Benzyl Acetoacetate Market Segmented By Grade such as Food Grade and Technical Grade used in Food & Beverages, Pharmaceuticals and Chemicals as Application
Industry: Chemicals and Materials
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Report ID: PMRREP32538
According to latest research conducted, the global market of Benzyl Acetoacetate is expected to grow at a CAGR of 3% to 5% in between the assessment period of 2019-2025.
Benzyl acetoacetate is also known as Acetoacetic acid benzyl ester, and is specifically used in the pharmaceuticals industry and in the synthesis of fine chemicals. It has a chemical formula of C11H12O3 , and is even used in the manufacture of agriculture chemicals.
Owing to its structure of being a diketene ester, this chemical compound has a distinct sweet, floral, fresh, balsamic, fruity odor. Thus it is used as a synthetic flavoring substance and adjuvant in the food and beverage industry. Due to the immense growth of the food additives market in the developed as well as developing economies, the growth of global Benzyl Acetoacetate market is projected to get a boost during the forecast period.
Furthermore, high growth in the end use industries such as pharmaceuticals and chemical industries is likely to boost the product demand as it is extensively used for the manufacture of various pharmaceutical products and synthesis of other chemicals.
The global market of Benzyl Acetoacetate is set to witness a steady growth from the growing food and beverage industry, especially in the regions of North America and Asia pacific for the growing demand of the convenient foods.
As benzyl acetoacetate belongs to the class of organic compounds known as benzyloxy carbon, which is used as flavoring agent in various foods for its sweet and fruity odor and is therefore, used by the food and beverage companies that require flavors for new products, product line extensions (e.g., low fat versions of existing products), or changes in formula or processing for existing products.
In the global market for Benzyl Acetoacetate, US is expected to witness growth at a steady rate.
Owing to the consumer’s demanding work and personal schedules, as well as their growing demand for convenience, the food industry has undergone a huge shift throughout the years. Furthermore, the growing use of e-commerce in the United States improves these convenient food sales across the country.
Furthermore, rising innovations in plant-based goods and increasing consumer liking for bold tastes are likely to boost to the market's growth in the coming years in the United States.
The sales of this product is also expected to rise due to the increased growth of a huge pharmaceutical industry, as well as the presence of major pharmaceutical manufacturing companies in the USA.
Due to the varied demographics of the Asia Pacific (APAC), the size of the population, particularly the young and working population, GDP per capita, health expenditures, regulatory regimes, changing lifestyle attitudes, the market for benzyl acetoacetate is set to witness major gains. As a result of these economic factors, the region's pharmaceutical sector is adjusting to new technologies, innovation, and digital transformation in order to keep up with industry trends.
The rapid urbanization, convenience & packaged food demand, growing discretionary incomes and large consumer base are key factors that would be driving the market demand in this region, particularly in countries such as China, India, Japan, South Korea and ASEAN countries.
Some of the leading manufacturers and suppliers include
The companies are now majorly focusing on acquisitions and mergers with local companies in order to increase their regional presence in other regions of the world and investing in R&D for development of innovative and better products.
The key players are also focusing on improving their distribution networks and ensuring their products reach the medium and small scale manufacturers as well.
By Grade
By Application
By Region
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The report also maps the qualitative impact of various market factors on market segments and geographies.
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