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Benzenoid Market Size

Report ID: GMI6421
Published Date: Aug 2023
Report Format: PDF

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Benzenoid Market Size

Benzenoid Market size was valued at around USD 700 million in 2022 and is estimated to register over 5.2% CAGR between 2023 and 2032. The fragrance and flavors industry is a significant consumer of benzenoids. These compounds are used to create aromatic compounds that add pleasant scents and flavors to a wide range of products, including perfumes, cosmetics, food products, and beverages. Benzenoids are used in a variety of consumer goods, such as household cleaners, air fresheners, and personal care products, to enhance their aroma and appeal to consumers.

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The food and beverage industry utilizes benzenoid compounds as flavoring agents to impart specific tastes and aromas to food and beverage products, contributing to their overall sensory appeal. Benzenoids find applications in the pharmaceutical industry as intermediates in the synthesis of various drugs and as flavoring agents in medicinal syrups and oral medications.

Benzenoid Market Report Attributes
Report Attribute	Details
Base Year:	2022
Benzenoid Market Size in 2022:	USD 700 Million
Forecast Period:	2022 to 2028
Forecast Period 2022 to 2028 CAGR:	5.2%
2028 Value Projection:	USD 1.16 Billion
Historical Data for:	2018 to 2022
No. of Pages:	150
Tables, Charts & Figures:	191
Segments covered:	Type, Source, Application, Region
Growth Drivers:	Growing flavor and fragrance industry Expanding pharmaceuticals industry Rising food and beverages industry
Pitfalls & Challenges:	Environmental Concerns Safety and Health Regulations Highly competitive market

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Some benzenoid compounds, especially synthetic ones, may have adverse environmental impacts. Concerns over pollution and potential toxicity can lead to increased scrutiny and regulation of certain benzenoid compounds. Benzenoids, particularly those used in fragrance and flavoring applications, may pose health risks if not properly handled. The benzenoid market is highly competitive, with numerous suppliers and manufacturers vying for market share. Thus, the risks associated with Benzenoid may drive down the acceptance rate, further hampering the business growth.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Market size for benzenoid was USD 700 million in 2022 and is estimated to reach USD 1167.1 million by 2032 owing to increasing demand in the food and sector industry for fragrance and flavoring agents.

Benzenoid industry size from the benzaldehyde type segment accounted for USD 214.6 million in revenue in 2022 and is likely to gain significant traction through 2032 owing to surging need in various industrial applications, including paints, adhesives, and chemical synthesis.

U.S. market size for benzenoid was USD 162.3 million in 2022 and is anticipated to expand at significant pace through 2032 owing to the rising demand for fragrances and flavors in personal care and beauty products, including perfumes, lotions, and hair care items in the region.

The competitive landscape of the benzenoid industry includes prominent companies, such as BASF SE, Dow Chemical Company, Exxon Mobil Corporation, DuPont de Nemours, Inc., Huntsman Corporation, Lanxess AG, Chevron Phillips Chemical Company LLC, and LyondellBasell Industries N.V.