Benzenoid Industry Forecast, Rapid Industry Growth, Competitive Market Share & Forecast to 2023
Added: (Mon Apr 01 2019)
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Benzenoids belong to a special class of aromatic organic compound which contain one or more benzene ring such as naphthalene, anthracene, phenanthrene, pyridine, and others. Naturally, they are found in leaves & flowers, oil, and wood & bark. They are widely utilized in numerous application such as cosmetics & personal care, soap & detergent, household products, food & beverage, and others, owing to its aroma and scent.
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As per our analysis, some of the important market factors and trends identified in the global Benzenoids resin are, growing awareness, increasing consumption of flavored dairy products, rising population. Rising number of working professionals coupled with increasing per capita disposable income is expected to boost up the demand for Benzenoid over the forecast period. Rising usage of Benzenoid in the manufacturing of personal care products along with increasing demand for cosmetics & personal care products is predicted to fuel the growth of the market during 2017 to 2023.
Drivers and Restraints
The global benzenoid market is experiencing demands from various corners. Growing awareness of benzenoids, increasing consumption of flavored dairy products, and rising population with disposable incomes are some of the major driving factors of the global benzenoid market. Rapid industrialization and urbanization are factors expected to act as market growth catalysts.
Growing industry of cosmetics and personal care products is also expected to impact the benzenoid market in a significant way. Moreover, the swelling public laundry sector has proven itself as a catalyst for the global benzenoid market.
Some of the prominent players operating in the global benzenoid market are BASF SE (Germany), Sigma-Aldrich Co. LLC. (U.S.), The Good Scents Company (U.S.), International Flavors & Fragrances (U.S.), Givaudan (Switzerland), Firmenich (Switzerland), Quest International (the Netherlands), Takasago (Japan), Haarmann & Reimer (Germany), Sensient Technologies (U.S.), and others.
The global benzenoid market can be segmented by type and application.
By Type, the market is segmented into natural and synthetic. The former can further be classified into leaves, flower, wood, bark, oil, and others. The current scenario assessment reveals synthetic segment accounted for the largest market share and will go on dominating the market during the forecast period. However, pharmaceutical and food sectors are registering a healthy growth rate for naturally resourced benzenoids as they are deemed safer, greener, and consumer-friendly with healing components. The market prediction suggests a rapid growth of natural benzenoids.
Based on Application, the market is categorized into food & beverage, cosmetics & personal care, soap & detergent, household products, and others.
Based on Region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Asia Pacific is predicted to grow with the highest CAGR over the forecast period on account of expanding end-use applications, such as soap and detergent, cosmetics and personal care, and household products. The growing demand for cosmetics and personal care products will boost market volume numbers. Malaysia, China, Thailand, India, Vietnam, and South Korea. China and India are predicted to hold the major market share regarding volume due to increasing purchasing power, availability of cheap labor and land, and a strict regulatory framework.
Argentina, Brazil, and Colombia are countries predicted to dominate the Latin American benzenoid market share on account of rising consumer spending on beauty care products. The Middle Eastern & African countries such as Oman, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) may have a positive impact on the end use industry growth over the forecast period.
North America is the second-largest market, regarding revenue. With a strong consumer base for food and beverages, North America is witnessing a substantial growth. Among the countries, the U.S. and Canada are the prominent contributors, and the U.S. takes the lead. They are expected to record a steady market growth in the forecast period owing to the growing pharmaceutical demands.
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