Increasing Demand for Personal Care Products to Influence the Benzenoid Market
Description :
Benzenoid
Market Information-by Type (Natural and Synthetic), by Application (Food &
Beverage, Cosmetics & Personal Care, Soap & Detergent, Household
Products, and Others) and by Region- Forecast till 2030
Keywords:
Benzenoid Market Industry , Benzenoid Market, Global Benzenoid
Market Industry , Benzenoid Market Industry value, Benzenoid
Industry segment
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Benzenoid Market Analysis 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.
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.
However,
high-cost for research and development may
deter the rapid growth. In addition,
compliance with quality standards and various stipulations can hinder the
progress of 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. Soap and detergent are
widely used in homes and public laundry
and will enjoy steady growth. However,
cosmetics and personal care segment is
predicted to grow at a faster rate owing to increasing number of consumer
spending on personal care products.
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.
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.
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.
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