Benzenoid Market Expected to Reach $ 1,333.10 million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Benzenoid Market," The benzenoid market was valued at $764.40 million in 2021, and is estimated to reach $1,333.10 million by 2031, growing at a CAGR of 5.8% from 2022 to 2031.

Benzenoids are aromatic chemical compounds with one or more aromatic ring, such as ammonia, naphthalene, phenanthrene, pyrimidine, and others. They are naturally found in flowers and leaves oil, and timber and barks.

Benzenoid as an aroma chemical is used in various household care products including dishwashing, laundry, incense sticks, candles, and others. Growing population and rise in disposable income has increased demand for these household goods which is estimated to drive the benzenoid market demand in the upcoming years. The popularity and use of benzenoid in household care products is growing substantially as aroma chemicals including benzenoid enhance the user experience and offer distinct fragrance to the products. Benzenoid as an aroma chemical also allows customization in popular products without compromising the product quality and benefits. Such chemicals are highly volatile with ability to disperse any scent which enhances the diffusive properties to produce long-lasting fragrances. Hence, benzenoid is used in variety of household care products such as cleaning supplies. These factors are anticipated to propel the benzenoid market size during the forecast period.

However, some of the disadvantages of Benzenoid include the genotoxicity and carcinogenicity which are the key factors that are taken into consideration to determine the safety of the chemical companies that manufacture perfume products. This factor is estimated to restrain the benzenoid market share in the coming years.

Growing popularity of benzenoid across food & beverage sector is anticipated to generate excellent opportunities in the benzenoid industry. Benzenoid plays an important role in food & beverage sector which is largely used to endure flavor and fragrance to various food and beverages. For instance, flavor is the sensory impression of food or other substance which is determined by chemical senses of taste or smell. Aroma chemicals such as benzenoid is used to endure food flavors. For instance, humans have only five basic tastes that are universally recognized, however, the number of food flavors are unbounded. In addition, growing demand for processed foods and natural ingredients is estimated to drive the market growth. Also, growing health-consciousness has led to increased focus on wellness, nutraceuticals, and dietary supplements. The flavor and fragrance formulations in food & beverages that represent a mixture of aroma compound or a single compound are done by trained scientists, perfumers, and flavorists. Flavors are used as an additive to enhance the taste of various food items and fragrance is important to maintain freshness as well as to conceal any unwanted odor from the food.

Benzenoid is widely used in variety of personal care products such as shampoos, deodorants, moisturizers, body wash, sunscreen, and other products. Other than pleasing smell, benzenoid as an aroma chemical operates in multi-faceted ways that brings the product’s performance, brand, user experience, benefits, reliability, and reputation in one single whiff.

Benzenoid, which is used in personal care products, has an ability to invoke sensations, memories, images, and can influence one’s perception about the product performance. For instance, the scent of lime or citrus scent can conjure up images of the brightening or skin cleansing. The scent of vanilla or rose water has skin soothing and comforting benefits, whereas strong medicinal smell can signal a product that has therapeutic benefits. Also, essential oils, fragrance oils, and absolutes are widely used in personal care products, as complex blends of various aroma chemicals have natural appealing scents. For instance, some of the naturally fragrant raw materials used in the manufacturing of moisturizers and skin creams include plum kernel oil, chamomile butter, fruit butter, coffee butter, and others. Fragrance becomes strongly associated with product identity and acceptability. These factors are anticipated to drive the benzenoid market demand in personal care products during the Benzenoid market forecast period.

The global Benzenoid market share is segmented based on type, application, and region. As per type, it is classified into benzyl acetate, benzoate, chloride, salicylate, benzaldehyde, cinnamyl, and vanillin. According to application, it is classified into soaps and detergents, personal care, food and beverage, and household care. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the benzenoid market 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.

The report offers a comprehensive analysis of the global Benzenoid market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of Covid-19 on the Global Benzenoid Industry

• COVID-19 is an unprecedented worldwide public health disaster that has impacted nearly every business, and the long-term impacts are expected to have an influence on industry growth during the forecast period.
• COVID-19 impacted almost all industries and the Benzenoid producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, shortage of labor; the fear of contracting the novel coronavirus led to sluggish demand in the market.
• The research provides insights on COVID-19 by taking into account changes in consumer behaviour and demand, purchasing patterns, supply chain re-routing, the dynamics of contemporary market forces, and substantial government initiatives.

Key Findings of the Study

• Based on type, the Benzoate sub-segment emerged as the global leader in 2021 and Benzyl Acetate sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on application, the Soaps and Detergents sub-segment emerged as the global leader in 2021 and Personal Care sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.