Phenylethyl Market size is expected to reach USD 573 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of phenylethyl was over USD 285 Billion. Over the past decade, customer demand for natural products over synthetic chemicals has increased along with knowledge of conservation. According to a global survey, in 2021 approximately 44 percent of consumers will be more inclined to buy from brands that are committed to sustainability. Several impacted industries, including food, personal care, home care, and lawn and garden, are seeing significant market adjustments due to this shifting demand, which is also fuelling the natural goods sector's rapid expansion. Consumers are increasingly favoring products with natural ingredients. Phenylethyl, derived from natural sources like roses, aligns with this trend, leading to higher demand for natural fragrances and flavorings, thus driving the growth of the phenyl ethyl market.
Further, there is an opportunity for phenylethyl market players to focus on product innovation, such as developing new fragrance combinations or enhancing the properties of phenylethyl-based products. This helps companies gain a competitive edge and propel the market’s growth in totality.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 6% |
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Base Year Market Size (2023) |
~ USD 285 Billion |
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Forecast Year Market Size (2036) |
~ USD 573 Billion |
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Regional Scope |
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Type (Alcohol, Formate, Acetate)
The phenylethyl alcohol segment is poised to garner largest revenue share, accounting for 52% of the global phenylethyl market. Increasing demand for Phenyl ethyl alcohol in the pharmaceutical segment. Around 10,000 tonnes of 2 PE per year are produced in the world. Further, phenylethyl alcohol is used in cosmetics and personal care products. For instance, it is used as a main component in the rose oils that are obtained from rose blossom as it has a mild rose odor. All these cumulatively propel the market’s growth.
Application (Pharmaceuticals, Research Institutes)
The pharmaceutical segment in the phenylethyl market is anticipated to hold the dominant revenue share during the forecast period. Phenylethyl’s alcohol form is used as an excipient in the pharmaceutical industry, which is then used as a carrier or diluent for active ingredients. Further, phenylethyl is used as a preservative and antimicrobial agent to prevent the growth of microorganisms in the products and is responsible for the segment’s growth. Additionally, it is also used in the synthesis of various drugs and APIs. The increasing demand for pharmaceuticals globally, driven by an aging population and the growing prevalence of chronic diseases, is expected to drive the demand for phenyl ethyl alcohol in the pharmaceutical segment.
Our in-depth analysis of the global phenylethyl market includes the following segments:
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Type |
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Application |
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North American Market Forecast
North America phenylethyl market is estimated to hold the largest revenue share, amounting to 42%. The region showcases a robust growth trajectory, driven primarily by its wide-ranging applications across multiple industries. With the region’s increasing demand for fragrances and scented products, phenylethyl has emerged as a key component in the fragrance industry, prominently featured in perfumes, cosmetics, and personal care items. Additionally, its utilization extends to the pharmaceutical sector, where it contributes to the formulation of various medications. The food and beverage industry in North America also witnessed the integration of phenylethyl as a natural flavoring agent, enhancing the sensory experience of numerous products.
Asia Pacific Market Statistics
The Asia Pacific phenylethyl market showcases significant growth and potential, buoyed by several key factors. This region, known for its burgeoning fragrance, cosmetics, and pharmaceutical industries, has witnessed an upsurge in demand for phenylethyl. Its role as a vital ingredient in perfumes, scented products, and personal care items has contributed to the market’s expansion. As per estimates, the flavors and fragrances sector in 2019 amounted to USD 12 billion. With a rapidly growing population and increasing disposable income in countries like China, India, and Japan, there’s a heightened consumer inclination toward scented products, driving the demand for phenylethyl.
Author Credits: Smruti Ranjan, Rajrani Baghel
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