Cinnamic Acid Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast by 2023 with a CAGR of 6.8%

Global Industry Analysis

Cinnamic acid is an organic compound that is widely used in the food, cosmetic, and pharmaceutical industries. It is a white crystalline compound with a sweet, honey-like odor. Cinnamic acid is primarily used as a flavoring agent, but it is also used as a preservative and an antibacterial agent.

Market Size:

The global cinnamic acid market size was valued at USD 370.5 million in 2015 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2015 to 2023. The increasing demand for cinnamic acid as a flavoring agent in the food and beverage industry is the primary driver of market growth. Additionally, the growing demand for personal care and cosmetic products is expected to further fuel market growth.

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Other drivers of cinnamic acid include its derivative formulations, which are mainly used in various pharmaceutical formulations, including tuberculosis and malaria pharmaceutical formulations that are dominant in developing countries such as India and Brazil. The use of cinnamic acid in skin care products (usually sunscreen products) has enabled it to grow in developed countries such as the United States and Western Europe, as these countries are major consumers of the global cosmetics industry. 

Cinnamic acid occurs naturally through cinnamon oil; however, it can be synthesized industrially through the interaction of dichlorobenzyl and sodium acetate. The chemical arrangement of cinnamic acid provides reactive sites mainly for benzene ring substitution or carboxylic acid reactions, making it suitable for the preparation of a variety of derivatives with pharmaceutical applications.

 The applications of cinnamic acid mainly include the fragrance or flavor industry, followed by flavoring agents (as a precursor of the sweetener aspartame), the preparation of synthetic indigo, and pharmaceutical preparations in the form of derivatives for the treatment of diseases such as tuberculosis and malaria . These applications make the market for cinnamic acid more lucrative.

Skincare is another major driver of cinnamic acids, as they are widely used in the cosmetics industry. With the booming cosmetics industry across the globe, the demand for cinnamic acid is growing. Cinnamic acid is also used as a diabetes drug (insulin releasing agent) in the form of derivatives, which makes it extremely important globally as the number of diabetic patients is surging due to lifestyle changes and improper diet. 

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Medicinal applications in the form of derivatives make cinnamic acid very important. Developing countries such as India and Brazil constitute the major market for cinnamic acid owing to rising number of tuberculosis and malaria patients, especially in rural areas. Therefore, the demand for cinnamic acid in these countries will increase. The cinnamic acid market is also driven by its application in the cosmetic industry. There is a huge demand for skin care products in developed countries such as the United States and Russia.

This requirement will act as a catalyst for the booming cinnamic acid market in these countries. The application of cinnamic acid in the fragrance industry is in great demand in the Middle East and other Asia-Pacific countries such as India.

Growth in the flavor industry will further drive the demand for cinnamic acid. Synthetic indigo is another major application of cinnamic acid, mainly used in the dyeing industry, finding great potential in multiple applications, leading to further growth of the cinnamic acid market. 

Several companies produce cinnamic acid, including BASF, Guangzhou Shanliang, DSM, Kay Fries (USA), and Bayer Ltd. among others. 

This report covers a thorough analysis of:

• Market segment
• Market dynamics
• Market size
• Supply demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Technology
• Value chain

Regional analysis includes:

• North America (USA, Canada)
• Latin America (Mexico, Brazil)
• Western Europe (Germany, Italy, France, UK, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia and New Zealand)
• Japan
• Middle East and Africa (GCC countries, South Africa, North Africa)

Report highlights:

• Detailed overview of the top markets
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, areas showing promising growth
• A neutral view of market performance
• Essential information for market participants to maintain and strengthen their market footprint

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