Benzenoid market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
The Benzenoid market is expected to have a significant growth in 2021, over 2020. The market is estimated to rise during the forecast period 2021-2031 with a steady CAGR. During pandemic, the demand witnessed a downfall by 5-10%. Decline in requirement for cosmetics, perfumes and fragrances had a negative impact. However, with reopening of small and large scale industries and shops, rise in consumer spending over aromatic and flavoured products, the market is estimated to see a steady rise in the near future.
One of the prominent applications of benzenoid is in aromatic products majorly used in cosmetic, food and beverage industry. Based on aromatic application, the benzenoid is used in various foods for enhancing its taste, in cosmetic products for attraction purpose.
Growing demand for soaps and detergents for personal hygiene
Soaps and detergents are a day to day need and since the outbreak of covid-19, personal hygiene and cleanliness has become more of a priority and thus, its demand has been spiked up. Presently, when the covid-19 is believed to be moderately contained, the demand for the products is stable and continues to fuel the market. Furthermore, significant growth in demand of fragrant products and high cost cosmetic products are driving the growth.
Need of Higher Investments in Research and Development may hinder the Growth
For more innovative products, research on such chemicals is needed which requires high investments by the prominent industry players. Industries are focussing on organic ways of production as youngsters today are preferring organic products more than chemical based aromatic compounds. This may hinder the benzenoid growth.
Benzenoid Market - Competitive Landscape
The key players in the market include:
Recent developments in the market by prominent players:
Benzenoid Market - Regional Outlook
Asia Pacific is emerging as the dominant market for benezenoids. The growing demand for cosmetics, personal care and beauty products among youngsters is the key growth prospect. There is a rapid increase of middle class population in Asian countries demanding processed products. Less labour costs in China and India and quality of life increasing is paving a way for growth.
US is projected to be the largest share-holder for benzenoid products in the market. The region is expected to grow with a steady CAGR during the forecast period. Strong consumer base and growing investments in for food and beverage sector is the key aspect for growth in the market.
Benzenoid Market - Segmentation
Based on Type
Based on Application
Based on Region
Based on Chemical Outlook
Key Questions Answered
Which are the prominent players focussing on innovation and trends?
Kao Corporation, Hindustan Mint & Agro Products Pvt. Ltd., BASF SE, Symrise are some of the prominent market players focussing on research for innovative products.
Which is the largest share-holding segment in Benzenoid market?
Soap and detergent in applications is the largest segment having a significant growth in the market.
Which country is expected to be leading in the forecast period?
Countries in Asia Pacific are projected to be leading the benzenoid market owing to increasing population and awareness regarding personal hygiene.
What are the uses of benzenoids?
Soaps, detergents, food, beverage household products, cosmetics, perfumes, etc. are the main applications of benzenoids.
What are the natural sources of Benzenoid?
Leaves, flowers, oil wood and bark are some of the natural sources of benzenoid used for making organic products.
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