2-Phenylethanol Market Size, Share, Growth Analysis, Business Insights And Forecast To 2031
llied Market Research recently published a report titled "2-Phenylethanol Market by Type (Natural and Synthetic) and End-use Industry (Food & Beverage, Personal Care & Cosmetics, Pharmaceutical, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031". According to the report, the global 2-phenylethanol industry generated $491.7 million in 2021 and is anticipated to reach $761.7 million by 2031, with a CAGR of 3.3% from 2022 to 2031.
2-Phenylethanol is a translucent, clear, and slightly viscous compound commonly found in cosmetics and personal care products such as shampoo, eye shadow, perfume, and skin care items. It serves as a preservative in these products, protecting them from spoilage. Additionally, 2-Phenylethanol is utilized in fragrance production and as a disinfectant in cleaning solutions, owing to its ability to eliminate microorganisms.
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Prime Determinants of Growth:
The growth of the global 2-phenylethanol market is driven by increased demand from the cosmetics & personal care industry and a surge in the demand for cleaning products. However, market growth is hindered by the availability of substitutes offering higher performance. Nonetheless, opportunities are anticipated to emerge due to the rising demand for natural fragrance ingredients in the future.
The Natural Segment to Maintain Leadership Status:
In 2021, the natural segment accounted for over two-thirds of the global 2-phenylethanol market and is projected to maintain its dominance throughout the forecast period. This segment is expected to exhibit the highest CAGR of 3.3% from 2022 to 2031, attributed to the growing health concerns among the population. The report also covers insights on the synthetic segment.
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The Personal Care and Cosmetics Segment to Lead:
The personal care and cosmetics segment held the largest share in 2021, contributing to over two-fifths of the global market and is expected to maintain its lead position during the forecast period. Furthermore, this segment is anticipated to register the highest CAGR of 3.4% from 2022 to 2031, driven by its role as a preservative in cosmetic products and its allergy-free and side-effect-free properties. Other segments analyzed in the report include food & beverages and pharmaceuticals.
Asia-Pacific to Maintain Dominance:
Asia-Pacific emerged as the dominant region in terms of revenue in 2021, holding over two-fifths of the global 2-phenylethanol market. The region is expected to witness the fastest CAGR of 3.4% from 2022 to 2031, driven by a high consumer base in the personal care & cosmetics and food & beverage industries. Other regions discussed in the report include North America, LAMEA, and Europe.
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Leading Market Players:
Apple Flavor and Fragrance Group Co., Ltd.
Eternis Fine Chemicals Ltd.
Firmenich SA
Harmony Organics Pvt., Ltd.
Kdac Chem Pvt., Ltd.
LyondellBasell Industries Holdings B.V.
Matrix Scientific
Symrise AG
TCI America
Yingyang (China) Aroma Chemical Group
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