Synthetic Cinnamaldehyde Market size is expected to reach USD 563 Million 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 synthetic cinnamaldehyde was over USD 280 Million. The market is growing rapidly due to various factors such as its increased use in flavor and fragrance industries, expanding personal care, home, and food and beverage sectors across the globe, and easy access to raw materials. The demand for synthetic cinnamaldehyde is also expected to be influenced positively by urbanization and rising consumer disposable income. As observed by Research Nester analysts, the global disposable incomes and expenditure per household grew by 2.6% in 2022. Moreover, an increase in consumer expenditure on personal care products and a rise in research and development activities focused on the benefits of scent are fueling the demand for synthetic cinnamaldehyde. Upon analysis, the perfume industry uses over 3,100 synthetic scent compounds. The average name-brand perfume contains 29 chemicals, leading to the growth of the market.
In addition, mixtures of aldehyde and surfactant, such as trans-cinnamaldehyde, have been found to be effective in preventing corrosion, particularly in the presence of minerals or organic acids. Compared to compositions containing only aldehydes, these mixtures show higher and more consistent corrosion prevention. Consequently, the demand for synthetic cinnamaldehyde is expected to increase.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~ 6% |
|
Base Year Market Size (2023) |
~ USD 280 Million |
|
Forecast Year Market Size (2036) |
~ USD 563 Million |
|
Regional Scope |
|
Product Type (Flavor agent, Antimicrobial agent, Aroma agent, Pesticide & Insecticide)
The antimicrobial agent segment is poised to hold 42% share of the global synthetic cinnamaldehyde market during the forecast period. The increased demand for antimicrobial agents arising from various industries like healthcare, food processing, and packaging due to growing concerns about hygiene, food safety, and health. Antimicrobial agents are extensively used in these sectors to inhibit the growth of microorganisms and ensure product safety, contributing to their projected market growth.
Application (Food & beverages, Household & Personal Care, Agriculture, Healthcare, Industrial)
Synthetic cinnamaldehyde market from the food and beverages segment is set to garner the majority revenue share. This segment typically holds the highest market share owing to the universal necessity of food products and the continuous demand for innovations in food processing, preservation, and safety. The food & beverage industry consistently seeks advancements in ingredients, packaging, and processing techniques, leading to significant growth opportunities and a substantial market size. As per statistics, the synthetic food industry accumulated a revenue of USD 16 billion in 2023. This enhanced opportunities for the market.
Our in-depth analysis of the global market includes the following segments:
|
Product Type |
|
|
Application |
|
Industry - Regional Synopsis
North American Market Forecast
North American synthetic Cinnamaldehyde market is anticipated to hold the largest market accounting for 36% of the market share. The market experiences consistent growth driven by its versatile applications across various industries. The compound serves as a key flavoring agent in the food and beverage sector, enhancing the taste of confectionery, baked goods, and beverages, meeting consumer preferences for diverse and appealing flavors. Moreover, its aromatic properties contribute significantly to the cosmetics and personal care industry, where it's incorporated into fragrances for perfumes, skincare, and toiletry products, catering to the market’s demand for natural-like scents. According to Research Nester analysts, the cosmetics and personal care industry in North America is expected to generate USD 118 billion in revenue by the end of 2024.
APAC Market Analysis
Asia Pacific synthetic cinnamaldehyde market is estimated to garner significant revenue share during the forecast owing to diverse industrial applications. Widely utilized in the food and beverage industry, Synthetic Cinnamaldehyde serves as a pivotal flavoring agent, enriching the taste profiles of various culinary products, including confectionery, baked goods, and beverages, meeting the region’s demand for unique and flavorful offerings. Furthermore, its aromatic attributes contribute significantly to the cosmetics and personal care sector, where it's integrated into fragrances for skincare, perfumes, and toiletries, aligning with consumer preferences for natural-like scents. However, challenges arise from the evolving consumer preferences for natural ingredients despite its synthetic origin. To sustain its market presence, manufacturing emphasizes safety, quality, and functionality while addressing consumer concerns. Compliance with stringent regulatory standards remains crucial in the region’s regulatory landscape, influencing its usage across diverse industries. Overall, Synthetic Cinnamaldehyde thrives in the Asia Pacific market due to its versatile applications in food, cosmetics, and personal care, while navigating challenges associated with changing consumer preferences and regulatory compliance.
Author Credits: Smruti Ranjan, Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?