Market Overview:-
Benzenoids have become a crucial element for aromatic products in almost no time. Market Research Future (MRFR), reports the growing demand for personal care products is expected to boost the global market of benzenoids during the forecasted period (2017-2023). Benzenoids can be classed as a special aromatic organic compound containing one or more benzene rings, such as naphthalene, anthracene, phenanthrene, pyridine, and others. Leaves, flowers, oil, wood, and bark act as natural sources for benzenoids.
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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.
Market Segmentation:-
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 soap and detergent, food and beverage, cosmetics and personal care, household products, dyes, agricultural chemical, pharmaceutical, candles, mosquito repellant, and others. Among these, cosmetics and personal care along with soap and detergent are accounted for generating the maximum revenue. Personal care products, such as shampoos, hair care products, lotions, and creams contain benzenoids and a wider consumer base.
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Key Players:-
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.
Regional Analysis:-
Geographical segmentation of global benzenoid market has five distinct regions, namely, North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
Europe leads the market with 38% share. With a huge end-user base of cosmetics and personal care and an ever-growing demand for soap and detergent, Europe is expected to grow with a steady CAGR during the forecast period. European countries such as Germany, Italy, Spain, France, Russia and the U.K. contributed to the benzenoid market in terms of volume and revenue.
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.
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.
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