Cinnamaldehyde Market Share, Key Players, Growth and Future Scope

Cinnamaldehyde is added to improve the taste of medicines and foods and used as a flavoring agent in candies, liquid refreshments, chewing gums, and ice creams. Moreover, the chemical is used in combating bad breath and tooth decay and curbing bacterial growth in oral cavities, owing to its antifungal and antibacterial properties. Additionally, the antidiabetic property of cinnamaldehyde helps in raising the plasma insulin level and reducing the plasma glucose level. Additionally, the chemical aids in preventing corrosion in steel and other iron alloys in corrosive fluids.

Furthermore, the chemical is used in cosmetics and personal care items. The spurring demand for these products, especially in the emerging economies, owing to the booming geriatric population, is expected to drive the cinnamaldehyde market at a CAGR of 6.5% during the forecast period (2017–2023). The market stood at $183.7 million in 2016, and it is projected to reach $280.3 million by 2023. Moreover, the growing importance of personal grooming among teenagers and youths is driving the demand for cosmetic and personal care products, which require cinnamaldehyde in large quantities.

According to P&S Intelligence, the Asia-Pacific (APAC) region used the largest volume of cinnamaldehyde in the past, majorly on account of the growing cosmetics industry. This can be owed to the rising elderly population, burgeoning disposable income, and soaring consciousness about appearance among the young population. Moreover, a spike in the middle-class population in India has resulted in the high-volume consumption of personal and homecare products that have cinnamaldehyde as a key ingredient.

North America accounted for the second-largest share in the cinnamaldehyde market in 2016 due to the presence of stable and mature personal care and homecare markets. Other factors, such as the increasing consumption of premium perfumes and packaged foods among the high-income groups, also facilitates the market growth in the region. Moreover, the vast population of the elderly and rising awareness about personal grooming among the youth drive the demand for personal care products and medicines, which use this chemical for various purposes.

Thus, the antibacterial and antifungal properties of cinnamaldehyde have resulted in its increasing usage in the agricultural domain. Moreover, its usage as a flavoring agent and food additive will surge in the coming years due to the accelerating demand for packaged food products, globally.

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