New York, USA, April 17, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global benzenoid market is predicted to grow at a stable CAGR of 5.8%, thereby garnering a revenue of $1,333.1 million by 2031. This holistic report provides an overarching overview of the nature of the benzenoid market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2031 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: Increasing demand for beauty and personal care products is expected to be the primary growth driver of the benzenoid market in the forecast period. Along with this, growing use of benzenoid in pharmaceutical industry is predicted to push the market forward.
Opportunities: Advancements in the fragrance industry are predicted to offer numerous growth and investment opportunities to the market in the forecast period. Moreover, rising usage of benzenoid in cooking is anticipated to help the market grow substantially in the analysis period.
Restraints: Health concerns linked with use of synthetic chemicals, however, might prove to be a hindrance in the growth trajectory of the benzenoid market.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The benzenoid market, however, was largely unaffected due to the pandemic. The main reason behind this was that the demand for beauty and personal care products remained more or less stable throughout the pandemic which insulated the market growth rate from the onslaught of the pandemic.
Segments of the Market
The report has divided the benzenoid market into certain segments based on type, application, and region.
Type: Benzoate Sub-Segment to Have a Significant Market Share
The benzoate sub-segment is predicted to garner substantial revenue by 2031. Increasing use of benzoate as insect repellent, solvent for other fragrances, and medication is predicted to boost the growth of this sub-segment.
Application: Soaps and Detergents Sub-segment to be the Most Lucrative
The soaps and detergent sub-segment is predicted to have the fastest growth rate by 2031. Extensive use of benzenoid in soaps and detergent manufacturing is predicted to propel the growth of this sub-segment.
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Market in the Asia-Pacific Region to be the Most Lucrative
The benzenoid market in the Asia-Pacific region is projected to become the most dominant by 2031. Increased self-awareness regarding personal hygiene among the people of this region is predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players
Some prominent market players of the benzenoid market are
- Jayshree Aromatics Pvt. Ltd.
- International Flavors & Fragrances Inc.
- Symrise AG
- BASF SE
- Valtris Specialty Chemicals
- Sensient Technologies Corporation
- Firmenich SA
- Eternis Fine Chemicals Ltd.
- Givaudan
- LANXESS
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
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For instance, in July 2021, Sensient Technologies, a global leader in specialty ingredients and flavors manufacturing, announced the acquisition of Flavor Solutions, Inc., a major beverage and nutraceutical company. This acquisition is expected to increase the foothold of Sensient Technologies substantially in the benzenoid market in the near future.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the benzenoid market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Benzenoid Market:
- What's New in Benzenoid Industry? Exploring the Latest Breakthroughs
- Global Benzenoid Market to Experience Noteworthy Growth with Growing Popularity of Benzenoid
