CINNAMIC ACID MARKET ANALYSIS

Cinnamic acid is a white crystalline compound, which is freely soluble in organic solvents. It is suitable for use as a flavoring agent, as it has odor similar to honey. It is available naturally from various plants such as cinnamon. In anti-oxidant and anti-diabetic medicines, derivatives of this acid is used as major components. Cinnamic acid is synthesized using Perkin reaction, which requires the base-catalyzed condensation of acetic anhydride and benzaldehyde. Cinnamic acid is used in various applications such as pharmaceuticals, synthetic indigo, fragrance/perfume, in preparation of various esters, amides, and cinnamoyl acids, and others.

Market Dynamics

Increasing demand for cinnamic acid in perfume industry and as a flavoring agent in Asia Pacific region is one of the major factors driving growth of the global cinnamic acid market. Moreover, growing cosmetic industry globally is expected to drive growth of the cinnamic acid market, as cinnamic acid is widely used in various skin care products, especially in sunscreen products.

It is also used in form of derivatives as a diabetic drug. This application of cinnamic acid is also expected to drive growth of the cinnamic acid market, as the number of diabetic patients is increasing, owing to changed lifestyle and improper food eating habits.

Market Outlook

On the basis of region, the global cinnamic acid market is segmented into North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. Asia Pacific is projected to hold dominant position in the global cinnamic acid market over the forecast period due to growth of cosmetics and fragrance/perfumes industries in the region. For instance, according to the U.S. Department of Commerce, International Trade Administration (ITA), Indian Beauty and Personal Care (BPC) industry was valued at US$ 8 billion in 2016 and it is expected to exhibit a CAGR of 5-6% during the forecast period (2019-2027).

Europe and North America regions are major consumers of cosmetics, worldwide and therefore, are major drivers for the cinnamic acid market growth for the past five years. In Middle East, there is high demand for cinnamic acid in perfume industry, which is expected to fuel growth of the cinnamic acid market.

Key Players

Some of the major players operating in the global cinnamic acid market include BASF, Guangzhou Shiny Co. Ltd., BestAroma Biotech, Daurala Organics, Yuancheng Saichuang Technology, Wuhan Organic Material, Omega Ingredients, Elan Chemical Company, DSM, King-Pharm, Kay Fries, Juhua Group, and Bayer ltd. amongst others.