Global Benzenoid Market Size By Source, By Type, By Applications, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Benzenoid Market size was valued at USD 765.6 Million in 2023 and is projected to reach USD 1333.60 Million by 2030, growing at a CAGR of 5.9% during the forecasted period 2024 to 2030.
Global Benzenoid Market Drivers
Growth of the Flavors and perfumes businessOne of the biggest users of benzenoid compounds is the flavors and perfumes business. The market gains from the expansion of the consumer goods industry as a whole, which includes food, drink, personal care, and home care products.
Growing Need for Natural FlavorsNatural and clean-label products are becoming more and more popular among consumers. There is a growing demand for natural sources of benzoin compounds—such as essential oils and plant extracts—as substitutes for artificial tastes and fragrances.
Growth of the Personal Care and Cosmetics SectorPerfumes, cosmetics, and personal care items are made with benzoenoids. The demand for benzenoid compounds is fueled in part by the growing worldwide beauty and cosmetics sector.
Urbanization and Growing Disposable IncomeGrowing urbanization and economic expansion bring about changes in lifestyle habits and disposable income. This increases consumer demand for high-end, luxury goods, such as scents based on benzenoid compounds.
Expanding medicinal SectorBenzenoids are essential building blocks for the production of many different medicinal substances. An increase in healthcare spending and an aging population are two factors driving the growth of the pharmaceutical business, which in turn drives demand for benzenoid compounds.
Technological Developments in Chemical Synthesis and Manufacturing ProcessesThe production of benzenoid compounds is made more efficient and economical by the introduction of new technologies. By giving manufacturers easier access to these compounds, this can propel market expansion.
Growing Uses in Specialty ChemicalsSolvents, dyes, and polymers are among the speciality chemicals that are produced using benzonoid technology. The demand for benzenoid compounds as a whole is fueled by the growing uses of specialty chemicals in many industries.
Growing Consumer Demand for Processed and Convenience FoodsFlavors and fragrances are key components of the food and beverage business, especially in the processed and convenience food market. For these goods to have the necessary aromatic characteristics, benzonoid chemicals are essential.
Product Development advancementsBenzenoid compounds with distinctive and original properties have prospects due to ongoing advancements in the creation of new flavors and aromas, which are frequently influenced by consumer trends and preferences.
Globalization of Supply ChainsManufacturers may now obtain a wide variety of raw materials thanks to the efficient worldwide procurement and distribution of benzenoid compounds made possible by the globalization of supply chains.
Global Benzenoid Market Restraints
Strict restrictionsThere are strict restrictions pertaining to the safety and allowable concentrations of specific chemicals that apply to the benzenoid market, particularly in the flavors and perfumes sector. Complying with these regulations may present difficulties for producers.
Concerns About Synthetic perfumesAs consumer preferences shift toward natural and organic alternatives, the market for synthetic benzenoid compounds may be impacted. This is because there is growing knowledge of and worry about synthetic perfumes in personal care and consumer products.
Variable Raw Material PricesThe cost of the raw materials, such as benzene derivatives, that are utilized to make benzenoid compounds might vary. Price fluctuations for raw materials could have an impact on firms’ total cost structures.Disruptions in the global supply chain can have an impact on the availability and cost of raw materials, which can have an effect on the benzenoid market. These disruptions can be caused by natural disasters, geopolitical events, or other unforeseen situations.
Shift Toward Bio-Based AlternativesConventional benzenoid compounds manufactured from petrochemical sources may face competition from the growing interest in sustainable and bio-based alternatives in a variety of industries, including tastes and fragrances.
Limited Availability of Natural SourcesPlant extracts and essential oils are two natural sources from which some benzenoid compounds are obtained. The synthesis of benzenoid compounds may be impacted by these natural sources’ limited availability or supply volatility.
Environmental and Health ConcernsThere may be more scrutiny and requests for less contentious substitutes due to health and environmental issues around some benzenoid chemicals, particularly synthetic ones.
Competition from SubstitutesSynthetic perfumes and other scent chemicals compete with benzoin compounds. Market share may be impacted by the presence of alternatives with comparable or unique features.
Complex Synthesis ProceduresThe procedures used to produce particular benzenoid compounds can be intricate and necessitate specialist training. The use of some compounds may be constrained by their complexity, particularly in smaller-scale manufacturing.
Consumer Perception and Allergen ConcernsConsumer preferences for products with less or natural fragrance ingredients may result from their perception of certain benzenoid compounds as potential allergies or irritants, which may affect their purchase decisions.
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the Benzenoid Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major keyplayers in the Benzenoid Market are
BASF SE
Eternis Fine Chemicals Ltd
Firmenich SA
Givaudan
International Flavors & Fragrances, Inc
Jayshree Aromatics Pvt. Ltd
LANXESS
Sensient Technologies Corporation
Symrise AG
Valtris Specialty Chemicals
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
BASF SE, Eternis Fine Chemicals Ltd, Firmenich SA, Givaudan, International Flavors & Fragrances, Inc, Jayshree Aromatics Pvt. Ltd, LANXESS, Sensient Technologies Corporation, Symrise AG, Valtris Specialty Chemicals
SEGMENTS COVERED
By Source, By Type, By Applications, and By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope
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