End-use Industries in Asia Pacific

The Asia-Pacific region was the dominant region in the global benzenoids market. The region is witnessing significant growth due to the increasing demand for benzenoids from various end-use industries, including food and beverage, personal care, and pharmaceuticals. The region's rising population, urbanization, and per capita income have driven the growth of the market. Furthermore, the increasing demand for fragrances and flavors in the food and beverage industry and personal care products led to market growth. 

Benzenoid Market Companies and Competitive Landscape

The major global benzenoid market players include Jayshree Aromatics Pvt. Ltd., BASF SE, Firmenich SA, Lanxess AG, Sigma-Aldrich Co. LLC., The Good Scents Company, International Flavors & Fragrances, Sensient Technologies, Firmenich SA, and Valtris Specialty Chemicals.

COVID-19 Impact on Benzenoid Market

The COVID-19 pandemic had a significant impact on the global benzenoid market. The outbreak of the virus has disrupted global supply chains, leading to a slowdown in the production and distribution of benzenoids. The pandemic has also resulted in a decline in demand from various end-use industries such as food and beverage, personal care, and automotive. However, the pandemic has also created opportunities for the benzenoid market. The growing demand for sanitizers and disinfectants has led to an increase in demand for benzenoids as they are used in the production of these products.

Artificial Intelligence Impact Analysis

The application of artificial intelligence (AI) in the benzenoid market is expected to have a significant impact on the industry. AI can be used to optimize the production process, enhance the quality of products, and develop new products with improved properties. The use of AI can also help in reducing production costs and increasing efficiency. AI can help in identifying new combinations of molecules that can be used to create unique fragrances and flavors. This can help companies to develop products that are more appealing to consumers and differentiate themselves from their competitors.

Key Developments

• In June 2019, Valtris Specialty Chemicals announced a substantial expansion of their benzyl derivatives production capacity in Europe. The Tessenderlo, Belgium, and Maastricht, Netherlands facilities will execute the additional production capacity.
• In June 2019, Eternis announced the expansion of its production capacity at the Kurkumbh unit in India. The company invested USD 15 million to increase the production capacity of Hamber, a pale yellow colorless liquid used in fragrances, from 42,000 MTPA to 60,000 MTPA. Hamber is known for its basic woody amber fragrance, velvet-like sensation, and ability to act as a floralizer.
• In February 2019, Tianjin Dongda Chemical Group Co., Ltd. announced a major investment with the purchase of 180 acres of land in Nangang Industrial Area, Tianjin Binhai New Area, China, to build an industrial park for food additives. With an investment of USD 181 million (CNY 1.2 billion), the new facility is expected to produce 150,000 tons of benzoic acid annually, with technical and pabular grades, 100,000 tons of sodium benzoate series with pabular grade, and fine chemical products with high added value.

Why Purchase the Report?

• To visualize the global benzenoid market segmentation based on type, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of benzenoid market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global benzenoid market report would provide approximately 53 tables, 52 figures, and 105 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies