Octyl Octanoate Market Statistics

Global Octyl Octanoate Market Size, Forecast, Trend Highlights Over 2023 – 2035

Octyl Octanoate Market size is estimated to reach ~USD 1 Billion by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of octyl octanoate was ~USD 932 Million. 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. A study conducted by researchers evaluated the effect of octyl octanoate on the organoleptic properties of fruit-flavored drinks. The results showed that the addition of octyl octanoate significantly improved the beverage's fruity aroma and overall flavor intensity, as assessed by a sensory panel.

Along with these, an increase in the launch of products with exotic and unique flavors, and a 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 to USD 700 billion by the end of 2025. Furthermore, escalating demand for processed food and beverages, and a surge in the use of specialty aroma substances in households are also expected to drive market growth shortly.

Global Octyl Octanoate Market: Growth Drivers and Challenges

Growth Drivers

Growing Fragrance Industry – One of the most significant growth of drivers of this market is the increasing demand for the fragrance industry. Natural ingredients used in the production of this fragrance are high in cost, making its premium product in the market enhances the demand for these fragrances in the market. Owing to the benefits of using natural products, the demand for these products in the personal care industry has been seen to have risen. For instance, its characteristics long lasting aroma provide freshness and its nice aroma raises its demand among customers. An ingredient widely used in the perfume industry because of its fruity and sweet scent, octyl octanoate is commonly used in perfumes, colognes, and other personal care products. In 2020, Givaudan announced that it would invest in a new manufacturing facility in China to meet the growing demand for fragrance ingredients in Asia Pacific, including octyl octanoate.
Increasing Usage of Octyl Octanoate to Enhance the Flavor of Food Items – Besides usage in the fragrance industry, octyl octanoate is widely seen in the food industry to enhance the flavor of food items. The food and drinks industry drives the market in the flavor segment. The rising demand variety of food flavors and the increasing demand of the food & beverage industry is anticipated to drive the market. In today’s time, customers are asking for a variety of food in almost every flavor which drives the growth of the market. A study published in the Journal of Food Science and Technology found that adding octyl octanoate to pineapple juice improved overall sensory qualities, especially in terms of fruity aroma and flavor.
Rapid Surge in the Sales of Cosmetic Products – Besides usage in the fragrance and flavor industry octyl octanoate usage can also be seen in the cosmetic industry. Increasing disposable income of people is leading to demand for personal care products for a better appearance in society. Cosmetic is a significant part of the personal care industry. Octyl octanoate plays a crucial role in the production of cosmetic products. As per a study of cosmetic dermatology, it was found that octyl octanoate significantly improved the photostability of avobenzone, a commonly used ingredient in UVA sunscreens, in vitro. The study also found that the combination of octyl octanoate and avobenzone provided better protection against UVA radiation than avobenzone alone.
Growing Usage in the Pharmaceutical Industry – The usage of octyl octanoate can be highly seen in the pharmaceutical industry. In order to reduce the bitterness of drugs octyl octanoate is being used to add extra flavors to them. Octyl octanoate works as an additive in drugs, syrups, chewable tablets, and gums. It reduces the bitterness of medicines and makes them edible. As per a study in the Journal of Pharmaceutical Sciences, it was countered that a 1% dose of octyl octanoate was effective in reducing the bitter taste of several model drugs on the human sensory panel.

Challenges

Availability of Alternatives for Octyl Octanoate – The market is filled with lots of alternatives of octyl octanoate. There are many such chemicals like octyl octanoate that can be used as its substitute. The global market is just filled with lots of substitutes for octyl octanoate. This is expected to hamper the market dynamic in the forecast period.
Promotes Processed and Packaged Food which is not good for health if consumed more.
Includes High Raw Material Costs

Global Octyl Octanoate Market Segmentation

The global octyl octanoate market is segmented and analyzed to demand and supply by end-use into essential oils, fragrances, flavoring agents, and others. Out of which, the flavoring agent’s segment is anticipated to hold the largest share of the global octyl octanoate industry. 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, the 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. A 2020 survey found that 55% of U.S. consumers would eat more packaged and ready-to-eat foods compared to before the COVID-19 pandemic owing to the convenience and time-saving factors are purchasing.

