Benzoe Siam Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3859
Benzoe Siam Market size should witness a surge in demand during the forecast timeframe owing to its wide usage in perfumes and fragrance agents. Increasing demand for expensive perfumes owing to rising income levels and increasing purchase parity are the key factors which may stimulate the overall market size.
Benzoe siam, also known as benzoic siam, is a balsamic resin obtained from the bark of Styrax tonkinensis, found across Laos, Thailand, Vietnam and Cambodia. It is widely utilized in perfumes, fragrance agents in incense sticks, skin care products, pharmaceutical and flavoring agent in foods which should boost market growth.
Growing demand for expensive perfumes and scents owing to rising trends for personal grooming and increasing expenditure on luxury goods are the primary factors which should drive the benzoe siam market growth. Global perfume market size accounted at over USD 35 billion in 2018 owing to improving living standards. Benzoe siam is used in perfumes and scents owing to its natural unique fragrance thereby stimulating overall market growth.
Rising respiratory ailments like throat inflammation and Catarrh disease owing to increasing levels of particulate matter in the air is the key factor boosting the demand for antibiotics which may stimulate market growth. Global antibiotics market size is likely to be valued at over USD 60 Billion by the year 2025. Benzoe siam is used in the treatment of respiratory disorders such as bronchitis, mucositis and throat inflammation owing to its property to act as an absorbent. It also aids in external skin treatments of skin abrasion, rashes and ulcers owing to its antibiotic properties thereby accelerating product demand
Benzoe siam is widely used in personal care products including shampoo, body lotions, soaps, creams, air freshener and talcum powder owing to its distinct odor and fragrance. Global personal care market size is expected to grow at over USD 180 billion by 2023. Growth in personal care products owing to rising young population and increasing awareness for grooming and personal hygiene are the key factors which may stimulate the benzoe siam market demand.
Synthetic based fragrance and perfumes can substitute benzoe siam owing to their easy availability and low cost which may act as a restraint to the product demand. However synthetic scent can’t compete with the exclusive fragrance and harmless nature of benzoe siam as it is obtained from natural sources.
North America benzoe siam market size driven by Canada, Mexico and the U.S is likely to see a substantial growth during the projected time period. Increasing respiratory ailments owing to growing cigarette consumption and rising particulate matter levels in the air are the key reasons responsible for market growth. In 2017, more than 8.5 million people were diagnosed with bronchitis in the U.S. Benzoe siam is used to provide relief in respiratory ailments bronchitis, sore throat and throat inflammation owing to its superior properties to act as an absorbent and antibiotic thereby accelerating regional product demand.
Europe led by France, Italy, Spain, UK and Germany benzoe siam market demand should witness significant growth by the year 2025. Rising demand for exotic perfumes owing to increasing young population, growth in personal care expenditure and rising income levels of the middle class are the key factors which may stimulate the industry growth. In 2018, Germany perfume market size was accounted at over USD 1.75 billion. The product is used in perfumes owing to its exclusive aroma and natural occurrence thereby driving the regional product demand.
Asia Pacific benzoe siam market size steered by India, China, Thailand and Japan should account a notable growth during the foreseeable timeframe. Rising demand for personal care products owing to increasing middle-class population and rising awareness for personal hygiene may accelerate the product demand. India personal care market size was accounted at over USD 1.5 billion in 2018. Benzoe siam is used in personal care products including soap, shampoo, body lotions, air fresheners, creams and talcum powder owing to its fragrance thereby boosting the regional market size.
Benzoe siam market size is moderately fragmented owing to the presence of relatively less number of manufacturers including Caesar & Loretz GmbH, Vietland Agrimex and Crescent Fragrances.
Benzoe Siam Market, By Applications, 2014-2025 (Tons) (USD Million)
- Personal care and cosmetics
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Caesar & Loretz GmbH
- Vietland Agrimex
- Crescent Fragrances
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