The global balsam bottle market is expected to register a market value of US$ 850.8 million in 2023 and is projected to accumulate a valuation of US$ 1490 million by exhibiting a CAGR of 5.7% in the forecast period 2023 to 2033. The Balsam Bottle market registered a growth of 4.2% CAGR in the historical period 2018 to 2022. Balsam bottles are used for the packaging of Canadian balsam oil which due to its high volatility cannot be stored in just any bottles. Balsam oil is also called turpentine which gets evaporated when kept in an open environment.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 850.8 million |
| Projected Market Value in 2033 | US$ 1,490 million |
| Growth Rate (2023 to 2033) | 5.7% CAGR |
Also, if exposed to open air it gets amorphous or solidified. Thus, to keep the Canadian balsam intact, these bottles are used to fulfill the purpose. Balsam bottles are specially designed to clean airtight glass bottles which are widely used for storage of Canadian turpentine oil. The increasing adoption of aromatherapy and heightening demand for Canadian Balsam essential oil are key drivers responsible for fuelling market growth.
For example, according to the Centre for Promotion of Imports from developing countries, in Europe- it is estimated that the European aromatherapy market was worth more than US$ 1.3 billion in 2016. It is estimated to grow at a CAGR of 9.5% and would accumulate over US$ 2.7 billion by 2024. In addition, with the expanding personal care and wellness industry and increasing disposable income, the demand and sales for balsam bottles are anticipated to increase.
There is high demand for turpentine for the processing of chemical products in adding fragrance agents, flavoring, and solvents are driving the sales of balsam oil as well as balsam bottles. Additionally, rising applications of Canadian balsam oil in paint & coatings, cosmetics, pharmaceutical, construction, and other end-use industries will offer new opportunities for market expansion.
Along with this, the growing application of balsam oil as a fragrance agent and perfume is further driving the market growth ahead. The distilled balsam oil contains aromatic compounds like alpha-pinene and beta-pinene which offers a resin smell, thereby making turpentine a perfect choice for the synthesis of fragrances. Also, the escalating demand for fragrance agents like turpentine oil in the personal care industry is further expected to propel growth in the market.
The growing preference for natural fragrance ingredients and cosmetic active ingredients is fuelling the market of Canadian balsam oil which is directly aiding the market of balsam packaging bottles. Therefore, with the growing application of balsam oil for aromatic compounds and fragrance agents, product demand is expected to rise. The burgeoning demand for bio-based products in the cosmetic active ingredients and home care industry is creating the demand for turpentine bottles.
Region-wise, Asia-Pacific is expected to exhibit the highest CAGR of 5.6% during the forecast period. The growth is attributed to rising demand for personal care and cosmetics products which would create lucrative opportunities for the sales of balsam bottles in the region. Also, robust growth in paint, coatings, pharmaceuticals, and chemical sectors will create major demand for turpentine which will bolster the market of balsam bottles.
The market in North America is expected to grow with a significant CAGR of 5.3% during the projection period. Factors such as the thriving fragrance industry, robust pharmaceutical industry, and rising per capita expenditure on personal care items by the populace will drive regional growth.
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Recent developments and breakthroughs in technology, mergers, acquisitions, collaborations, and partnerships within the companies involved in manufacturing balsam bottles are anticipated to create new avenues for market expansion during the forecast period.
According to latest research study by FMI, balsam bottle business is set to grow at a CAGR of over 5.4% during 2021-2031. The product is gaining high traffic from the end-use industries such as laboratories, where they are used to stores Canadian balsam due to its high volatile nature.
Furthermore, the increasing inclination of people towards balsam essential oil and its products has led to increased demand for balsam bottles. In the coming years this demand is anticipated to skyrocket and will support the overall business. It is expected that during the balsam bottle business will grow at a rate of 1.7X during the forecast period.
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The Canadian balsam also called as Canadian turpentine is a resin extracted from balsam fir tree. These are used in various personal care & cosmetics and medicines due to their myriad health benefits. They are used to cure hemorrhoids, sore, cuts, tumors, inflammation and many more related health issues.
Also, Canadian balsam have uses in laboratories, they are used as mounting medium in microscopy application for the preparation of permanent slides.
With these many applications of Canadian balsam the need of its storage has been a major concern of users, as it is very volatile in nature and gets easily dissolved in the air when kept openly in the atmosphere. Also, it gets solidified or amorphous when exposed to excess air.
Thus, balsam bottles are used in order to prevent such exposures to the Canadian balsam. The balsam bottle are clean air tight glass bottle specially used for storing Canadian balsam. Nowadays, they are also being used in domestic application due to its aesthetical appeal and so its demand from domestic end-use is also increasing.
In the coming 10 years higher inclination of the Canadian balsam products will complement the growth of balsam bottles.
The per-capita expenditure on personal care and wellness products is increasing in developed nations. In the North America per-capita expenditure on personal care and cosmetics is more than US$ 130 where as in Europe it is over US$ 151. The people in these region are readily investing for new personal care and well products.
The growing awareness of people in these regions on benefits of Canadian balsam based essential oil has led to increased demand of it. With such a demand the personal care manufacturers are have scaled their production of Canadian balsam essential oils and this in turn has lifted the requirement of balsam bottles.
During the forecast period the growth in Canadian balsamic essential oil business is set to bolster balsam bottles business and is anticipated to create an absolute dollar opportunity of more than US$ 50 Mn.
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The North America is one of the prominent region in global balsam bottle market. From the past half-decade the regional business grew at a rate of 1.2X owing to higher demand from laboratories and personal care industries in the region.
Regional population is more inclined towards using Canadian balsam oils and products and this has led to higher demand of its products in oils and cosmetics. The personal care manufacturers are requesting for customized balsemic bottles for their products and are readily trading for it. This has been converting into newer business opportunities for the regional manufacturers.
The USA has been one of the top contributor for the region’s demand. In the country there are about more than 13,500 chemical manufacturing units all of which use Canadian balsam as mounting medium in microscopy process and so store it in balsam bottles.
Thus, the demand from these laboratories has been one of the prime reasons for higher sales of this product in the region. It is expected that during the forecast period the regional market will grow at a rate of over 1.5X, projecting a CAGR of 5.1%.
Asia Pacific is one of the strategic region in balsam bottle market. The region accounted for more than 30% of the global sales, with a projected CAGR of over 4.8% in 2020. The growth of the product in the region is due presence of high number of personal care and cosmetics industry.
Also, the domestic end-use of balsam bottle to be used for olive oils and related application is at higher side. In addition, the number of laboratory goods manufacturers in the region are also large in number and most of them are either manufacturing or re-selling these bottles and so are supporting the sales of the products.
Owing to aforementioned factors. It is anticipated that Asia Pacific region will gain over 100 BPS in its value share by the end of 2031.
The COVID-19 pandemic has a significant impact in the sales of cosmetics and personal care industries. This in turn have affected the sales of balsamic essential oils and reflected a negative V-curve in regional business.
The cases being reduced in various countries across the regions is in turn supporting the recovery of the product sales. It is expected that by Q2 of 2022, the demand for the product will regain its historical curve creating new opportunities for the regional manufacturers.
Competition is partially consolidated with a selective number of players controlling the overall business. Since, the business is new most of the players involved are practicing organic strategies such as product launch. Also, players are focusing towards strengthening their supply chain network in order to cater the growing demand for the product from various end-use industries.
The pre-established players are collaborating with the end-users directly for continuous business opportunities. For new player to get in the business this is the right time as competition is very less and the demand is growing at a higher pace. Entering in the business with new variety of bottles with reduced price will benefit the end-user in grabbing new business deals during initial years.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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