Global Benzenoid Market Analysis Technological Advancement Regional Outlook

Posted by Nikhil khadilkar on July 26th, 2019

Market Overview

Benzenoids Market belong to a special class of aromatic organic compound which contain one or more benzene ring such as naphthalene, anthracene, phenanthrene, pyridine, and others. Naturally, they are found in leaves & flowers, oil, and wood & bark. They are widely utilized in numerous application such as cosmetics & personal care, soap & detergent, household products, food & beverage, and others, owing to its aroma and scent.

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As per our analysis, some of the important market factors and trends identified in the global Benzenoids resin are, growing awareness, increasing consumption of flavored dairy products, rising population. Rising number of working professionals coupled with increasing per capita disposable income is expected to boost up the demand for Benzenoid over the forecast period. Rising usage of Benzenoid in the manufacturing of personal care products along with increasing demand for cosmetics & personal care products is predicted to fuel the growth of the market during 2017 to 2023.

Key Players

Some of the prominent players operating in the Global Benzenoid Market are BASF SE (Germany), Sigma-Aldrich Co. LLC. (U.S.), The Good Scents Company (U.S.), International Flavors & Fragrances (U.S.), Givaudan (Switzerland), Firmenich (Switzerland), Quest International (the Netherlands), Takasago (Japan), Haarmann & Reimer (Germany), Sensient Technologies (U.S.), and others.

Drivers and Restraints

The global benzenoid market is experiencing demands from various corners. Growing awareness of benzenoids, increasing consumption of flavored dairy products, and rising population with disposable incomes are some of the major driving factors of the global benzenoid market. Rapid industrialization and urbanization are factors expected to act as market growth catalysts.

However, high cost for research and development may deter the rapid growth. In addition, compliance with quality standards and various stipulations can hinder the progress of the global benzenoid market.

Market Segmentation

The global benzenoid market can be segmented by type and application.

By Type, the market is segmented into natural and synthetic. The former can further be classified into leaves, flower, wood, bark, oil, and others. The current scenario assessment reveals synthetic segment accounted for the largest market share and will go on dominating the market during the forecast period. However, pharmaceutical and food sectors are registering a healthy growth rate for naturally resourced benzenoids as they are deemed safer, greener, and consumer-friendly with healing components.  The market prediction suggests a rapid growth of natural benzenoids.

Based on Application, the market is categorized into food & beverage, cosmetics & personal care, soap & detergent, household products, and others.

Based on Region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Regional Analysis

Geographical segmentation of global benzenoid market has five distinct regions, namely, North Geographical segmentation of global benzenoid market has five distinct regions, namely, North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Europe leads the market with 38% share. With a huge end-user base of cosmetics and personal care and an ever-growing demand for soap and detergent, Europe is expected to grow with a steady CAGR during the forecast period. European countries such as Germany, Italy, Spain, France, Russia and the U.K. contributed to the benzenoid market in terms of volume and revenue.

North America is the second-largest market, regarding revenue. With a strong consumer base for food and beverages, North America is witnessing a substantial growth. Among the countries, the U.S. and Canada are the prominent contributors, and the U.S. takes the lead. They are expected to record a steady market growth in the forecast period owing to the growing pharmaceutical demands.

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