Global 2-Phenylethanol Market Expected To Reach $ 761.7 Million by 2031—Allied Market Research

According to a new published report by Allied Market Research titled, “2-phenylethanol Market by Type and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2022–2031,” The 2-phenylethanol market attained $491.7 million in 2021, and is projected to reach $761.7 million by 2031, growing at a CAGR of 3.3% from 2022 to 2031.

2-Phenylethanol, also known as phenethyl alcohol, is a type of alcohol that is known for its sweet floral aroma. This alcohol may be found in large quantities in the natural world, particularly in Daphne papyracea and Gardenia jasminoides. Essential oils derived from hyacinth, orange blossom, champaca, carnation, rose ylang-ylang, Aleppo pine, neroli, and geranium all contain significant amounts of 2-phenylethanol. In addition, it has a scent similar to honey, which is a primary component in the aroma of muscat wine. As it is able to maintain its stability even when subjected to primary circumstances, it is utilized in the manufacturing of cigarette additives and soap preservatives. 

In addition, 2-phenylethanol is utilized in the fragrance and flavoring application, particularly when the alluring aroma of rose is sought after in the end product. As a consequence of this, rise in customer demand for rose scent in a variety of cosmetics and personal care items has been vital to the growth of the 2-phenylethanol industry.

The global 2-phenylethanol market is segmented into type, end-use industry, and region. Depending on type, the market is categorized into natural and synthetic. On the basis of end-use industry, it is fragmented into food & beverage, personal care & cosmetics, pharmaceutical, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

The major players operating in the global 2-phenylethanol market are Apple Flavor and Fragrance Group Co., Ltd., Eternis Fine Chemicals Ltd., Firmenich SA, Harmony Organics Pvt., Ltd., Kdac Chem Pvt., Ltd., LyondellBasell Industries Holdings B.V., Matrix Scientific, Symrise AG, TCI America, and Yingyang (China) Aroma Chemical Group.

Other players operating in the 2-phenylethanol market are Alkyl Amines Chemicals Ltd. (AACL), Zhejiang Novorate Biotech Co., Ltd., Shanghai PuJie Fragrance Co., Ltd., and Vigon International, Inc.

KEY FINDINGS OF THE STUDY

• The report outlines the current 2-phenylethanol market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
• The market size is provided in terms of revenue and volume.
• On the basis of type, the natural segment is expected to grow at a CAGR of 3.3%, in terms of revenue, during the forecast period.
• Depending on end-use industry, the personal care & cosmetics segment is expected to grow at a CAGR of 3.4%, in terms of revenue, during the forecast period.
• Region wise, Asia-Pacific garnered a share of 3.5% in 2021 in terms of revenue.

IMPACT OF COVID-19 ON THE GLOBAL 2-PHENYLETHANOL MARKET

• COVID-19 has spread across the globe and effected almost all aspects of life.
• Some major economies that have suffered severely from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
• There is an uneven impact of COVID-19 pandemic on the 2-phenylethanol market, owing to implementation of lockdowns worldwide to halt spread of the virus. This resulted in shutting off of almost all operations, manufacturing, and distribution of all industries.
• This further decreased the demand for cosmetic products from beauty shops, which, in turn, has led to sluggish growth of the market.
• The demand–supply gap, disruptions in raw material procurement, and price volatility further hampered the growth of the chemical industry during the COVID-19 pandemic.
• The COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement.
• On the contrary, increase in demand for home and personal hygiene products due to the awareness regarding the cleanliness boosted the growth of the 2-phenylethanol market, which, in turn, tends to overcome the impact of COVID-19 on this sector.
• The future of the 2-phenyethanol market industry will be shaped by post pandemic changes in social, economic, trade, and political situations, as well as planned environmental regulatory reforms.