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.
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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.
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