The market for benzoe siam is expected to grow at a CAGR of more than 3.4% globally during the forecast period. Benzoe siam is a balsamic resin in the Styrax family derived from the bark of many species of trees. The growing demand from fragrances has been driving the market growth.
- However, the cheap synthetic-based fragrance substitute and outbreak of coronavirus across the globe are likely to hinder the growth of the studied market.
- The growing application of benzoe siam in the pharmaceutical industry is likely to provide opportunities for the benzoe siam market over the next five years.
- North America dominated the market across the globe with the largest consumption from countries such as the United States and Canada.
Key Market Trends
Fragrance Segment to Dominate the Market
- Fragrances segment stands to be the dominating segment owing to the rising fashion industry across the world.
- Benzoe siam is widely utilized in incense sticks and perfumes as scent agents, owing to the special aroma associated with it. Increasing demand for premium perfumes and scents due to growing personal grooming trends and increased spending on luxury products are expected to fuel growth in the benzoe siam industry.
- Applications for fragrances also includes personal care items like soaps, shampoos, body lotions, air freshener, creams, talcum powder, fabric softeners, detergent bars, and other cleaning agents.
- The global fragrances and perfumes market is projected to grow at a CAGR of 5.5% during the forecast period, 2020 - 2025.
- Rising demand for perfumes and body sprays among younger generations due to the growing importance of individual appearance stating and increasing personal grooming awareness around the world that can boost the development of the perfume industry.
- All the aforementioned factors are expected to drive the benzoe siam market during the forecast period.
North America Region to Dominate the Market
- North America represents the largest regional market. This immense demand from countries United States and Canada.
- The premiumization trend is highly prevalent in North America and is being leveraged all over the industry to maintain consumer interest. Premium versions of the products target consumers who are willing to pay high prices for high-quality ingredients and better fragrances like Benzoe siam.
- According to Health Affairs, the average annual growth rate of the healthcare industry is estimated to reach around 5.5% in the United States, from 2018 to 2027. This, in turn, expected to increase the demand for benzoe siam.
- Furthermore, the outbreak of the novel COVID-19 disease becomes a huge growth factor for the healthcare sector and is expected to further upend the spending on the healthcare industry in the North American region especially in the United States.
- Hence, all such market trends are expected to drive the demand for the benzoe siam market in the region during the forecast period.
The global benzoe siam market is fragmented in nature owing to the presence of numerous players in the market with no significant market share. Some of the major companies are Biolandes, VIETNAM ESSENTIAL OIL., JSC, Caesar & Loretz GmbH, ALBERT VIEILLE, and Crescent Fragrances Private Limited amongst others.
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