Cinnamaldehyde Market Overview
The global cinnamaldehyde market was valued at $183.7 million in 2016 and is projected to witness a CAGR of 6.5% during the forecast period. Cinnamaldehyde is a naturally occurring organic compound having chemical formulae C6H5CH=CHCHO. The growing application of the chemical in different industries such as cosmetics, homecare, personal care, and others is driving the growth of the cinnamaldehyde market.
Geographically, Asia-Pacific held the largest share in the global cinnamaldehyde market, andis also expected to grow at a significant rate during the forecast period. The growth is attributed to the increase in population in emerging economies such as India and China, where the demand of personal care and cosmetic products has been increasing. To fulfill the demand and explore the key potential of the cosmetics market in Asia-Pacific, major players such as Estee Lauder, L’Oreal, Shiseido, and Proctor & Gamble (P&G) are making significant investments in the region, particularly in China, contributing towards the growth of the cinnamaldehyde market.
GLOBAL CINNAMALDEHYDE MARKET, BY APPLICATION, $M (2013 – 2023)
Cinnamaldehyde finds its application as a flavoring agent, odor agent, and others. The chemical is generally added to improve and enhance the taste of foods and medicines and used as a flavoring agent in ice creams, candies, chewing gums, liquid refreshments, and others. Rising demand of aforementioned flavoring agent applications is expected to drive the growth of cinnamaldehyde market during the forecast period.
As the chemical possesses antifungal and antibacterial properties, it helps in fighting tooth decay and bad breath, and helps curb bacterial growth in cases of oral cavity. It also exhibits anti-diabetes properties and helps inreducing the plasma glucose level and increasing the plasma insulin level. Additionally, it can prevent corrosion in steel and other ferrous alloys in corrosive fluids. Thus, all these benefits of the chemical act as a growth opportunity for cinnamaldehyde market.
Cinnamaldehyde Market Dynamics
The growing demand for perfume manufacturing due to rising income, and increasing urbanization is a major driver of the cinnamaldehyde market. It is expected that the maximum demand of this chemical will come from its use as an odor agent in the homecare, and personal care industries.
The increasing use of this naturally occurring organic chemical as an antimicrobial agent in agricultural practices is a major trend witnessed in the cinnamaldehyde market. It has been proven effective in inhibiting the growth of foodborne pathogens in over 40 different crops. In addition, it possesses low toxicity, and also has some insecticidal effects. These exclusive properties of the chemical make it ideal for use in agricultural crops. The key players are also bringing novel ideas to explore for better commercialization of cinnamaldehyde-based pesticides; this in turn is expected to create opportunities for cinnamaldehyde market during the forecast period.
In developing countries, the ageing population is increasing, which is fueling the demand of cosmetics and personal care items in those economies. With increasing age, health conditions such as bad breath, tooth decay, and others are likely to occur. Due to its antifungal and antibacterial properties, it helps in fighting these conditions; whichfurther drives the growth of the cinnamaldehyde market in developing countries.
Income growth is also one of the major factors that fuel the growth of cinnamaldehyde market in emerging economies. In such economies, people earlier used to spend on basic necessities such as food and housing, but with the rise in income, the expenditure on discretionary items has increased. The rise in income leads toincreasing consumption of cosmetics, personal care, fragrance, and other products. According to International Monetary Fund (IMF), from 2006 to 2013, the income of people in emerging economies rose at an average annual rate of 6.14%.
To ensure the safety of consumers regarding the use of thischemical, the regulatory bodies of every region have laid down few regulations, which are mandatory to be followed by the players active in the cinnamaldehyde market. Skin irritation and risk to pregnancy in expecting mothers are some side effects that may arise with the use of concentrated version of the chemical in cinnamon oil, drugs, and other personal care, and oral consumption products.
According to the Federal Institute for Medicinal Products and Medical Devices (BfArm), cinnamon products should be classified as medical products requiring necessary marketing authorization. Hence, these factors may restrict the use of the chemical by industries, whichmay affectthe growth of the global cinnamaldehyde market.
Cinnamaldehyde Market Competitive Landscape
Some of the key players operating in the global cinnamaldehyde market are Mubychem Group, Lanxess AG, PayanBerthand S.A, Emerald Kalama Chemical, LLC, Jayshree Aromatics Pvt. Ltd., Kao Global Chemicals, Finoric LLC, ABI Chem, Yingcheng Wuhan Organic Materials Co., Ltd., and Haihang Industry.