Benzoe Siam Market size is foreseen to grow considerably over the span of 2022-2028 owing to growing sales and preference for unique perfumes amongst customers. Benzoe siam is a compound that imparts fragrance to major perfumes. Increasing purchase capacity and inclination towards buying top quality products, including different personal care and cosmetic products, would foster the demand for benzoe siam.
Benzoe siam is a natural gum-resin, or also known as balsamic resin. The compound boasts of a sweet-spicy and balsamic odor, with a distinctive vanillin-like tone. It is mainly used within perfumery as a soap fragrance, offering rich sweetness that multiplies as a fixative agent for other ingredients.
Factors like COVID-19 outbreak and availability of economical synthetic-based fragrance alternatives are expected to hinder the growth of benzoe siam market over the analysis period. However, increasing application scope of the compound in the pharmaceutical industry would enhance the growth prospects for the overall industry through 2028.
Across the pharmaceutical sector, benzoe siam is used as an inhalation ingredient for the treatment of catarrh diseases, due to its antibiotic properties and as a therapeutic for skin treatments credited to its antibiotic properties. It is also used as an absorbent in the treatment of breathing disorders such as bronchitis, throat inflammation, and mucositis. As per estimates, about 5% of the general population reports an episode of acute bronchitis every year, leading to more than 10 million hospital visits annually. Benzoe siam is used in the production of traditional Chinese medicines, posing positive impact on the overall market growth in the coming years.
Escalating trend of personal grooming across diverse developed and developing economies including the United States, India, China, Germany, and others would augment the demand for benzoe siam across the personal care and beauty industry. Customers are readily spending hefty amounts on purchase of different luxury products.
Regionally, Middle East and Asia Pacific regions are slated to account for massive growth in the overall benzoe siam industry over the stipulated time frame. The growth in Middle East benzoe siam market would come from the expanding perfumery and fragrance industry. Additionally, the presence of leading fragrance manufacturers in the region would lead the market expansion.
Asia Pacific benzoe siam market would expand considerably driven by the surging demand from diverse end-user industries like personal care products, pharmaceuticals, and more. Besides, mounting beauty and lifestyle trend are likely to further add to the growth share.
Benzoe siam industry is highly consolidated and boasts the presence of leading solution providers like Crescent Fragrance, Vietland Agrimex, and Caesar & Loretz GmbH. These players are taking up strategic initiatives like mergers and acquisitions, partnerships, and product launches, to gain a competitive edge in the overall market.
Benzoe siam market had a debilitating impact on the revenue scales and size during the COVID-19 period. This can be reasoned to the unavailability of raw materials due to disruptions in supply chain and reduced workforce across different production units. Besides, decline in personal care and beauty products across the retail stores due to social distancing norms had challenged the market growth during 2020. However, increasing online sales of beauty products would offer positive growth prospects to the overall market even amidst the crisis.