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Benzenoid Market Drivers, Restraints, Opportunities & Challenges

09-06-2021 12:16 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Markets and Markets

The benzenoids 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.

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Driver: Shifting flavor & fragrane trends and preferences amongst populations globally

The global choices and preferences related to taste and aromas are changing rapidly with changing marketing trends, mindsets and increasing expenditure on lifestyle. As per the 2018 report of “Innova Market Insights” 64% of US consumers state that they “love to discover flavors from other cultures,” Dull flavors are being reinvented and more retail products and restaurants are highlighting ethnic flavors or street flavors. Unique scents and attractive designs have pushed the home fragrance market to its strongest position yet. While over the years traditionally rooted fragrances like jasmine and sandalwood have had a distinct contribution, especially for soaps, a combination of fruity-floral fragrances are now gaining traction with marketers wooing younger consumers.

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 benzenoids market for quality benzenoid chemicals in the near future.

Challenge: COVID-19 impact on supply chains impacting the overall production o benzenoid chemicals

Accoridng to the 2019 PWC report supply chains in the chemical industry are being disrupted by outbreaks in key regions, and demand may fall due to uncertainty in the global economy and capital markets. The industry is estimated to be potentially hit hard by the COVID-19 outbreak on numerous fronts such as lowered demand and productivity, operational and supply chain disruptions, potentially tightening credit markets. The chemical sector’s supply chain has historically been strongly dependent on China, which has been heavily impacted by the COVID-19 pandemic and instituted wide-ranging countermeasures as a result.

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Key players in benzenoids 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.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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