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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.
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.
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.
What aspects will impel natural 2-phenylethanol industry growth?
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.
How big is the 2-phenylethanol market?
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.
Why is the 2-phenylethanol market value rising in the Asia Pacific region?
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.
How much is the 2-phenylethanol industry from cosmetic and personal care application worth?
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.