Vernaldehyde Market Size, Share Global Analysis Report, 2024-2032
Vernaldehyde Market Size, Share Global Analysis Report, 2024-2032

Vernaldehyde Market Share, Size, Trends, Industry Analysis Report, By Function (Flavoring Agents and Aroma Enhancers); By Purity; By End Use; By Region; Segment Forecast, 2024 – 2032

  • Published Date:Jan-2024
  • Pages: 120
  • Format: pdf
  • Report ID: PM4226
  • Base Year: 2023
  • Historical Data: 2019 – 2022

Report Outlook

Industry Overview

The global vernaldehyde market was valued at USD 128.20 million in 2023 and is expected to grow at a CAGR of 4.0% during the forecast period.

The drastic increase in the demand and need for personal care products, organic chemical synthesis, and greater need for chemical fertilizers mainly for efficient or effective crop growth, along with the surging use of vernaldehyde in the synthesis of agrochemicals like pesticides, fungicides, and insecticides, are the major factors boosting the global market growth and leading to market expansion. Additionally, there has been growing traction regarding the utilization of products in the medical sector because of their superior disinfection characteristics. Thus, the continuous expansion of the medical sector will directly impact the market for vernaldehyde.

Vernaldehyde Market Size

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Formaldehyde is emerging as a key building block in the production of various resins, including urea-formaldehyde, phenol-formaldehyde, and melamine-formaldehyde resins, that are being widely used in the production of wood composite materials, laminates, coatings, and adhesives. Thereby, with the construction and furniture industries continuing to grow, the demand for these resins is expected to increase substantially in the near future.

Moreover, the increasing focus on the development of new alternatives, eco-friendly binders, and adhesives by key market companies to reduce the use of formaldehyde due to its health and environmental concerns could also generate lucrative opportunities for the market over the coming years.

However, stringent environmental regulations and emission standards set by government agencies and regulatory authorities and growing compliance with such regulations that require additional measures and investments, leading to increased production costs, are among the key factors hampering the market growth.  

Industry Dynamics

Growth Drivers

Rising product use in perfume production and growing advancements in vernaldehyde synthesis driving its market growth

There is an increasing proliferation regarding the products used in perfume or fragrance production all over the world in order to give them a more pleasing and unique scent, as they are carefully taken from flowers, bushes, herbs, and fruits, making them highly preferred and suitable ingredients for the production of perfumes. Thus, the surge in the production of perfume worldwide to meet emerging demands is anticipated to boost product demand over the years.

In addition, the rapid surge in the number of advancements in vernaldehyde synthesis and the creation of new chemical compounds, coupled with the increased focus of companies on finding new product applications in chemical synthesis processes, is likely to have a positive impact on the global market growth.  

Report Segmentation

The market is primarily segmented based on function, purity, end use, and region.

By Function

By Purity

By End Use

By Region

  • Flavoring Agents
  • Aroma Enhancers
  • ≤95%
  • ≥95%
  • Cosmetics
  • Food & Beverages
  • Nutraceuticals & Pharmaceuticals
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Function Analysis

Flavoring Agents segment accounted for the largest market share in 2022

The flavoring agents segment accounted for the largest share. The growth of the segment market is highly attributed to increasing consumer proliferation for unique and exciting flavors in their food & beverage products, along with the surging popularity of convenience and ready-to-eat food products with exotic flavors to enhance their taste and appeal. There are a large number of consumers globally seeking food products with clean labels and natural ingredients; thereby, flavoring agents derived from natural sources such as herbs, spices, and fruits are highly preferred by both consumers and food manufacturers all over the world.

The aroma enhancers segment is expected to grow at the highest growth rate during the anticipated period, which is mainly attributable to the growing importance of aroma enhancers among product developers who are looking to create distinctive and unique flavors and also extend the shelf life of their products through masking off-flavors and aromas that might develop during storage.  

By Purity Analysis

≥95% segment held the significant market share in 2022

The ≥95% segment held a significant market share, which is majorly driven by its growing adoption across industries due to its wide range of robust properties, such as high solubility and better chemical resistance, as compared to others available in the market. Apart from this, it is being widely used in various types of agrochemicals such as fertilizers, fungicides, and fumigants, which results in greater demand and need for products across the segment market.

