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2-Phenylethanol Market Size

Report ID: GMI5063
Published Date: Mar 2022
Report Format: PDF

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2-Phenylethanol Market Size

2-Phenylethanol Market size surpassed USD 255 million in 2021 and is estimated to grow at over 5.5% CAGR between 2022 and 2028. 2-Phenylethanol is aromatic alcohol which occurs naturally in several plants and can also be manufactured synthetically from benzene. It has a floral odor with a rose character and is used as an antimicrobial preservative in cosmetic products. Therefore, the growing demand for cosmetics products worldwide is anticipated to fuel the overall market growth.

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Additionally, 2-phenylethanol is used in laundry and home care products as a preservatives ingredient as well as for creating floral-rose fragrances. Also, it offers antimicrobial and disinfecting properties which makes them suitable for laundry and home care products. Therefore, these wide benefits of 2-phenylethanol led to increasing product penetration in multiple industries across the globe and drive the market demand over the coming timeframe.

2-Phenylethanol Market Report Attributes
Report Attribute	Details
Base Year:	2021
2-Phenylethanol Market Size in 2021:	255.3 million (USD)
Forecast Period:	2022 to 2028
Forecast Period 2022 to 2028 CAGR:	5.5%
2028 Value Projection:	370 million (USD)
Historical Data for:	2017 to 2021
No. of Pages:	175
Tables, Charts & Figures:	195
Segments covered:	Product, Application
Growth Drivers:	North America: Rapid growth of the laundry & home care products is expected to drive product demand Growing demand for cosmetics products Europe: Cosmetics & personal care application segment is projected to boost market growth Asia Pacific: Increasing demand for the product from food & beverage application segment is expected to fuel market growth
Pitfalls & Challenges:	Availability of superior performance substitutes for phenethyl alcohol likely to hamper phenethyl alcohol market

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The Covid-19 outbreak has impacted the price, production, and demand of 2-phenylethanol for a certain period. The global pandemic of COVID-19 majorly hit different raw material markets. Likewise, the pandemic also affected the demand and supply for the 2-phenylethanol market, owing to decreased demand from application industries, the shutdown of manufacturing facilities, disruptions in raw material supply chains, restrictions on imports from China, decreased production capacity of 2-phenylethanol manufacturers which has further impacted 2-phenylethanol prices.

Development of alternate products, with similar or better functional values, is a major factor restraining the 2-phenylethanol market expansion. For instance, salicylic acid, a beta hydroxyl acid, is a key substitute to 2-phenylethanol in skin care product formulations. Salicylic acid is more effective in terms of skin exfoliation compared to 2-phenylethanol. Linalool is another alternative for 2-phenylethanol historically used in rose-based products. Therefore, this availability of multiple substitutes in the industry could hinder the market demand over the upcoming years.

Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

Global market for 2-phenylethanol exceeded USD 255 million in 2021 and is expected to expand at a CAGR of 5.5% from 2022 to 2028 driven by the surging demand for cosmetic products across the globe.

Natural 2-phenylethanol market share surpassed USD 130 million in 2021 and is anticipated to record a CAGR of 7% through 2028 considering the rising demand for natural ingredients from various industries such as cosmetics, food, and fragrance.

Asia Pacific market for 2-phenylethanol is slated to cross USD 140 million until 2028 owing to the soaring demand for functional drinks like health and energy drinks from the millennial population.

2-Phenylethanol industry share from cosmetic and personal care application is estimated to reach USD 120 million by 2028 impelled by the surging product deployment on account of multifunctional properties.