Global Octyl Octanoate Market Highlights Over 2022 - 2031
The global octyl octanoate market is estimated to garner a sizeable revenue by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the increasing usage of octyl octanoate to enhance the flavor of food items, coupled with the growing demand for natural ingredients for the preparation of food and beverages. Along with these, increase in the launch of products with exotic and unique flavors, and rapid surge in the sales of cosmetic products are projected to offer ample growth opportunities to the market in the forthcoming years. In 2020, the total spending in the global beauty industry reached a value of more than USD 450 billion, which is evaluated to amount for USD 700 billion by the end of 2025. Furthermore, escalating demand for processed food and beverages, and surge in use of specialty aroma substances in households are also expected to drive market growth in the near future.
The market is segmented by end use into essential oils, fragrances, flavoring agents, and others, out of which, the flavoring agents segment is anticipated to hold the largest share in the global octyl octanoate market. This can be accounted to the growing use of flavors in the pharmaceutical industry as inactive ingredients in chewable tablets, syrups and gums. Apart from this, rise in demand for ready to eat food items that require more taste is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of purity level, the less than 98% segment is assessed to occupy the largest share during the forecast period owing to the high availability and low price of this type of octyl octanoate, as a result it is extensively being used in a variety of industries. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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 Program), 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 favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor 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 the investment in businesses in Asia Pacific countries in the upcoming years.
Global Octyl Octanoate Market Regional Synopsis
Regionally, the global octyl octanoate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rapidly expanding production of additive flavors and fragrances in the region, especially in China and South Korea. In addition, rising production of homecare and personal care products is also expected to drive market growth in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the high penetration of cosmetics, and strong footprint of market players in the region. In the United States, the online channel for beauty grew by more than 5% in 2020. Also, the country accounts for more than 20% of the global value of the cosmetic industry globally.
The global octyl octanoate market is further classified on the basis of region as follows:
Our in-depth analysis of the global octyl octanoate market includes the following segments:
By Purity Level
By End Use
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing usage of octyl octanoate to enhance the flavor of food items, and rapid surge in the sales of cosmetic products.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022-2031.
The major players in the market are Symrise AG, Firmenich SA, Robertet Group, Penta Manufacturing Company, Givaudan SA, and others.
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 purity level, end use, and by region.
The flavoring agents segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Availability of alternatives for octyl octanoate is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth on the back of the rapidly expanding production of additive flavors and fragrances in the region.
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