According to Future Market Insights (FMI) analysis, the benzaldehyde market is expected to rise at a significant rate during the projected period. It is anticipated to reach a valuation of US$ 582.4 million in 2024. Throughout the forecast period, the market is expected to surge at a CAGR of 4.8%, reaching a value of US$ 928.9 million in 2034.
Due to its distinctive almond flavor, benzaldehyde is used as a flavoring agent in several food products. It is commonly used to mimic the natural almond taste in food products, like desserts, baked goods, and beverages.
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The increased demand for benzaldehyde in the food & beverage and pharmaceutical industries drives considerable growth in the global market. Benzaldehyde is set to be widely used in the pharmaceutical industry as an intermediate in synthesizing several pharmaceutical chemicals, including antibiotics and antipyretics, and in the manufacturing of pharmaceuticals and treatments.
During the forecast period, several factors are projected to impact the demand for benzaldehyde in the market. These include the expanding use of derivatives in agrochemicals and organic chemistry, increasing demand for flavoring agents in food & beverages, and as an active pharmaceutical ingredient in the pharmaceutical industry. Due to the broad range of benzaldehyde applications in pharmaceuticals, food & beverage, agrochemicals, and cosmetics & personal care industries, the benzaldehyde market is anticipated to develop significantly over the forecast period.
Key Takeaways from the Report-
- The global benzaldehyde market is expected to reach a valuation of US$ 928.9 million in 2034.
- The market is expected to surge at a CAGR of 4.8% over the forecast period.
- The United States is projected to reach a market valuation of US$ 100.1 million in 2034.
- Based on grade, the FCC grade is estimated to hold a market share of 67.0% in 2024.
- China is projected to reach a market valuation of US$ 325.8 million in 2034.
- India is estimated to surge at a CAGR of 7.1% during the forecast period.
“The market is set to be driven by increasing demand from the pharmaceutical and food & beverage industries. In these industries, benzaldehyde is projected to be extensively used as an intermediate in drug production and as a flavoring agent to add flavor to several products,” says a lead analyst at Future Market Insights (FMI)
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Competitive Landscape
Key participants are investing significantly in research & development to broaden their product offerings, contributing to the continued expansion of benzaldehyde. Market participants are also engaging in several calculated strategic actions to increase their market share.
Their strategies include introducing new products, signing contracts, engaging in mergers & acquisitions, increasing investments, and working with other companies. The benzaldehyde industry must provide affordable products to expand and endure in a more cutthroat and competitive market environment.
For instance,
- In 2021, LANXESS, a renowned specialty chemicals company, acquired Emerald Kalama Chemical, a United States-based prominent manufacturer of specialty chemicals.
- In January 2019, Symrise launched a new personal care and cosmetics preservative in the market.
Get More Valuable Insights
Future Market Insights (FMI) brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. The benzaldehyde market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights into the benzaldehyde market segment based on grade (FCC grade and technical grade), application (agrochemicals, beverages, dye and coatings, flavor and fragrance, food, gelatins, puddings, pharmaceutical and intermediates, and others), derivatives (cinnamic acid, benzoic acid, sodium benzoate, benzyl alcohol, and others), and regions.
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Benzaldehyde Market Segmentation by Category
By Grade:
- FCC Grade
- Technical Grade
By Application:
- Agrochemicals (Crop Protection)
- Beverages
- Alcoholic Beverages (<15ABV)
- Carbonated Soft Drinks
- Fruit Juices and Other Soft Drinks
- Dye and Coatings
- Flavor and Fragrance
- Food
- Bakery Goods
- Confectionary and Chewing Gum
- Ice Creams, Gelatins, Puddings
- Pharmaceutical and Intermediates
- Others
By Derivatives:
- Cinnamic Acid
- Benzoic Acid
- Sodium Benzoate
- Benzyl Alcohol
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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