New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global benzyl salicylate market size is projected to expand at ~2% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 126 million by the end of 2035, up from a revenue of ~USD 79 million in the year 2022.backed by the increasing demand for benzyl salicylate in the cosmetics industry, which is attributed to its ability to produce a sweet, floral, and honey-like aroma. Rapid growth in the cosmetic industry has increased the demand for benzyl salicylate, as it is used as a fragrance ingredient and masking agent in a variety of cosmetics, including perfumes, moisturizers, cleansers, and shampoos. It also helps to reduce the greasy feeling of oil-based products. For instance, a 5% growth rate is observed in the cosmetics industry.
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Every year, cosmetics generate approximately USD 50 billion in sales in the United States. Americans spend an average of USD 240 to USD 310 per month on cosmetics. This growth is attributed to the growing demand for personal care products, increasing consumer awareness about the benefits of using cosmetic products, and the emergence of new technologies and product types that are driving innovation in the industry. Additionally, the growing demand for natural, organic, and vegan products is expected to fuel the growth of the market over the forecast period.
Benzyl Salicylate Market: Key Takeaways
- Market in North America to propel highest growth
- The highest growth is expected in the skin care products segment
- Market in Asia Pacific to grow at a highest rate over the next few years
Growing Awareness of UV Rays' Harmful Effects and the Benefits of Sunscreen to Boost Benzyl Salicylate Market Growth
Increased awareness of the damaging effects of UV radiation and the need for protection from it has resulted in a surge in the demand for sunscreens with benzyl salicylate as an active ingredient. The Skin Cancer Foundation has been advocating for people to wear sunscreen when outdoors to protect their skin from the harmful UV radiation from the sun. Daily use of SPF 15 sunscreen reduces the risk of melanoma by 50 percent and that of squamous cell carcinoma (SCC) by 40 percent. This has raised awareness among the public about the potential skin damage caused by too much sun exposure, leading to an increased adoption of sunscreen. In addition, the World Health Organization reports that in 2020, over 1.5 million skin cancer cases were diagnosed worldwide, resulting in over 120 000 deaths related to skin cancer. UV radiation (UVR) is responsible for the majority of skin cancers, both from the sun and from artificial sources, such as sunbeds and tanning beds. Benzyl salicylate is known to provide protection from UV radiation and is also considered to be a safe and effective UV absorber. Additionally, its anti-inflammatory properties make it a desirable ingredient in sunscreens, as it helps to soothe skin inflammation caused by UV radiation. Thus, awareness of UV rays' harmful effects is contributing to increased usage of sunscreen and other sun protection products. People are becoming more aware of the dangers of UV exposure, such as skin cancer, and are taking steps to protect themselves by using sunscreen. This is expected to drive the growth of the global market in the coming years.
Benzyl Salicylate Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Use and Popularity of Luxury Perfumes to Drive North American Market Growth
The benzyl salicylate market in the North America region is estimated to garner the largest revenue by the end of 2035 owing to the rising popularity of personal care products, such as perfumes and cosmetics, along with the rapid growth of the fragrance industry. For instance, in the United States, between 18 and 30 years of age, 45% of Americans use perfume every day, 29% use perfume several times a week, and 9% use perfume only once a week. Perfume usage is higher among women in the US than among men. The number of women using perfume daily in the US is 40%, while the number of men is 38%. Benzyl salicylate is a synthetic compound used to soften and enhance the scent of perfumes, as well as help extend the life of a fragrance. It also helps to reduce the intensity of a scent, making it a popular choice for perfumes. Moreover, the presence of well-established companies in the region, coupled with the availability of high-quality raw materials and the rising number of affluent consumers in the region and their willingness to spend on high-end cosmetic products, are expected to fuel the demand for benzyl salicylate in the North American region in the coming years.
