The global synthetic cinnamaldehyde market showcased promising growth, with an estimated valuation of US$ 284.2 million in 2022. Forecasts indicate a steady compound annual growth rate (CAGR) of 6.7% from 2023 to 2033, projecting a market value of US$ 289.2 million by 2023 and a substantial increase to US$ 556.2 million by 2033. This anticipated growth trajectory reflects the increasing demand for synthetic cinnamaldehyde across various industries, driven by its wide range of applications and versatility in products ranging from flavors and fragrances to pharmaceuticals and personal care items.
The synthetic cinnamaldehyde market has experienced robust growth owing to its multifaceted utility and increasing demand from end-user industries. As an essential ingredient in flavor formulations, synthetic cinnamaldehyde imparts a characteristic taste and aroma to a wide array of food and beverage products, including confectionery, bakery, and beverages. Furthermore, its use as a fragrance enhancer in perfumes, cosmetics, and personal care items has augmented its market penetration.
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Key Trends Driving Market Growth:
- Rising Demand for Natural Flavors and Fragrances: Amidst growing consumer preference for natural and clean-label products, there’s a rising trend towards natural flavors and fragrances. However, synthetic cinnamaldehyde offers a cost-effective alternative with consistent quality, meeting the demand for natural-like aromatic profiles.
- Expansion of Food and Beverage Industry: The thriving food and beverage industry, driven by evolving consumer tastes and preferences, has spurred the demand for flavor enhancers such as synthetic cinnamaldehyde. Its use in a variety of products including sweets, baked goods, and beverages continues to drive market growth.
- Advancements in Synthetic Chemistry: Technological advancements in synthetic chemistry have facilitated the development of innovative production processes for synthetic cinnamaldehyde. These advancements have not only enhanced production efficiency but also reduced manufacturing costs, thereby bolstering market growth.
- Increasing Application in Pharmaceuticals: Synthetic cinnamaldehyde’s antimicrobial and anti-inflammatory properties have found applications in pharmaceutical formulations. Its use in medications for treating conditions like respiratory disorders and digestive ailments further expands its market scope.
Synthetic Cinnamaldehyde Market: Key Players
- Berje Inc., (New Jersey)
- NIPA Laboratories Inc., (Wellington)
- Penta Manufacturing Company (New Jersey)
- D&O Chemical Inc. (New Jersey)
- Givaudan Corporation, (New Jersey)
- Quest International Fragrances USA Inc (New Jersey)
- Chemical Dynamics Corporation (New Jersey)
- CHEM-FLEUR Inc., (New Jersey)
- Haarmann & Revmer Corporation (New Jersey)
- Universal Oil Products Company (New Jersey)
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Synthetic Cinnamaldehyde Market: Segmentation
Basis of Type of Product:
- Flavor agent
- Antimicrobial agent
- Aroma agent
- Pesticide & Insecticide
Basis of Application:
- Food &beverages
- Household &Personal care
- Agriculture
- Healthcare
- Industrial
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