New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global octyl octanoate market size is predicted to grow at a CAGR of over ~5% from 2023 to 2035. The market is projected to garner a revenue of USD 1 billion by the end of 2035, up from a revenue of ~USD 932 million in the year 2022.This growth is primarily attributed to the increasing demand for octyl octanoate in the food and flavor industries owing to its distinctive aroma and flavor. Octyl octanoate is a type of ester that is used as a flavoring agent in many foods. Its unique flavor and aroma profile make it popular in a wide variety of food and beverage products, from baked goods to sodas and energy drinks. As the food and flavor industry continues to grow, the demand for octyl octanoate is expected to increase. A total of USD 962 billion is expected to be generated in the food sector by 2023. Compared to other countries, China generates the largest amount of revenue (USD 1,380.00 bn in 2022).
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Moreover, the unique flavor of octyl octanoate and its wide range of applications make it a desirable additive for food and beverage manufacturers who are looking to develop new, innovative products. Additionally, the growth of the beverage industry in the US is attributed to the popularity of carbonated soft drinks as well as the increasing demand for healthier beverage options. It was observed that the United States' carbonated soft drink industry generated USD 4.6 billion in sales in 2019, representing approximately 5% of its USD 146 billion beverage industry.
Octyl Octanoate Market: Key Takeaways
- Market in Asia Pacific to grow at a highest rate
- The flavoring agents segment to grow at the fastest pace
- Market in North America to propel at highest growth
Increasing Use of Flavours in Pharmaceuticals Owing to a Higher Consumption of Oral Medications
The use of flavors in the pharmaceutical industry is growing on account of the increased use of oral medications. Prescription drugs are used by more than 130 million Americans, or nearly 65% of all adults. Across all forms of chemotherapy, consumption increased by 55%, with oral forms contributing the most units at 59%. It is estimated that approximately 57% of established small-molecule drug products available for sale are administered orally. It is also estimated that oral formulations make up approximately 89% of all pharmaceutical formulations for human consumption. Octyl octanoate is an odorless, tasteless, and non-toxic compound that is often used as a flavor enhancer to mask the taste of bitter medications. Octyl octanoate provides a pleasant flavor to medications, making them more palatable to patients and encouraging compliance with their treatment regimen. Additionally, it helps to mask or cover other unpleasant flavors, making the medication easier to swallow. Additionally, the rapid growth of the pharma sector is expected to increase demand for octyl octanoate in the coming years, as it is used in the production of various pharmaceutical products such as creams, lotions, and ointments and is also used as an emulsifier. Its widespread use in the industry is attributed to its ability to improve the texture, stability, and shelf life of these products.
Octyl Octanoate 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.
Rising Initiatives to Expand Flavoring and Additives Production to Drive Growth in the Asia Pacific Region
The octyl octanoate market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035, owing to the increasing demand for octyl octanoate from various end-use industries in the region, such as food, cosmetics, and pharmaceuticals. A further factor that is expected to drive regional market growth is the fast production of additive flavors and fragrances in the region, especially in China and South Korea, owing to the growing need for unique flavorings in food and beverage products, as well as the availability of relatively inexpensive raw materials. For instance, a new extension was officially opened in December 2019 at Givaudan's Nantong facility in support of the company's liquid flavor production capacity for beverages, dairy, and sweet items. As a result of this move, the company will be able to double its flavor production capacity in China. Additionally, the increasing disposable income of the population in the region has led to an increase in the demand for luxury goods and cosmetics, further driving the growth of octyl octanoate market in the Asia Pacific region. Moreover, the presence of a well-established manufacturing sector in the region has further fueled the growth of the market, as manufacturers are actively engaged in the production of various end-use products. In addition, the rising awareness of the beneficial properties of octyl octanoate, such as its low toxicity and non-irritant nature, is expected to boost market growth in the region.
