Hexyl Acetate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1507
Global Hexyl Acetate Market size is likely to see potential gains owing to its immense use in major industries such as cosmetic, food and beverage. It is a sweet smelling, colorless and an organic ester compound commonly found in several fruits including apples and plums.
Due to urbanization, there is a rapid change in lifestyles of people living in the developing economies. People are becoming aware about different tastes and are willing to try new food and beverages. Increasing product usage in different food and beverage products is the major driver for the hexyl acetate market. The product is a natural flavoring agent found in fruits such as apples and plums. Food production companies add natural and artificial additives to their products to make them more tasty and exotic. Demand for natural and organic additives is on a rise. This gives the hexyl acetate market an upper hand in the coming years as people are getting health conscious and inclined towards natural additives.
Based on the process of product synthesis, hexyl acetate market can be classified into catalyzed reactive distillation synthesis and lipase catalyzed ester synthesis. Catalyzed reactive distillation synthesis is time consuming and uneconomical as it involves separation and performing reactions in the same vessel. The lipase catalyzed ester synthesis holds sway over the former and is commonly used by manufacturers in the production of hexyl acetate. Also, this segment is projected to have an upper hand in the production process in the near future.
Considering the end-user industry, hexyl acetate market can be bifurcated into different segments such as food & beverages, cosmetics, and pharmaceuticals. In 2016, the food & beverage segment held a notable chunk of the overall hexyl acetate market share. Owing to the demand, supply and market characteristics, this trend is anticipated to continue further in the forecast period. The product is also used in ready-to-eat foods for the purpose of flavor and essence. In the beverage industry, it has an extensive usage in the baking of beverages such as wine, beer and other liquors. Further, increasing demand for alcoholic beverages worldwide is the major factor enhancing the food & beverages segment. The rapid changing lifestyle of people, growing millennial population, busy work schedules and increasing number of working women tends them to consume these ready-to-eat foods, thus driving the demand for hexyl acetate market worldwide.
Apart from the food and beverage application, it also finds its use in the cosmetic and pharmaceutical industries. There is a rise in demand for perfumes and scents as, it reflects ones’ personality, individuality and style. The product finds its use in scents and perfumes as a natural essence and natural fruity aroma. Using natural additives in fragrances over synthetic ones is very beneficial as they do not cause any rash, skin sensitivity and allergies. In 2016, the global perfume industry was valued at over USD 35 billion. Increase in the demand for natural additives is also expected to boost the hexyl acetate market.
Due to high demand in alcoholic beverages and processed food, North America holds sway the hexyl acetate market, followed by Asia Pacific. The hexyl acetate market in Asia Pacific will expand rapidly owing to the fast-developing economies like India and China owing to changing lifestyles and vast youth population. Also, the hexyl acetate market is likely to expand in the Middle East & Africa at a decent pace owing to expansions and development in the economies.
Prominent players operating in the hexyl acetate market include Lluch Essence S.L., Frutarom Ltd, Elan Inc., Bontoux S.A, Beijing Lys Chemicals Co, Ltd., Augustus Oils Ltd, Apiscent Labs LLC, Alfrebro LLC, Advanced Biotech Inc., RX Marine International, Nimble Technologies Pvt. Ltd., Zhejiang NetSun Co., Ltd., Novaphene, Merck KGaA, Ungerer & Company and Elan Chemical Company Inc. to name a few.
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