2-Phenylethanol Market Size & Share 2022 to 2028
Market Size by Product (Synthetic, Natural), by Application (Cosmetics & Personal Care, Laundry & Home Care, Food & Beverages, Pharmaceuticals) & Forecast.
Report ID: GMI5063
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Published Date: March 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
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.
2-Phenylethanol Market Analysis
Natural 2-phenylethanol market share exceeded USD 130 million in 2021 and is anticipated to register more than 7% CAGR over the forecast period. Increasing demand for natural ingredients from various industries including fragrance, food, and cosmetics is expected to drive 2-phenylethanol demand, owing to increasing health concerns among the population, especially the millennial generation.
Natural production of 2-phenylethanol offers benefits of high yield and a natural, simple & eco-friendly method, which is anticipated to stimulate the overall market forecasts. The product is naturally obtained through essential oil extracted from plant extracts. Essential oils contain 2-phenylethanol, which has a pleasant floral odor and is used in various applications. These factors are anticipated to fuel segment growth over the forecast period.
2-Phenylethanol market from cosmetic and personal care application is anticipated to reach over USD 120 million by 2028. The increasing use of 2-phenylethanol in the cosmetic industry owing to its multifunctional properties, such as aroma and preservative agent. Additionally, increasing demand for personal care products owing to rising inclination toward self-care and hygiene is anticipated to foster product demand from the personal care industry.
Moreover, growing consumer awareness towards the benefits of natural ingredients in cosmetics and personal care products represents significant growth opportunities for 2-phenylethanol market. Therefore, cosmetic and personal care manufacturers are inclining toward the replacement of synthetic ingredients with natural variants. As cosmetic and personal care products with natural ingredients are allergy-free and don’t cause any side effects, they have emerged as major factors accelerating the product demand.
Asia Pacific 2-phenylethanol market is poised to surpass USD 140 million by 2028, growing at a CAGR of 6.5% over the estimated period. Increasing demand for functional drinks including energy and health drinks from the millennial population is expected to drive 2-phenylethanol demand from the food & beverage industry.
Additionally, busy lifestyles and lack of nutrients & energy in an individual’s diet will drive the demand for functional drinks, in turn, boosting 2-phenylethanol demand as a flavoring agent. Also, the increasing demand for processed food & beverage along with the presence of the largest working population and fast-paced lifestyle is driving demand in the food & beverage industry.
2-Phenylethanol Market Share
Global 2-phenylethanol market share is fragmented owing to the presence of several medium & large number multinational industry players operating across the globe. Market players are adopting several strategies such as new products launch, capacity expansion, mergers, acquisitions, and collaborations to gain a competitive advantage and expand their foothold in the industry.
Some of the players in 2-Phenylethanol Market are:
In February 2021, Eternis Fine Chemicals acquired a UK-based Tennants Fine Chemicals company and its wholly owned subsidiaries in Singapore and China. This acquisition is expected to enhance the company’s product offerings, distribution network, and better serve customers around the globe with the increase in revenue.
In February 2021, Symrise AG company has upgraded its online platform. That includes ingredient Finder for flavor & fragrance raw materials. This upgradation in the online platform will enable customers to access the detailed information on fragrances, flavors, and pharmaceutical raw materials available on Ingredient Finder.
The global 2-phenylethanol market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in tons & revenue in USD million from 2017 to 2028 for the following segments
By Product
By Application
The above information has been provided for the following region:
Research methodology, data sources & validation process
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Our 6-step research process
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Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
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Verified data sources
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