Adoxal Market size is expected to be valued at US$1.5 billion by the end of the year 2026 and is set to grow at a CAGR of 3.4% during the forecast period from 2021-2026. The changing lifestyle of younger generation coupled with the increase in emphasis on physical appearance and personal grooming is one of the significant factors driving the growth of the adoxal market in developed countries. Adoxal is generally derived from adoxa moschatellina, a species of flowering plant which is widely used in the production of perfumes. Adoxal is used in hydrogenated pseudoionone (primarily the tetrahydro compound) and an alkyl chloroacetate by means of a glycidic ester condensation which is one of the important chemical compounds used in the manufacture of perfumes. Givaudan ambrettolide, a group of macrocyclic musk is also used in the production of fragrance in alcoholic substances and perfume solutions. Therefore, the increase in the use of fragrance products is hugely driving the adoxal market.
COVID-19 impact
Amid the Covid-19 pandemic, the adoxal market witnessed a considerable amount of growth owing to the usage of adoxal in alcoholic solutions which is further used in the manufacture of hand sanitizers. The increase in demand for hand sanitizers due to the surge in the cases of coronavirus during the year 2020 is one of the factors driving the adoxal market. Although there were various restrictions, the demand for adoxal for the production of hand sanitizers increased and the demand from other industries like perfume and detergent decreased during the period. The Adoxal market is expected to grow by the year-end of 2021.
Adoxal Market Segment Analysis – By Type
Premium segment held the largest share of 62% in the adoxal market in the year 2020. Premium segments of perfumes are expanding due to the surge in middleclass population across emerging countries. Premium type of adoxal is a major ingredient in the manufacture of perfumes. The increase in the production of perfumes across the world is one of the significant factors driving the premium segment in the adoxal market. Adoxal is a typical fresh linen odor scent. Adoxal also has a floral, watery, metallic smell to it. Adoxal has a natural, ozonic aspect. It blends extremely well with floral notes such as muguet and cyclamen, as well as with fruity and woody compositions. Thus, it is used in the production of perfumes. Which is further driving the premium segment in the adoxal market.
Adoxal Market Segment Analysis – By Packaging Type
Bottle segment held the largest share of 38% in the Adoxal market in the year 2020. Adoxal comes in various sizes of bottles. Adoxal liquid chemical comes in bottles which can be used for various purposes. It also provides various advantages such as storage option, easy usage and quick & safe transfer of contents. Purchasing of aodxal liquids in bottles also helps in keeping check on the content used and eliminate excess retention of stock. Therefore, this is driving the bottle segment of the adoxal market.
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Adoxal Market Segment Analysis – By Application
Fragrance segment held the largest share of 22% in the adoxal market in the year 2020. Adoxal is mainly used in the production of fragrance liquid which is widely used in the making of perfumes and deodorants. According to The International Fragrance Association, the global sales of the fragrance industry was valued at US$8.17 billion and the Global sales generated by consumer product manufacturing / retailing amounted to US$399.65 billion during 2019. Therefore, the increase in the growth of the production of perfumes is further increasing the demand for adoxal market.
Adoxal Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 30% in the adoxal market in the year 2020. The rapid growth of population in countries like India and China coupled with the increase in the awareness for physical appearance and personal grooming among the young and middle age population is one of the significant factors driving the adoxal market in the Asia Pacific region. The increase in the demand and use for cosmetics in the Asia Pacific region is one of the significant factors driving the adoxal market in the Asia Pacific region. According to the recent data available in the reports published by Cosmetic Europe, the total sales of cosmetics in the Asian countries, Japan, India, China and South Korea amounted to US$122.91 billion in the year 2019, an increase of 8.44% from US$113.34% in the year 2018. This is driving the adoxal market in the Asia Pacific region.
Adoxal Market Drivers
Increasing Demand from personal care industry
The increase in the growth of personal care industry across the globe is one of the important factors driving the growth and demand for the adoxal market as adoxals such as alkyl chloroacetate and givaudan ambrettolide, is widely used in the production of personal care products such as shampoo, hair care products and others. According to data from Cosmetics Europe, the personal care association in Europe, the revenue from the cosmetics & personal care industry has been increasing in many countries across the globe. The revenue of cosmetics & personal care industry across the globe in various countries increased during the year 2019 as compared to the revenue of cosmetics & personal industry in the previous year of 2018: United States-increase of 15.32% from US$71.79 billion (2018) to US$82.79 billion (2019); South Korea- increase of 3.11% from US$11.22 billion (2018) to US$11.57 billion (2019); India-increase of 10.04% from US$12.25 (2018) to US$13.48 billion (2019)and in Japan-increase of 8379% from US$33.66 billion (2018) to US$36.62 billion (2019). This is widely increasing the demand for cosmetics and personal care products across the world, which is further driving the demand for adoxal market as it is used as alkyl chloroacetate in the personal care industry.
Increasing demand form homecare application
The use of adoxal in the production of detergent and other home care products is one of the major factors driving the adoxal market. Givaudan ambrettolide, a group of macrocyclic musk is used in the manufacture of detergents and soaps. The increase in the use of home care products and detergents across the globe is contributing to the growth of adoxal market. Furthermore, the recent surge in the demand for hand sanitizers is also driving the demand for adoxal market, as alkyl chloroacetate and hydrogenated pseudoionone is used in the production of hand sanitizers. According to the Canadian Consumer Specialty Products Association, the substantial production capacity of hand sanitizers in the region stands at 3,000,000 bottles of water at present, which is driving the surfactants market in the region. Furthermore, during 2019 BASF also increased its capacity for optical brightener Tinopal CBS, an ingredient used in liquid and powder detergents. This increase in capacity was done to meet the global requirements. This will also further drive the adoxal market.
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Adoxal Market Challenges
Availability of raw materials
The raw materials such as adoxa moschatellina and givaudan ambrettolide are very scarcely available. These leaves and musk can only be found in tropical regions and is therefore not present in all countries. They are widely found in Europe, North America and some parts of Asia. Adoxa moschatellina and givaudan ambrettolide are seasonal plants and therefore are widely available only during May-June. Therefore, they need to be kept in stock, but that decreases the quality of the leaves and also results in volatility in price. Therefore, this is one of the major factor posing as a challenge to the adoxal market.
Adoxal Market Industry Outlook
Facility expansion, acquisitions and mergers, collaborations, production expansion, partnerships, investments, are some of the key strategies adopted by players in the Adoxal Market. Major players in the Adoxal Market include:
Givaudan
Mane SA
Sensient Flavors and Fragrances Group
Robertet SA
Wild Flavors
Firmenich SA
Takasago International Corporation
Symrise
Sensient Technologies
Firmenich SA
International Flavors & Fragrances among others.
Acquisitions/Technology Launches
In November 2020, Symrise, multinational flavors and fragrance producer acquired the fragrance and aroma chemicals business of Milwaukee, Wisconsin based Sensient Technologies. This allowed Symrise to expand its global reach and in advancing the company’s sustainable fragrance business.
Key Takeaways
Asia-Pacific market held the largest share in the adoxal market owing to the growth of the personal care industry in countries like India, China, South Korea and Japan.
The increase in demand for perfumes and fragrance products across the world is one of the significant factors driving the adoxal market, as hydrogenated pseudoionone, a type of adoxal is widely used in the production of perfumes.
The increase in the growth of the detergent industry is also one of the driving factors of the adoxal market, as Givaudan ambrettolide is used in the production of detergents and soaps.
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