NEW YORK, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Global cinnamaldehyde market is forecasted to reach $280.3 million by 2023, the growth of the cinnamaldehyde market is mainly driven by the growing applications of cinnamaldehyde in the flavor, and fragrance industries.
Homecare and personal care products witnessed a high penetration rate in emerging economies owing to the availability of better market and distribution channels, which further creates opportunities for the key players in the cinnamaldehyde market. The high penetration of these products is due to the growing middle class in Tier 2 and Tier 3 cities. Additionally, personal grooming has gained importance among teenagers/youth, which is also expected to boost the personal care market in the coming years.
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On the basis of source, the cinnamaldehyde market has been segmented into synthetic and natural, where the synthetic source held a larger share of the market in terms of volume in 2016. However, in the same year, natural source held the larger market share in terms of value.
Cinnamaldehyde finds its application as a flavoring agent, odor agent, and others. As per the research findings, odor agent was the largest application area in the global cinnamaldehyde market in terms of both revenue and volume, in 2016. It is used as a fragrance agent in cosmetics, soaps, detergents, deodorants, cleaners, shampoos, and others. Also, it mixes well with other volatile chemicals which help in the fixation of fragrance and odors of perfumes, generally used in personal, and homecare industries.
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Asia-Pacific held the largest share of the cinnamaldehyde market, in terms of both revenue and volume, in 2016. Cinnamaldehyde is used in the region by various industries such as homecare, personal care, food & beverages, and others. The region is home to almost 3 billion customers of homecare, and personal care industries.
North America held the second largest share of the cinnamaldehyde market in 2016. The major growth driver for the market is the presence of mature and stable personal care, and homecare markets. Also, increased consumption of packaged foods, and high-end perfumes among the high-income groups are also contributing towards the market growth. High-income people have become the key customers of personal & homecare product manufacturers, because of their higher purchasing power.
Cinnamaldehyde is an organic compound, which provides the taste and smell of cinnamon spice. The essential oil in the bark of cinnamon trees contains almost 98% of the chemical. It is mainly used as a flavor and odor agent in the personal care, and homecare industries. It is also used as a fungicide that shows anti-microbial activity, which can prevent almost 50% bacterial growth in oral cavity. Additionally, it is also known as corrosion inhibitor for steel and other ferrous alloys in corrosive fluids.
Some of the key players operating in the cinnamaldehyde industry are Mubychem Group, Lanxess AG, Payan Berthand S.A, Emerald Kalama Chemical, LLC, Jayshree Aromatics Pvt. Ltd., Kao Global Chemicals, Finoric LLC, ABI Chem, Yingcheng Wuhan Organic Materials Co., Ltd., and Haihang Industry Co. Ltd.
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