The cinnamaldehyde market size is projected to reach $280.3 million by 2023, growing at a CAGR of 6.5% during 2017-2023. The growth of the market is mainly driven by the growing applications of cinnamaldehyde in the flavor, and fragrance industries. Homecare and personal care products witnessed a high penetration rate in emerging economies owing to the availability of better market and distribution channels, which further creates opportunities for the key players in the market for cinnamaldehyde.
On the basis of application, the cinnamaldehyde market is segmented into flavoring agent, odor agent, and others including corrosion inhibitor and antimicrobial, apoptosis inducer and drug development. Cinnamaldehyde is mostly used in the odor and flavor industries. Among all the applications, the odor agents had the largest market in 2016 and is expected to grow at a CAGR of 6.6% between 2017-2023, to reach $163.4 million by 2023.
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Cinnamaldehyde has a very low toxicity rate which makes it suitable for use in varied application such as food, beverages, perfumes, and surfactants. The probable toxicity level of cinnamaldehyde to humans is 0.5 to 5g/kg for a 70-kg person (excess of this level may cause detrimental toxic effects to users). This low toxicity rate of cinnamaldehyde enables its use as a low toxicity anti-inflammatory compound in vitro and in vivo medical applications. Moreover, lower toxicity level of cinnamaldehyde expands its usage in agriculture as it causes least harm to the plants on which it is applied.
Europe is the third largest market for cinnamaldehyde owing to the growing demand of cosmetics and fragrances in the region. Also, flavors and fragrances in the packaged foods and other consumer goods are considered to be the integral part of the cinnamaldehyde market. The European countries are very particular about the safety standards of their cosmetics products to give a worry-free experience to their customers. In the European Union (EU), all the products to be marketed must be registered in the Cosmetics Products Notification Portal (CPNP) before being placed in the market.
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Rising demand for aroma chemicals (including cinnamaldehyde isolated from cinnamon oil), which exhibits the characteristics of natural products, has contributed to the growth of European cinnamaldehyde industry.
Some of the key players operating in the cinnamaldehyde market are Mubychem Group, Lanxess AG, PayanBerthand S.A, Emerald Kalama Chemical, LLC, Jayshree Aromatics Pvt. Ltd., Kao Global Chemicals, Finoric LLC, ABI Chem, Yingcheng Wuhan Organic Materials Co., Ltd., and Haihang Industry.
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