(I-BusinessNews.Com, May 27, 2021 ) The benzenoid market is estimated at USD 651 million in 2020; it is projected to grow at a CAGR of 5.6% to reach USD 857 million by 2025. The steady onset of factors such as rise in consumption of processed food products, shifting flavour & fragrance trends and steady growth in the personal care products in the global markets, particularly in emerging and developing markets have triggered demand for quality benzenoid chemicals.
COVID-19 Impact on the Global Benzenoid Chemicals Market
Amid the spread of COVID-19 pandemic the market kept receiving stable demands from end use sectors such as soaps, detergents, personal care products, household products, pharmaceuticals and hygiene products. This was due to the rising concerns of hygiene amongst the populations. Most of the manufacturers were able to maintain the continuity if their operations after a lockdown of brief time period and recover their production and sales which is estimated to keep the market stable in the unprecedented economic scenarios globally. As reported by IFRA (International Fragrance Association) 10-15% of the raw materials used in fragrance come from China and around a quarter for some companies. While China recovers, India’s lockdown presents new challenges to the fragrance market and other countries, like Brazil, may be the next to be affected. According to the primary insight the demands from soaps and detergent industries also continued to remain stable during the period of the pandemic outbreak and is estimated to regain steady growth soon as the lockdowns ease.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=18857610
Restraint: Potential health risks of synthetic chemicals affecting production growth
The genotoxicity and carcinogenicity are the key factors that are taken into consideration to determine the safety of the chemical use. Companies that manufacture perfume or cologne purchase fragrance mixtures from fragrance houses to develop their own proprietary blends. Benzenoids as food additives and fragrance ingredients are regulated as some of them pose potential risks to human health at defined concentrations. Organisation such as US FDA (US Food & Drug Administration), EU Commission, IFRA (International Fragrance Association) set standards and guideline for manufacturers in order to control the possible health risks due to overuse of aroma chemicals in food and fragrance products.
Opportunity: Greater focus on R&D to develop unique and customized aroma compounds
It is estimated that fragrance manufacturers globally invest around 8% of their net sales in R&D. Consumer product manufacturers and retailers often rely on innovation from the fragrance industry to provide differentiation through technology, understanding of consumer trends, and sustainable production. A total of 139 new aroma chemicals, compounds, and formulations have been patented between January 2019 and September 2020, globally. The shifting flavour preferences of people especially after impositions of global lockdowns are estimated to drive the market for quality benzenoid chemicals in the near future.
Asia Pacific is estimated to be the largest market.
The Asia Pacific region is estimated to account for the largest share of the global benzenoids market in 2020. The rising income, purchasing power, rapid growth of the middle-class population, and consumer demand for processed products present promising prospects for growth and diversification in the region’s benzenoids sector. The European aroma chemicals manufacturers are gradually losing their market share, failing to compete with products from Asia (mainly from China), where labor costs are much lower and the quality control is constantly growing, imitating western technologies. Further, countries such as China, Japan, South Korea, and Indonesia are witnessing significant growth in the cosmetics, beauty, and personal care products markets. These are expected to drice the growth from benzenoid chemiclas in the region.
Request for Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=18857610
Key players in this market include include major players such as BASF (Germany), Firmenich (Switzerland), Emerald Kalama Chemical (US), International Flavors & Fragrances, Inc. (US), Eternis Fine Chemicals (India), Symrise (France), Tennants Fine Chemicals Ltd. (England), Jayshree Aromatics Pvt. Ltd. (India), and Valtris Specialty Chemicals (US. These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
