The global benzenoid market size was valued at USD 651.5 million in 2020 and is expected to grow at a CAGR of 5.7% during the forecast period. Benzenoid is an aromatic compound derived from benzene and includes benzyl alcohol, benzyl acetate, benzyl benzoate, benzaldehyde, cinnamyl, and benzyl chloride. Benzenoid is increasingly being used in the manufacturing of cosmetics and personal care products. It is incorporated in shampoos, moisturizers, sunscreen creams, nail polishes, and hair sprays. Some other applications of benzenoid include perfumes, pharmaceuticals, food and beverage, cleaning products, soaps & detergents, and household products.
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The rising population, rising disposable income, and growing urbanization have increased the demand for personal care and cosmetics products. Increasing use in soaps, cleaning products, and detergents, especially during the pandemic, fuels the market growth for benzenoid. Consumers are increasingly turning towards luxury and fine products such as perfumes and fragrant oils owing to improving living standards, accelerating the demand for benzenoids.
The use of benzenoid in food and beverages has also accelerated its sale across the world. Expansion into emerging economies and acquisitions by leading players in the market coupled with economic growth, growing investments in research and development, and technological advancements are factors expected to offer market growth opportunities for benzenoid during the forecast period.
The growth in the beauty and cosmetics sector, especially from the emerging economies, is expected to fuel the market growth for benzenoid. Benzenoid is used for fragrance and flavoring of cosmetics, hygiene, and wellness products. Growth in disposable income coupled with increasing middle-class aspirational spending has increased the sale of cosmetics, perfumes, and beauty oils.
The increasing adoption of western trends, growing need and awareness regarding skin care products, and marketing strategies employed by market players have increased the demand for cosmetics and perfumes across the globe, thereby driving the growth of the benzenoid market. During the pandemic, there has been steady demand for benzenoid manufacturing soaps, detergents, cleaning products, sanitizers, and personal care products owing to greater awareness regarding personal hygiene.
However, the manufacturing of products has been impacted by operational challenges, transportation delays, and travel restrictions. The cosmetics and fragrance sectors have been severely affected by the pandemic and have experienced declined demand, disruption of the supply chain, and workforce impairment in the global benzenoid industry.
Manufacturing activities have also been halted due to various government regulations across the globe. Restrictions on imports of goods to curb the spread of the virus have further contributed to limiting the market growth. The economic growth, relaxation of constraints, and reopening markets are expected to drive the growth for benzenoid post the pandemic.
The market is primarily segmented on the basis of type, application, and region.
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On the basis of type, the market for benzenoid is segmented into benzyl benzoate, benzaldehyde, benzyl acetate, benzyl alcohol, benzyl chloride, and others. Benzyl acetate is a colorless liquid that possesses a flowery fragrance. It is obtained by esterifying benzyl alcohol with acetic anhydride or by reaction of benzyl chloride with sodium acetate. It is used in a wide range of soaps, detergents, incense, flavoring oils, lacquers, and polishes, among others.
On the basis of application, the market is segmented into soaps & detergents, personal care & cosmetics, food & beverages, household goods, and others. The demand for soaps and detergents is expected to increase during the forecast period. This segment is influenced by the rising population, growing industrialization, and rising demand for consumer products.
Increasing hygiene and safety concerns during the pandemic are expected to boost the demand for soaps and detergents. Several public awareness campaigns to adopt practices such as washing of hands and other cleanliness and hygiene practices are expected to accelerate this sector's growth over the next few years.
The demand for benzenoid is high from Asia-Pacific owing to the growing population, rising disposable income, and increasing urbanization. Rising demand for soap and detergents, household products, and personal care products has boosted the market growth for benzenoid in the region.
Increasing awareness regarding personal care and hygiene, growing trends regarding beauty and wellness, and improving lifestyles in developing countries of this region supports the market growth for benzenoid. Industrial development in countries such as China, India, Japan, growing research and development activities, expansion of international players in this region, and technological advancements are some factors expected to offer growth opportunities for benzenoid.
The leading players in the Benzenoid market include Alfa Aesar, Axxence Aromatic Gmbh, BASF SE, Bell Flavors & Fragrances, Elan Chemical, Emerald Kalama Chemical, Eternis Fine Chemicals Limited, Firmenich, Indukern F&F Ingredients, International Flavors & Fragrances, Inc., Jayshree Aromatics Pvt. Ltd., Kadillac Chemicals Pvt. Ltd., Kao Corporation, Lanxess, Prakash Chemicals International Pvt. Ltd., Premier Group Of Industries, S.H. Kelkar & Co. Pvt. Ltd., Sigma-Aldrich, Solvay, Symrise, Takasago International Corporation, Tennants Fine Chemicals Ltd, Tianjin Dacals Chemical Co., Ltd., Ube Industries, Ltd., Valtris Specialty Chemicals, and Yingyang.
These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.
Market size value in 2020
USD 651.5 million
Revenue forecast in 2028
USD 1,011.3 million
5.7% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD million/billion and CAGR from 2021 to 2028
By Type, By Application, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Alfa Aesar, Axxence Aromatic Gmbh, BASF SE, Bell Flavors & Fragrances, Elan Chemical, Emerald Kalama Chemical, Eternis Fine Chemicals Limited, Firmenich, Indukern F&F Ingredients, International Flavors & Fragrances, Inc., Jayshree Aromatics Pvt. Ltd., Kadillac Chemicals Pvt. Ltd., Kao Corporation, Lanxess, Prakash Chemicals International Pvt. Ltd., Premier Group Of Industries, S.H. Kelkar & Co. Pvt. Ltd., Sigma-Aldrich, Solvay, Symrise, Takasago International Corporation, Tennants Fine Chemicals Ltd, Tianjin Dacals Chemical Co., Ltd., Ube Industries, Ltd., Valtris Specialty Chemicals, and Yingyang.