The global benzyl salicylate market is estimated to garner a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing usage of perfumes and cosmetics, amongst the consumer. Benzyl salicylate is an essential ingredient that is used in perfumes and cosmetics to enhance their scent. Furthermore, the gradual increase in demand for personal care products is expected to propel the growth of the global benzyl salicylate market over the forecast period. Personal care products include a myriad range of products, such as, bath products, make-up, shampoos, cleansers, and sunscreens. Moreover, doctors are spreading awareness regarding the benefits of using products such as sunscreen lotions. The Skin Cancer Foundation stated that sunscreen reduces the risk of skin cancers and skin pre-cancers. All such factors are boosting the sale of beauty products worldwide, and leading to escalating demand for benzyl salicylate. Furthermore, it is estimated that the fragrance industry is projected to be worth USD 53 billion by 2025. Benzyl salicylate is used as a solvent fixative and fragrance modifier in perfume, which is the reason the global benzyl salicylate market is expected to grow over the forecast period.
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The market is segmented by end-user into hair care products, skin care products, and pharmaceuticals & nutraceuticals, out of which, the skincare sub-segment is anticipated to hold the notable share in the global benzyl salicylate market over the forecast period on account of the escalating demand for cosmetics products. Benzyl salicylate is a key ingredient in making cosmetics, which is the reason the global benzyl salicylate market is projected to grow significantly over the forecast period.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global benzyl salicylate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the rising demand for cosmetics in the region. It is estimated that Asians consume more than 40% of the global cosmetic products, while Americans consume less than 25% products. Furthermore, the market is expected to grow on the back of presence of large consumer base in the APAC region, backed by the constantly rising population.
Similarly, the global benzyl salicylate market in the North America region is expected to witness significant growth over the forecast period, owing to the high disposable income of people in developed countries. It is estimated that total disposable personal income in the USA accounts for around 16 trillion dollars in 2019. People are willing to spend on self-care products which include benzyl salicylate. On account of this the global benzyl salicylate market is estimated to grow over the forecast period.
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The global benzyl salicylate market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global benzyl salicylate market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving the growth of the market are the proliferating use of cosmetics and fragrance industry.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 - 2031.
The major players in the market are ECSA Chemicals AG, LLUCH ESSENCE S.A de C.V., OQEMA AG., Glentham Life Sciences Limited., and Taytonn ASCC Pte Ltd.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end-user, and by region.
The skincare product segment is anticipated to hold the largest market size in value and display significant growth opportunities.
Adverse health impacts are estimated to hamper the market growth.
The Asia Pacific region is estimated to provide more business opportunities for growth of the global benzyl salicylate market in future on the back of presence of large consumer base.
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