LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global trans-cinnamic acid market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
This market research report segments the global trans-cinnamic acid market based on application (flavors, dyes and coatings, pharmaceuticals, and reagents) and geography (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the top market drivers that are contributing to the growth of the global trans-cinnamic acid market:
- Rapid expansion of flavors and fragrance industry
- Growing use of synthetic indigo
Rapid expansion of flavors and fragrance industry
Trans-cinnamic acid acts as a precursor for esters to develop fragrances. It has a spicy odor and a pungent taste suggestive of cinnamon. It is used as a flavoring agent for bakery goods, confectionaries, beverages, and toothpaste. It is also used to impart fragrance in air fresheners, soaps, and cosmetics. It is used as a blender in perfumes, particularly for floral fragrances. It is used in products where a spicy character is required such as in mouthwash and chewing gums.
The global flavors and fragrances market is expected to grow at a CAGR of more than 4% during the forecast period. As the demand for flavors and fragrances is increasing from companies that manufacture food products and beverages, perfumes, cosmetics, toiletries, and household products, the consumption of raw materials (trans-cinnamic acid) is also increasing.
According to a senior analyst at Technavio for specialty chemicals, “Considering the latest R&D in the global aroma chemicals market, which is a segment of the flavors and fragrances market, aroma chemicals are also being used in manufacturing medicines, food items, and beverages. Their use has expanded across various sectors and has driven the demand for trans-cinnamic acid.”
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Global trans-cinnamic acid market segmentation
Of the four applications, the flavors segment dominated the market, accounting for a market share of more than 41% in 2017. It was followed by the dyes and coatings, pharmaceuticals, and reagents segments respectively.
APAC dominated the global trans-cinnamic acid market in 2017, accounting for a share of more than 40%. It was followed very closely by the Americas and EMEA region. With close to 1% increase in market share, highest compared to the other two regions, APAC will continue to lead the market in 2022, yielding a lot of growth opportunities for companies.
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