2-Phenylethanol Market size is set to surpass USD 370 million by 2028, according to a new research report by Global Market Insights Inc.
2-Phenylethanol plays an important role in getting rid of dead skin, fine hair, and wrinkles. It also prevents aging of the skin and is thereby increasingly used in antiaging products in the cosmetics and personal care industry. The growing aged population along with rising consumer demand for anti-aging products have led to the introduction of efficient and safe anti-aging products in the market and driven the demand for 2-phenylethanol.
Increasing consumer awareness towards environmental safety and greater knowledge about wellness especially among young consumers will propel the industry expansion. Also in the current scenario, several consumers are demanding greater transparency in the products they purchase. More consumers want to know where their products come from and what their ingredients. Therefore, these factors are supporting the natural 2-phenylethanol market growth.
Wide application and cost-effective nature of synthetic 2-phenylethanol will influence the market expansion
Synthetic segment is projected to cross USD 155 million by 2028. Synthetic 2-phenylethanol is used as an alternative to expensive plant extracts and in the chemical industry to manufacture various chemicals including phenyl acetaldehyde, phenyl acetic acid, benzoic acid, styrene, and phenyl ethyl ester will boost synthetic 2-phenylethanol market demand.
The lower cost of synthetic 2-phenylethanol compared to its counterpart should support its demand in multiple industries such as the chemical and cosmetic industries. Therefore, growing cosmetic and personal care spending coupled with an increase in disposable income of consumers will foster the business landscape.
Growing demand for flavor additives in the food and beverage industry will fuel the market revenue
2-phenylethanol market from food and beverage application was valued at over USD 65 million in 2021 and anticipated to witness 5.5% CAGR during the forecast periods. 2-Phenylethanol offers a fresh rose aroma with a sweet taste and is a high-value compound due to its application in the food & beverage industry. It is used in non-alcoholic food & beverages including candies, ice-creams, and chewing gums owing to its ability to offer fresh flavor and aroma, thus improving the quality of the food products and meeting consumer needs.
An increase in demand for flavor additives in functional beverages including health, energy, sports, and relaxation drinks is expected to augment the 2-phenylethanol demand in the beverage industry. The growing trend of healthy and gym freak lifestyles especially in developed regions such as Europe and North America should propel the demand for energy and sports drinks.
Browse key industry insights spread across 175 pages with 158 market data tables and 37 figures & charts from the report, “2-Phenylethanol Market Analysis By Product (Synthetic, Natural), Application (Cosmetics & Personal Care, Laundry & Home Care, Food & Beverages, Pharmaceuticals), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Rapid growth of the pharmaceutical industry in North America is anticipated to fuel the market forecast
North America 2-phenylethanol market exceeded USD 60 million in 2021 and is projected to exhibit a CAGR of 5% during the analysis period. 2-phenylethanol is an antiseptic, antimicrobial, and disinfectant agent in the pharmaceuticals industry. It is used as a preservative to protect them from chemical change and microbial action. Preservation is an essential part of the pharmaceutical industry to reduce the risk of microbial contamination and enhance the shelf life of pharmaceutical products.
The North America pharmaceutical industry is one of the most innovative industries supported by the government, especially in Canada. The government of North America provides a business-friendly environment for pharmaceutical manufacturers. Therefore, the growing pharmaceutical industry coupled with government support, and development in the manufacture of drugs & medications will foster the regional market share.
2-Phenylethanol market key players include Firmenich, Symrise AG, LyondellBasell Industries, Shandong Xinhua Pharmaceutical, Apple Flavor and Fragrance Group, Eternis Fine Chemicals Ltd, Berje Inc., Robertet Fragrances, Vigon International, Inc. Key players are executing various strategies such as investment to launch new products and enhance their product offerings. Also, major market players are attempting to gain a competitive advantage through technological innovation and cost-efficient production of phenyl ethyl alcohol from natural sources.
In June 2021, Symrise AG enhanced its focus on innovation, especially on sustainable processes like the implementation of “green chemistry” and ecologically responsibly obtained raw materials shall create additional momentum for the growth of the company. That helps Symrise to offer customers advanced solutions and service models.