Benzyl Salicylate Market Forecast and CAGR
According to latest research, the global Benzyl salicylate market is expected to grow with a CAGR 5% to 6% during the forecast period 2021-2031. The key factors propelling growth include the increased use of fragrance trends, and steady growth in personal care products in global markets, particularly in emerging and developing markets.
These factors have consequently triggered demand for high-quality Benzyl salicylate. Cosmetics have become an essential part of the modern individual’s lifestyle. Furthermore, an increase in spending on personal care & beauty products, as well as an increasing personal income, has become one of the major driving factors for demand in cosmetic sector.
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What is Driving Demand for Benzyl Salicylate?
The widespread use of this agent in industries such as pharmaceutical, cosmetics, and fragrance is a major driver of market growth. Manufacturing companies have used innovative strategies to increase sales of their cosmetics products, such as new product launches with natural ingredients and appealing packaging.
As cosmetics have become an integral part of people’s lives, consumers prefer to use cosmetics products that are portable and simple to use while travelling or attending social gatherings. The growing demand of the product from cosmetic and fragrance industries is projected to boost the demand of it during the forecast period.
Significantly growing demand of various cosmetic products is also expected to benefit the sales volume, as the compound is used in cosmetic and pharmaceutical industries as an active pharmaceutical ingredient for the manufacturing of various cosmetics and pharmaceutical product. The substantial growth in the pharmaceutical and cosmetic sector is estimated to boost the demand of this product in the coming years.
Cosmetic and fragrance industry expected to drive the consumption of Benzyl Salicylate
Benzyl salicylate is a salicylic acid benzyl ester that is commonly used in cosmetics as a fragrance additive or UV light absorber. It appears as a nearly colorless liquid with a mild odor described by some as “very faint, sweet-floral, slightly balsamic,” while others smell nothing at all.
One of the primary factors driving its market growth rate is the rising trend of organic cosmetic products. Furthermore, major market players around the world are promoting their products through a variety of e-commerce platforms in order to meet the needs of consumers, which is fueling the growth of the product in the market.
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Benzyl salicylate is also used as a solvent for synthetic musks and as a preservative in floral fragrances like Jasmine, Liliac, and Lily. Unique scents and appealing designs have propelled the home fragrance market to a great extent in past few years.
While traditionally rooted fragrances such as jasmine and sandalwood have made significant contributions over the years, particularly for soaps, a combination of fruity-floral fragrances is now gaining traction with marketers wooing younger consumers.
Asia-Pacific of Benzyl Salicylate Market Outlook
The strong development in the end use industries has resulted in the substantial growth of benzyl salicylate in the Asia Pacific region especially in China. Significant growth in the cosmetic industries, pharmaceutical industries and fragrance industries in China has augmented the growth of it.
Furthermore, the strong presence of the manufacturers have contributed significantly to the strong development of the product and further made the country a prominent player in this market. China, Japan, South Korea, and Indonesia are all doing exceptionally well in the cosmetics, beauty, and personal care products market.
India is also anticipated to be a key country in the market during the forecast period. The growth is expected to be attributed by the growing cosmetic industries along with fragrance industries in this country. Moreover, the significantly growing demand from the domestic pharmaceutical industry is also anticipated to boost the growth of its sales in India.
North America Benzyl Salicylate Market Outlook
The strong growth in the cosmetic sector in North America has resulted in the considerable growth of it in this region. Growing pharmaceutical industries along with the growing demand of cosmetic products are expected to benefit the benzyl salicylate consumption in North America. The development in the fragrance industry has also contributed to the sales of the compound in this region.
Who are the Key Manufacturers and Suppliers of Benzyl Salicylate
Some of the leading manufacturers and suppliers of Benzyl Salicylate are
- Zhengjiang Gaopeng Phamaceutical
- Jiangsu Puyuan Chemical
- JQC (Huayin) Phamaceutical
- Zhejiang Boadge Chemical Co. Ltd.
- Jiangsu Hongbang
- Ganzhou Maoyuan Phamaceutical.
Key manufacturers are investing in research and development. Consumer product manufacturers and retailers frequently rely on fragrance industry innovation to provide differentiation through technology, consumer trend understanding, and sustainable production.
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