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Benzoe Siam Market size is anticipated to witness healthy growth during 2023 to 2032, on account of the mounting consumption of beauty products such as perfumes. In recent years, global sales of high-end fragrances have been gathering steam and have started to pick up during the coronavirus pandemic.
Citing an instance, in 2022, Groupe Pochet, a glass bottle manufacturing firm, delivered nearly 270 million beauty jars and glass perfume bottles. These factors will fuel the usage of benzoe siam resinoid extracts as a typical ambery-balsamic ingredient for perfumery. The product also has a delicate, sweet, and slightly cinnamic profile, boosting ambery and oriental notes in the composition.
Siam benzoin refers to a tropical Asian tree exudate or a natural gum resin. The gum resin of this raw tree can be adopted in potpourris, aromatic tinctures, sachets, incense blends, and infusions. The compound is considered a good fixative as it can extend and absorb scents. It also boasts of a sweet-spicy and balsamic odor and a distinctive vanillin-like tone, mainly consumed within perfumery as a soap fragrance.
A prominent factor bolstering the benzoe siam market trends is the growing prevalence of asthma and other respiratory diseases. Based on data from the Asthma and Allergy Foundation of America, in 2020, 42.7% of children aged 18 years or younger with asthma reported having asthma attacks in the past year. Since benzoe siam resin has medicinal use as a tonic to treat skin infections and provide relief from asthma, bronchitis, and other respiratory conditions, the high disease burden will boost compound demand.
Due to the increased exposure to cosmetics, beauty consumerism is at an all-time high. With a steadily increasing disposable income, the adoption of beauty products has also skyrocketed in the APAC region. In addition, the increasing trend of personal grooming will create lucrative growth opportunities for the manufacturers of siam benzoin resinoid oils.
The fragrance application segment is predicted to hold a considerable share of the benzoe siam market by 2032, owing to the mounting online sales of personal care solutions. As per Unicommerce data, in 2022, the e-commerce sector recorded a 69.4% beauty and personal care order volume growth Y-o-Y. Furthermore, the inclination toward top-quality cosmetics will accelerate the market demand. Despite the growth trajectory, the presence of synthetic-based and economical fragrances may hamper the industry size for fragrance applications.
The benzoe siam market value from the pharmaceutical end-use segment will amass substantial gains in the upcoming years, considering its usage as an inhalation ingredient for catarrh disease treatment. Based on data from the National Institute of Health, nearly 5% of the general population is diagnosed with acute bronchitis episode every year. The compound has antibiotic properties and can be utilized as a therapeutic for varied skin conditions. Furthermore, its extensive use in traditional Chinese medicine production and the treatment of throat inflammation and other breathing disorders will augment its production for pharmaceutical applications.
On the regional front, the Asia Pacific benzoe siam market will gain remarkable momentum during the forecast timeline, attributed to the high burden of breathing disorders. In India, for example, the chronic obstructive pulmonary disease affects around 63 million people, accounting for over 32% of the world’s disease burden. Lifestyle changes and beauty product acceptance have also become prominent trends. These factors, alongside the strong demand for personal care solutions, will stimulate benzoe siam sales across the region.
Some of the leading companies operating in the benzoe siam market include Caesar & Loretz GmbH, Vietland Agrimex, and Crescent Fragrance, among others. These companies are incorporating strategies such as partnerships, mergers and acquisitions, and product launches to expand their footprint and solidity their presence in the global market.
Inflation has affected the cost of cosmetics and personal care solutions globally. For example, as of October 2022, inflation hit record heights in the UK, leading to an increase in the price of day-to-day beauty products. Products with fluctuating unit prices include deodorants. These setbacks may limit the adoption of benzoe siam in fragrance development and hinder the industry outlook.