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Increasing Consumption and Production of Chocolate to Drive the Growth in the North America Region
The octyl octanoate market in the North America region is estimated to garner the highest CAGR by the end of 2035, backed by the growing demand for natural and eco-friendly products, the growing disposable income of consumers, and their changing lifestyles. Moreover, the United States is the largest producer of chocolate, which is expected to increase the demand for octyl octanoate. Octyl octanoate is a key ingredient in chocolate production, and as the demand for chocolate in the US increases, so too does the demand for octyl octanoate. Additionally, with US consumers being the largest consumers of chocolate in the world, US producers are predominantly the largest producers of octyl octanoate. For instance, among the top confectionery and chocolate snack companies in the US, Hershey Company dominated the chocolate business in 2021. A large portion of its USD 8 billion sales are generated from its major products, which include chocolate bars, biscuits, wafers, chocolates, hard candy, and other sweets. Moreover, the increasing awareness of the health benefits of octyl octanoate, such as its anti-bacterial and anti-fungal properties, is expected to drive the demand for octyl octanoate from the personal care and cosmetic sectors. Furthermore, manufacturers are focusing on launching innovative and natural products, which is projected to boost the octyl octanoate market growth in the region during the forecast period.
Octyl Octanoate, Segmentation by End Use
- Essential Oils
- Fragrances
- Flavoring Agents
- Others
The flavoring agents segment in octyl octanoate market is anticipated to hold the largest revenue by the end of 2035, owing to the increase in demand for food and beverage products, as well as the increasing use of octyl octanoate in these products to impart flavor and aroma. Flavorings are used to enhance the taste of food and drinks and make them more appealing to the consumer. The use of octyl octanoate as a flavoring agent is becoming increasingly popular as it adds a unique flavor and aroma to food and beverage products, driving segment growth. Additionally, its low cost and wide availability make it an attractive option for manufacturers. Furthermore, the increasing number of bakery businesses and growing demand for bakery and confectionery products are also expected to contribute to the growth of the segment. For instance, the number of bakery cafes in the US grew by 0.5% from 2022 to 8,770 as of 2023. Additionally, the United States had approximately 175,000 bakers as of 2021. Octyl octanoate is a popular ingredient used in bakery and confectionery products to enhance the flavor and aroma. It is also used in a wide range of food products, including ice cream, candy, and chocolate. As the demand for these products increases, so does the demand for octyl octanoate.
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Octyl Octanoate, Segmentation by Purity Level
- Less than 98%
- Above 98%
The above 98% segment in octyl octanoate market is anticipated to hold the largest revenue by the end of 2035 owing to its increasing demand in the cosmetics industry. 98% octyl octanoate is widely used as a fragrance in cosmetic products. The increasing use of perfumes, body washes, and lotions among millennials and adults is expected to drive segment growth since people are more concerned with self-care and are willing to spend money on products that will make them smell and feel good. It was observed that 40% of Americans between the ages of 19 and 30 wear perfume every day, 29% wear it several times a week, and 7% wear it once a week. Perfume usage is higher among women than among men in the United States. Furthermore, 42% of women use perfume daily in the US, compared to 38% of men. Octyl octanoate is used as a fragrance enhancer in perfumes. Using a purity level of 98% or above ensures that the product contains a high concentration of octyl octanoate, which helps enhance the intensity of the desired fragrance or flavor. Moreover, consumers are increasingly looking for natural fragrances and flavors that are derived from plants and other natural sources, and octyl octanoate is a natural fragrance and flavor enhancer that can be derived from plants. Furthermore, its ability to enhance the scent and taste of perfumes makes it an attractive option for many fragrance and flavor companies.
Few of the well-known industry leaders in the octyl octanoate market that are profiled by Research Nester are Symrise AG, Firmenich SA, Robertet Group, Penta Manufacturing Company, Givaudan SA, Synerzine, Inc., BOC Sciences, The Good Scents Company, Merck KGaA, Novaphene, and other key market players.
Recent Development in the Octyl Octanoate Market
- Fermenich announced the opening of its new customer experience studio in Guangzhou, aimed at meeting the demands of consumers and customers for tailored fragrances and healthy tasting products.
- Robertet acquired Astier Demarest to consolidate its leadership in natural ingredients and strengthen its sourcing capabilities. Both companies are making strategic moves to expand their presence in the fragrance and food & beverage industries by expanding their capabilities in product innovation and research.
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