Global cinnamaldehyde market is forecasted to reach $280.3 million by 2023, P&S Intelligence
Global cinnamaldehyde market valued at $183.7 Million in 2016
The growth of the cinnamaldehyde market is mainly driven by the growing applications of cinnamaldehyde in the flavor, and fragrance industries.
Homecare and personal care products witnessed a high penetration rate in emerging economies owing to the availability of better market and distribution channels, which further creates opportunities for the key players in the cinnamaldehyde market. The high penetration of these products is due to the growing middle class in Tier 2 and Tier 3 cities. Additionally, personal grooming has gained importance among teenagers/youth, which is also expected to boost the personal care market in the coming years.
Access Report Summary with Detailed TOC on “Cinnamaldehyde Market by Source (Synthetic, Natural), by Application (Flavoring agent, Odor agent), by Geography (U.S., Canada, Germany, France, U.K., China, Japan, India, Brazil, South Africa, Mexico) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023” at: https://www.psmarketresearch.com/market-analysis/cinnamaldehyde-market
Insights on market segments
On the basis of source, the cinnamaldehyde market has been segmented into synthetic and natural, where the synthetic source held a larger share of the market in terms of volume in 2016. However, in the same year, natural source held the larger market share in terms of value.
Through the synthetic process, this chemical can be obtained by aldol condensation of benzaldehyde and acetaldehyde or from cinnamyl alcohol. The main derivative of cinnamaldehyde, which is mostly used commercially, includes dihydrocinnamyl, cinnamyl alcohol, and dihydrocinnamaldehyde. Through the natural process, it is produced by steam distillation of essential oil from cinnamon. It is also found in other members of the cinnamomum species such as cassia, and camphor.
Cinnamaldehyde finds its application as a flavoring agent, odor agent, and others. As per the research findings, odor agent was the largest application area in the global cinnamaldehyde market in terms of both revenue and volume, in 2016. It is used as a fragrance agent in cosmetics, soaps, detergents, deodorants, cleaners, shampoos, and others. Also, it mixes well with other volatile chemicals which help in the fixation of fragrance and odors of perfumes, generally used in personal, and homecare industries.
Asia-Pacific stands as the largest cinnamaldehyde market
Asia-Pacific held the largest share of the cinnamaldehyde market, in terms of both revenue and volume, in 2016. Cinnamaldehyde is used in the region by various industries such as homecare, personal care, food & beverages, and others. The region is home to almost 3 billion customers of homecare, and personal care industries.
With the rapid development of the Asia-Pacific cosmetics market, the cinnamaldehyde industry has witnessed significant growth. The growth of the cosmetics industry is led by increasing aging population, growing appearance consciousness among young generation, and increase in the disposable income of the people in this region. Also, the increase in number of middle-class population in India is leading to the increased demand of personal and homecare products, and benefitting the Asia-Pacific cinnamaldehyde market.
North America held the second largest share of the cinnamaldehyde market in 2016. The major growth driver for the market is the presence of mature and stable personal care, and homecare markets. Also, increased consumption of packaged foods, and high-end perfumes among the high-income groups are also contributing towards the market growth. High-income people have become the key customers of personal & homecare product manufacturers, because of their higher purchasing power.
Cinnamaldehyde is an organic compound, which provides the taste and smell of cinnamon spice. The essential oil in the bark of cinnamon trees contains almost 98% of the chemical. It is mainly used as a flavor and odor agent in the personal care, and homecare industries. It is also used as a fungicide that shows anti-microbial activity, which can prevent almost 50% bacterial growth in oral cavity. Additionally, it is also known as corrosion inhibitor for steel and other ferrous alloys in corrosive fluids.
Some of the key players operating in the cinnamaldehyde industry are Mubychem Group, Lanxess AG, Payan Berthand 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 Co. Ltd.
GLOBAL CINNAMALDEHYDE MARKET SEGMENTATION