Furthermore, numerous new entrants into the market are investing heavily in research & development activities to drive product innovation and introducing new formulations, grades, and applications with greater purity levels that address specific industry needs and offer enhanced performance, which is further anticipated to create significant growth opportunities for the segment market.  

By End Use Analysis

Nutraceuticals & pharmaceuticals segment is expected to witness highest growth

The nutraceuticals & pharmaceuticals segment is expected to grow at the highest growth rate during the projected period, which is mainly attributable to increasing consumer focus on health & wellness and greater preference for natural and alternative healthcare solutions along with the growing global aging population that requires dietary supplements and functional foods incorporated with natural ingredients like vernaldehyde.  

  • For instance, as per a report published by the World Health Organization, the world’s population aged 60 years and above is expected to increase dramatically from 1 billion in 2020 to approx. 1.4 billion by 2030. At that time, 1 in every 6 people worldwide will be aged 60 years and over, and the number of aged populations is projected to continue to grow significantly over the next 50 years.

The growing advancements in pharmaceutical research and development that led to the discovery and creation of new drugs and therapies and also the continuous improvements of currently existing ones and rising cases of several chronic diseases like cardiovascular diseases, diabetes, and obesity spurred the demand for products which offer preventive and therapeutic benefits.  

Regional Insights

North America region dominated the global market in 2022

The North America region dominated the global market. The regional market growth is highly attributed to several aforementioned factors in the region, including a substantial increase in millennial spending on skincare, color cosmetics, and various other personal care products, along with the robust presence of some of the world’s leading product manufacturers and suppliers.

  • For instance, according to a report published in 2023, the average spending of millennials on skincare products stood at USD 135 per year, with a significant increase from USD 80 that Gen Xers are spending and also USD 65 that baby boomers are spending.

 

The Asia Pacific will grow at a rapid pace on account of the region’s drastic increase in the production of fragrance and the growing reliance of the region’s agricultural sector on vernaldehyde-based agrochemicals for crop protection and yield enhancement. The robust presence of favorable regulations and standards promoting the production and use of natural and sustainable ingredients to be used in various industries, including food & beverage, pharmaceuticals, and nutraceuticals, could also drive the region’s market growth over the coming years.

Key Market Players & Competitive Insights

The vernaldehyde market is moderately competitive in nature due to the robust presence of numerous rivals in the market. Several leading market companies worldwide are extensively focusing on business expansion and development strategies that include mergers and acquisitions, strategic alliances, collaborations, partnerships, and new product launches that help them to meet emerging consumer demand and boost their client base across the world.

Some of the major players operating in the global market include:

  • Alder S.p.A.
  • BASF SE
  • Bayer Material Sciences
  • BOC Sciences
  • Celanese Corporation
  • Chimica Pomponesco S.p.A.
  • Dynea AS
  • Ercros S.A.
  • Georgia-Pacific Chemicals LLC
  • Givaudan
  • Hexion Inc.
  • INEOS Group
  • Merck KGaA
  • Shimmer Chemicals Pvt. Ltd.
  • Synthite Industries Ltd.
  • Vigon International Inc.

Recent Developments

  • In June 2023, T. HASEGAWA USA announced its two new innovative flavor enhancer technologies mainly aimed at producing authentic-tasting food & beverage products. The newly developed process and technology of HASEAROMA are likely to enable a higher level of specificity than many other compounded flavors.
 

Vernaldehyde Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 132.44 million

Revenue forecast in 2032

USD 181.04 million

CAGR

4.0% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD million and CAGR from 2024 to 2032

Segments covered

By Function, By Purity, By End Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

FAQ's

function, purity, end use, and region are the key segments in the Vernaldehyde Market

The global vernaldehyde market size is expected to reach USD 181.04 million by 2032

4.0% CAGR is the market predicted to grow during the forecast period (2023-2032)

North America is leading the global market

Rising product use in perfume production and growing advancements in vernaldehyde synthesis driving its market growth are the key driving factors in Vernaldehyde Market