Cinnamic Acid Market Growth Accelerated by Wide Range of Applications

 

Cinnamic acid is an organic compound that has a wide range of applications in food flavoring, perfumes, cosmetics and others. Used as flavoring agent in bakery and confectionery items, it enhances the taste and aroma. The compound is also used as UV absorber in sunscreens and as antimicrobial agent. Cinnamic acid derived esters are widely used in perfumes and fragrances due to their sweet floral odor. The global cinnamic acid market is estimated to be valued at US$ 24.33 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the growth of the cinnamic acid market is its increasing usage in natural and organic personal care products. Consumers are preferring natural and plant-derived ingredients in cosmetics and personal care items due to rising health concerns related to chemical-based products. Cinnamic acid derived from natural sources like cinnamon oil is being increasingly used as anti-aging and antioxidant ingredient in organic skincare and hair care products. The compound protects skin from UV radiation and free radical damage. Its ability to treat acne prone skin has also accelerated its demand from natural personal care brands. This growing preference for natural and organic personal care items is expected to contribute significantly to the expanded use of plant-derived cinnamic acid over the forecast period.

Segment Analysis
 The global cinnamic acid market is dominated by the cosmetic and personal care segment. Cinnamic acid is widely used in the manufacturing of creams, lotions, moisturizers, lipsticks, sunscreens and perfumes owing to its anti-microbial and UV protection properties. It helps reduce signs of aging, improves skin texture and provides protection from sun damage. The growing personal care industry and increasing demand for natural and plant-based ingredients in cosmetic products is driving the demand for cinnamic acid from this segment.

Key Takeaways
 The global cinnamic acid market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: Asia Pacific region currently dominates the global cinnamic acid market and is expected to continue its domination during the forecast period. This is attributed to rising demand from end use industries like cosmetics, food and pharmaceuticals from countries like China, India and South Korea. The region has a large population base and growing middle class driving demand for cosmetic and healthcare products. North America and Europe are also significant markets for cinnamic acid owing to increasing health conscious population demanding natural ingredients.

Key players: Key players operating in the cinnamic acid market are BASF, Guangzhou Shiny Co. Ltd., BestAroma Biotech, Daurala Organics, Wuhan Organic Material, Omega Ingredients, Elan Chemical Company, DSM, King-Pharm, Kay Fries, Juhua Group, and Bayer ltd. amongst others. BASF is one of the largest producers and suppliers of cinnamic acid globally. Guangzhou Shiny Co. Ltd specializes in the production of various aroma chemicals including cinnamic acid. BestAroma Biotech offers pharmaceutical grade cinnamic acid. Daurala Organics offers food grade cinnamic acid produced from natural sources.

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