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Increasing Popularity of Wellness Tourism to Drive the Market Growth in the Asia Pacific Region
The benzyl salicylate market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. The Asia Pacific region is characterized by a large population base, which is expected to drive the demand for fragrances, perfumes, and other personal care products. Furthermore, the region is home to some of the world's most populous countries, such as China and India, which are showing increasing disposable incomes and changing lifestyle preferences, leading to increased spending on luxury fragrances. Additionally, the region is witnessing rapid urbanization, and the rise of the wellness economy in the region has contributed to an increased demand for aromatherapy products that contain benzyl salicylate. This compound is known for its calming and soothing effects, which makes it a popular choice for aromatherapy products. For instance, wellness tourism has reached USD 135 billion in the region, and wellness trips have grown by 16% annually to reach 255 million trips. There are 48,670 spas in Asia, which has an industry worth USD 27 billion. Chinese and Indian spas rank first and second worldwide for growth. Benzyl salicylate is one of the key ingredients used in aromatherapy to create a relaxing and calming atmosphere. Furthermore, the rising use of scented candles in spas and massage centers is projected to drive regional benzyl salicylate market growth since they create an inviting aroma and help people relax and reduce stress.
Benzyl Salicylate, Segmentation by Purity
- <99%
- 98%
The 98% purity segment in benzyl salicylate market is anticipated to hold the largest revenue by the end of 2035 as the additive benzyl salicylate is added in high percentages as a flavoring agent and preservative in food. The high purity of benzyl salicylate makes it suitable for use as a food additive, as it reduces the risk of contamination and can be blended to create a variety of flavors and aromas. According to FDA approvals, food containing benzyl salicylate must contain at least 98% C14H12O3. Further, it is used to enhance the flavor of food and to prevent the growth of bacteria, mold and yeast. It is especially common in baked goods and other processed foods. Additionally, it can be used to create a wide range of flavors, from sweet to savory. It also has a long shelf life, which makes it an ideal choice for manufacturers looking to extend the shelf life of their products. Therefore, the widespread use of high purity benzyl salicylate in the food and beverage industry is expected to drive segment growth.
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Benzyl Salicylate, Segmentation by End User
- Hair Care Products
- Skin Care Products
- Pharmaceuticals & Nutraceuticals
The skin care products segment in benzyl salicylate market is anticipated to hold the largest revenue by the end of 2035, backed by the rising focus on personal grooming and increasing awareness about skin care products among consumers. The demand for skin care products is also being driven by the growing prevalence of skin diseases, a growing trend of spa and salon services, and the increasing use of organic products. Benzyl salicylate is a common skin care additive that provides fragrance and can help reduce inflammation. It is often used in products like lotions, creams, and lip balms to provide a pleasant scent and help soothe irritated skin. Moreover, as income levels rise, people are able to spend more money on things like skin care products, which are becoming increasingly popular. This has resulted in a steady increase in the demand for skin care products, which is anticipated to drive up the revenue of the segment in the coming years. It was observed that approximately 43% of cosmetics are skincare products, making them the industry's largest segment. Also, the sales of men's skincare products jumped by 8% in 2022.
Few of the well-known industry leaders in the benzyl salicylate market that are profiled by Research Nester are Zhenjiang Gaopeng Pharmaceutical CO,.Ltd, Jiangsu Puyuan Chemical Co.,Ltd, JQC (Huayin) Pharmaceuticals Co., Ltd., ECSA Chemicals AG, LLUCH ESSENCE S.A de C.V., OQEMA AG., Glentham Life Sciences Limited., Taytonn ASCC Pte Ltd, WholeChem, LLC., The Lermond Company, LLC, and other key market players.
Recent Development in the Benzyl Salicylate Market
- OQEMA Poland and Orchidia Europe announced their joint venture to expand their fragrance portfolios across Europe. The joint venture will allow both companies to leverage their respective strengths and resources, such as research and development, production and distribution, to expand their presence in the European fragrance market.
- Salicylic acid & sodium salicylate, two of Huayin Pharmaceuticals' top products have been fully registered under the EU REACH regulations. This registration ensures that the products meet the stringent safety standards set by the European Union, allowing them to be sold in the European market.
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