The global market of octyl octanoate is segmented and analyzed for demand and supply by purity level into less than 98% and above 98%. Based on 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. This segment utilization can be seen in various industries, such as in fragrance, cosmetics, pharmaceutical industries, and many more.

Our in-depth analysis of the global octyl octanoate market includes the following segments:

By Purity Level	Less than 98% Above 98%
By End Use	Essential Oils Fragrances Flavouring Agents others

Global Octyl Octanoate Market Regional Synopsis

The market in Asia Pacific is estimated to witness noteworthy growth by the end of 2035. This can be attributed on the back of the rapidly expanding production of additive flavors and fragrances in the region, especially in China and South Korea. China in the Asia Pacific region is regarded as the biggest producer of the fragrance industry. According to a report, the 2020 fragrance market grew by 12% in Tier 2 cities compared to 8% in Tier 1 cities in China. In addition, the rising production of homecare and personal care products is also expected to drive market growth in the region. The rise in the flavored products in the India and China region is expected to drive the growth of the octyl octanoate market. Moreover, increasing demand for pharmaceuticals, supplements, and processed foods is also expected to fuel the market in the region.

The market in North America is projected to grow at a significant share by the end of 2035. Ascribing to the high penetration of cosmetics, and the 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. In addition, the rise in cosmetic therapy, more air freshener appliance production, and the high use of personal care products in the region. Anticipated to drive the demands of the octyl octanoate in this region. Additionally, lots of cosmetics brands are focusing on opening chains in the North American region will boost the octyl octanoate market.

The market in the Europe region is anticipated to account for the majority of the market share by the end of 2035. The market for octyl octanoate in Europe is driven by increasing demand for personal care products and cosmetics, as well as increasing the use of pharmaceuticals. The cosmetics industry is a major consumer of octyl octanoate in Europe. Octyl octanoate is also used as an additive in drugs, syrups, chewing gums, and more in the pharmaceutical industry. In addition to this, it also helps reduce the bitterness of the drug and make it consumable.

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Top Featuring Companies Dominating the Global Octyl Octanoate Market

Symrise AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Firmenich SA
Robertet Group
Penta Manufacturing Company
Givaudan SA
Synerzine, Inc.
BOC Sciences
The Good Scents Company
Merck KGaA
Novaphene

In The News

Fermenich SA announced the opening of its new customer experience studio in Guangzhou, intending to respond to consumer and customer demands for tailored fragrance and health-conscious taste solutions.
Robertet Group acquired Astier Demarest to strengthen its sourcing capabilities and consolidate leadership in natural ingredients.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the octyl octanoate market?

Ans: Increasing usage of octyl octanoate to enhance the flavor of food items and rapid surge in the sales of cosmetic products are the major factors driving the growth of the octyl octanoate market.

2) What would be the CAGR of octyl octanoate market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the octyl octanoate market growth?

Ans: The availability of alternatives for octyl octanoate is the factor likely to hamper the market growth.

4) Which region will provide more business opportunities for growth of octyl octanoate market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the octyl octanoate market?

Ans: The major players in the market are Firmenich SA, Robertet Group, Penta Manufacturing Company, Givaudan SA, Synerzine, Inc., BOC Sciences, The Good Scents Company, Merck KGaA, Novaphene, and many more.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the octyl octanoate market?

Ans: The market is segmented by purity level, end user, and by region.

8) Which segment captures the largest market size in the end use segment in the octyl octanoate market?

Ans: The flavoring agent segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Base Year	2023
Forecast Year	2035
CAGR	~5%
Base Year Market Size (2022)	~USD 932 million
Forecast Year Market Size (2035)	~ USD 1 billion
Regional Scope	North America (U.S. & Canada) Latin America (Brazil, Mexico, Argentina, Rest of Latin America) 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) Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa)