In the latest report by Future Market Insights, the lead research consultant estimates the global phenylethanol market value to reach USD 1.9 billion in 2024. The upward trajectory will continue securing growth, with projections indicating a market value of USD 2.9 billion by 2034. This equates to a moderate CAGR of 4.4% through the forecast period.
| Attributes | Key Insights |
|---|---|
| Phenylethanol Market Estimated Size in 2024 | USD 1.9 billion |
| Projected Market Value in 2034 | USD 2.9 billion |
| Value-based CAGR from 2024 to 2034 | 4.4% |
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The scope for phenylethanol rose at a 7.4% CAGR between 2019 and 2023. The global market is achieving heights to grow at a moderate CAGR of 4.4% over the forecast period 2024 to 2034.
Phenylethanol industry turned its way up, the demand coming from the flavors and fragrances manufacturers remained unchanged, during the historical period. Continually rising consumer awareness about the health and environmental benefits of natural and organic products also fueled demand for phenylethanol derived from natural sources.
Innovations as well as advances in production technologies enhanced the efficiency and resulted in reduced manufacturing costs, which contributed to market growth during the historical period. Looking at the forecast projections, the growing demand for health and wellness products in the coming years to be higher, in the category of natural and organic personal care, and dietary supplements.
There will be an increasing need for natural preservatives in cosmetics, personal care, and food industries, with rising consumer demand for clean label and chemical free products. The improvements in production facilities as well as innovation in the formulations will also create opportunities for phenylethanol market development in the forthcoming years.
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The below table showcases revenues in terms of the top 5 leading countries, spearheaded by China and the United States. The countries will lead the market through 2034.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 12.6% |
| Germany | 10.8% |
| China | 12.8% |
| Japan | 4.7% |
| Australia and New Zealand | 2.9% |
The phenylethanol market in the United States will expand at a CAGR of 12.6% through 2034. The United States has witnessed a recent trend of growing understanding and liking for natural and organic products.
Phenylethanol which is sourced from natural sources like roses, fits perfectly with this trend. As consumers have started to look out for products that are made with natural ingredients, the demand for phenylethanol having natural aroma, flavours, and other organic products is expected to rise alongside.
The United States is one of the biggest markets for fragrances and flavors worldwide. Phenylethanol is used as a fragrance ingredient in various things such as perfumes, cosmetics, and personal care products. It is also used in food and beverages as a flavoring ingredient. There is a rising demand for these products as consumers demand more of such products because of changing lifestyles and preferences.
The phenylethanol market in Germany to expand at a CAGR of 10.8% through 2034. Germany has very strict regulations and quality standards for chemicals and consumer products.
Phenylethanol without an exception must also meet the required standards to ensure consumer safety and quality. Manufacturers that can meet the required standards are most likely to have a competitive edge over the others, resulting in increased growth of the market.
Germany is known as a leader in innovations and technology in several industries like flavoring, fragrances, and the manufacturing of chemicals. The current technological developments and innovations in the processes of production, techniques of formulations, and application of products are certain to accelerate the growth of the phenylethanol market in Germany.
The trend of phenylethanol is looking better for the Chinese market. The market is expected to grow at a CAGR of 12.8% during the forecasted period. There has been a rise in the reach and accessibility of consumer goods in China after the growth of e-commerce and online retailing.
Phenylethanol suppliers have various strategies available nowadays including personalized marketing, brand building and also using e-commerce platforms to sell directly to consumers all these help the suppliers to trigger growth and market penetration. Due to its advanced production technologies and other capabilities, China has now become a global hub for manufacturing.
The developing technological advancements in production processes and formulation techniques will drive the growth of the Chinese market. To increase their competitiveness, phenylethanol manufacturers are constantly devising new techniques to improve quality, performance, and sustainability.
The phenylethanol market in Japan is poised to expand at a CAGR of 4.7% through 2034. Japan has a strong emphasis on health and wellness, with consumers actively seeking out products that promote well-being as well as vitality.
Phenylethanol, derived from natural sources such as roses, is perceived as a natural and safe ingredient. The growing demand for health conscious products in Japan is will drive the growth of the phenylethanol market.
Japan is known for its innovative food and beverage industry, with a wide range of unique and novel products. Phenylethanol is used as a flavoring agent in various food and beverage products. The focus of the Japanese food and beverage industry on innovation and product differentiation is all set to drive demand for phenylethanol in the market.
The phenylethanol market in Australia and New Zealand will expand at a CAGR of 2.9% through 2034. Australia and New Zealand have diverse industrial sectors, including manufacturing, textiles, and automotive industries, among others.
Phenylethanol finds applications in industrial processes as a solvent, intermediate, and fragrance ingredient. The expansion of the industrial sector in these countries is creating opportunities for phenylethanol in various industrial applications.
Aromatherapy, which utilizes natural aromatic compounds for therapeutic purposes, is gaining popularity in Australia and New Zealand. Phenylethanol, with its pleasant rose like aroma, is used in aromatherapy products such as essential oils, massage oils, and diffusers. The increasing adoption of aromatherapy for relaxation, stress relief, and wellness will lead to increased demand for phenylethanol.
The below table highlights how food grade segment is leading the market in terms of end use application, and will account for a share of 35.9% in 2024. Based on form, the powder segment is gaining heights and will to account for a share of 33.2% in 2024.
| Category | Shares in 2024 |
|---|---|
| Food Grade | 35.9% |
| Powder | 33.2% |
Based on end use application, the food grade segment will dominate the phenylethanol market. Phenylethanol is characterized by its pleasant rose like aroma and flavor, which is desirable in various food and beverage applications.
There is a rising demand for phenylethanol as a flavoring agent in the food industry, with increasing popularity of floral and aromatic flavors in products such as desserts, confectionery, and beverages.
Consumers are increasingly seeking natural and clean label ingredients in their food and beverages. Phenylethanol, derived from natural sources such as roses, is perceived as a natural flavor enhancer, making it attractive for use in food products. The growing demand for natural flavor enhancers is driving the growth of the food grade segment of phenylethanol.
In terms of form, the powder segment will dominate the phenylethanol market. Powdered phenylethanol can be formulated to have improved solubility and dispersion characteristics compared to liquid formulations.
The property allows for easier incorporation into various products, including food and beverage formulations, cosmetics, pharmaceuticals, and industrial applications, driving demand for powdered phenylethanol. Powdered phenylethanol offers versatility in formulation, allowing for a wide range of applications across different industries.
It can be easily blended with other ingredients, customized into specific particle sizes, and formulated into various product formats, including tablets, capsules, powders, and granules, to meet diverse customer needs and requirements.
The phenylethanol market is characterized by intense competition among key players striving to maintain or enhance their market share through strategic initiatives, product innovation, and differentiation strategies.
Company Portfolio
| Attribute | Details |
|---|---|
| Estimated Market Size in 2024 | USD 1.9 billion |
| Projected Market Valuation in 2034 | USD 2.9 billion |
| Value-based CAGR 2024 to 2034 | 4.4% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD Billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Form, End Use Application, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Vigon International; Firmenich SA; Symrise AG; LyondellBasell Industries; Shandong Xinhua Pharmaceuticals Co., Ltd.; Ethernis Fine Chemicals; Novorate Biotech Co.,Ltd. |
The phenylethanol market is projected to reach a valuation of USD 1.9 billion in 2024.
The phenylethanol industry is set to expand by a CAGR of 4.4% through 2034.
The phenylethanol market is forecast to reach USD 2.9 billion by 2034.
China is set to be the top performing market, exhibiting a CAGR of 12.8% through 2034.
Powder segment is preferred, and will hold the major share of 33.2% through 2024.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use Application 5.1. Feed Grade 5.2. Food Grade 5.3. Cosmetic Grade 5.4. Pharma Grade 5.5. Industrial Grade 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Form 6.1. Powder 6.2. Liquid 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Vigon International 17.2. Firmenich SA 17.3. Symrise AG 17.4. LyondellBasell Industries 17.5. Shandong Xinhua Pharmaceuticals Co., Ltd 17.6. Ethernis Fine Chemicals 17.7. Novorate Biotech Co., Ltd. 18. Assumptions & Acronyms Used 19. Research Methodology
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Phenylethanol Market
