Asia Pacific is expected to account over 35% of cinnamic aldehyde market share by 2024. Strong outlook in agricultural applications as surface disinfectant owing to low mammalian toxicity will drive product demand. Superior antifungal properties enabling inhibition of various fungus including lenzites betulina, laetiporus sulphureus, and trametes versicolor will fuel the industry growth.North America will witness CAGR over 6% up to 2024. Growing consumption of packaged food and organic flavoring ingredients have favored industry growth. Rising demand for aromatic chemicals derived from cinnamic aldehyde including cinnamyl alcohol will propel business growth.
Cinnamic Aldehyde Market is estimated to exceed USD 2 billion by 2024; according to a new research report. Shifting consumer preference for organic food ingredients along with extensive usage of flavor & fragrance enhancers will propel cinnamic aldehyde market growth. Growth in global FMCG industry due to increasing buyer demand will drive product scope in substantial applications. Technological advancements tied with rapid industrialization in consumer goods industry are major factors driving industry demand.
High consumer expenditure on luxurious consumer goods due to changing lifestyle specifically in developed nations is expected to enhance cinnamic aldehyde market trend. Rising demand from food & beverages, perfumes, surfactants and agrochemical industries, owing to low toxicity will fuel product demand. Easy blending capacity with other volatile chemicals, aids in the fixation of fragrance in several applications supporting the product demand.
Increasing consumer consciousness pertaining to health & safety will support industry demand. Moreover, increasing product usage in confectionery products including ice cream, candy and chewing gum to improvise flavors with usage levels ranging from 9 to 4900 ppm will drive the product demand.
Shifting manufacturer focus towards cost reduction particularly in household & personal care industry due to growing competition will propel industry growth. High availability of cinnamon in Asian countries has influenced cinnamic aldehyde market price trend. Rising consumer awareness for product credibility & functionality have enhanced inclination towards technological enhancements and product innovations. Increasing cases of skin irritation due to product usage in undiluted form is the major factor restraining the cinnamic aldehyde market.
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Antimicrobial agent accounted over 15% of cinnamic aldehyde market share in 2016. The antimicrobial properties prevent more than 50% of bacterial growth in the oral cavity increasing the product scope in oral care segments. Effective inhibition of bacterial growth including gram positive and gram-negative bacteria, fungi, filamentos molds and dermatophytes will enhance product penetration.
Natural source dominated the industry share accounting for over 80% in 2016. Increasing consumer health concerns along with high availability of naturally sourced products will positively drive cinnamic aldehyde market growth. Strong demand for organic processed food & beverages remains key growth factor for the industry.
Food & beverages was valued over USD 350 million in 2016. Rising demand for flavored beverages accompanied by changing food habits will support industry growth. Improved postharvest disease control and maintenance of color & quality of fruits are major factors driving product demand in food packaging industry.
Global industry share is highly fragmented owing to presence of numerous local and multinational corporations. Some of the key players include Emerald Kalama Chemical, Kalpsutra Chemicals, Vee Kay International, Graham Chemical, LANXESS, Aurochemicals and Kao Global Chemicals. Integrated supply chains are mainly adopted among manufacturers to ease procurement of raw material and reduce overall costs. Product portfolio expansion, mergers, supply agreements and long-term contracts are among major strategies adopted by industry participants.