2-Phenylethanol Market size to exceed USD 350mn by 2027
Published Date: June 1, 2021 Authors: Kunal Ahuja, Kritika Mamtani
2-Phenylethanol Market size is set to surpass USD 350 million by 2027, according to a new research report by Global Market Insights Inc.
Surging demand for premium and natural cosmetic products is expected to drive 2-phenylethanol industry outlook. Also, increasing consumer demand for wide range of flavored food and beverages is driving the market worldwide.
Growing demand for natural ingredients should increase the need for natural 2-phenylethanol
Natural 2-phenylethanol market demand should show significant growth in the predicted period and is expected to exceed USD 200 Million by 2027. Natural 2-phenylethanol segment is growing at a significant pace owing to rising demand for natural ingredients for production of cosmetics, personal care items, food, beverages and pharmaceuticals. Consumers in developed countries including the U.S., UK, Canada, France, Germany, Italy, and Australia, are willing to pay higher prices for natural products. This trend further bolsters the need for natural 2-phenylethanol demand. In addition, natural 2-phenylethanol occurs naturally in various types of essential oils such as carnation, rose, Aleppo pine, hyacinth, orange blossom, ylang-ylang, neroli, champaca, and geranium. Therefore, easy availability of raw material for production of natural 2-phenylethanol should drive its growth.
“Natural 2-phenylethanol segment is set to witness over 7% CAGR through 2027 owing to rising demand for natural and chemical-free products.”
Food and beverages segment of 2-phenylethanol market exceeded USD 65 Million in 2020. Rising demand for flavor ingredients in variety of food and beverage products and willingness of consumers to try new and innovative flavored food and beverage products should boost the market statistics.
2-phenylethanol finds widespread usage in black walnuts, white wines, red wines, sweet basils, peppermints, and Ceylon cinnamons. The food & beverage industry requires flavors to add new product line, for new product development, and change the taste of existing product. Consumers are increasingly willing to try new and innovative flavored beverages. Therefore, extensive use of the product in various foods and beverages is projected to boost market demand.
“2-phenylethanol demand from food and beverages application is expected to register over 5.6% CAGR between 2021 and 2027 pertaining to growing demand for flavored food and beverage products.”
Browse key industry insights spread across 165 pages 158 market data tables and 37 figures & charts from the report “2-Phenylethanol Market Statistics By Product (Synthetic, Natural), Application (Cosmetics & Personal Care, Laundry & Home Care, Food & Beverages, Pharmaceuticals), Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Price Trend, Competitive Market” in detail along with the table of contents:
High customer expenditure on cosmetic & personal care in Europe should propel the product demand
Consumers in Europe have increased their spending on cosmetic and personal care goods as they have become an indispensable feature of modern lifestyle of individuals which is likely to drive industry landscape. Additionally, over the past few years there is a rise in the use of cosmetic products among men in their daily routine, which is further leading to the growing demand for cosmetics products in Europe. High standard of living of consumers and rising spending on premium products has led to rapid growth in cosmetic business in Europe. Therefore, high growth in the cosmetics sector in major European countries including Germany, France, Italy, and UK offer significant growth opportunities for 2-phenylethanol manufacturers operating in the region. Additionally, the presence of major cosmetic companies in the region such as L'Oreal S.A, Unilever, Procter & Gamble Co, Avon Products Inc., Estee Lauder Companies Inc., Beiersdorf AG, and Revlon, Inc. offers a wide consumer base for 2-phenylethanol market in Europe.
Players in 2-phenylethanol market are adopting different strategies such as mergers & acquisition, partnership, online retail, and production capacity expansion to sustain their position in the global market. The major players include Shandong Xinhua Pharmaceutical, Symrise AG, LyondellBasell Industries, Firmenich SA, Eternis, Berje Inc., and Apple Flavor & Fragrance Group.