BEHENYL ALCOHOL MARKET ANALYSIS

Market Challenges And Opportunities

Market Drivers

Growing market of personal care products in the U.S. is a prominent factor expected to fuel the market growth of behenyl alcohol. Women in the U.S. spend around US$ 3,000 on cosmetics annually and 4 out of 5 American women follow beauty industry trends and regularly use fragrance products. Hence, expanding personal care product industry is expected to foster the market growth of behenyl alcohol over the forecast period.

Increasing demand for organic cosmetic products in the Europe region is expected to propel the market growth of behenyl alcohol. For instance, according to Cosmetics Europe, the personal care association, sales of cosmetics and personal care products is expected to grow at a CAGR of 7.52% during 2022-2026. Thus, the demand for organic cosmetics is also expected to fuel market growth of behenyl alcohol.

Market Restraints

High cost of behenyl alcohol products is a major factor expected to hinder the market growth over the forecast period. Manufacturers of cosmetics in Brazil are highly dependent on the import of behenyl alcohol products from suppliers in Asia and price fluctuation in rapeseed oils could impact overall sales of behenyl alcohol in Brazil. Hence, the high cost of behenyl alcohol-based products is projected to hamper the market growth during the forecast period.

Growing consumption of stearyl alcohol as a substitute of behenyl alcohol could decrease demand for behenyl alcohol in cosmetic products. Asia Pacific has witnessed a strong demand for stearyl alcohol from the cosmetic industry that could impact demand for behenyl alcohol and in turn market growth of behenyl alcohol. Stearyl alcohol has been widely used in manufacturing of anti-aging products as it has excellent lubricant properties.

Market Opportunities

Rising investment by major players on the research and development of new cosmetics and cosmeceuticals products is projected to foster market growth over the forecast period. Players are investing heavily in innovations such as hypoallergenic creams, which have minimal impact on health. Hence, rising investment in the innovation of cosmetic products is projected to boost the market growth of behenyl alcohol over the forecast period.

Increasing availability of small, convenient and affordable cosmetic products coupled with the growing number of working women is expected to foster the market growth over the forecast period. Growing consumer interest towards herbal and Ayurveda cosmetic products coupled with the rising demand for premium cosmetic beauty products due to the changing lifestyle of consumers and rapid urbanization is projected to propel the market growth over the forecast period.

Behenyl alcohol, however, has an antiviral effect in medical applications against lipid-enveloped viruses like the herpes simplex virus (HSV) and is also a component of lotions used to treat recurrent herpes on the skin. With the growing demand for OTC treatments and ointments for cold sores, the market is anticipated to gain traction over the forecast period due to its multiple applications in the pharmaceutical industry.