The Population Division of the UN estimates that the global urban population grew from 4.28 billion in 2019 to 4.358 billion in 2020. Moreover, the UNDESA states that 55% of the world population was urban in 2018, and this will increase to around 66.66% by 2050. The surging urban population will facilitate the penetration of personal care products, especially among the middle-class population of Tier 2 and Tier 3 cities, owing to which the consumption of cinnamaldehyde will amplify in the coming years.
Additionally, the soaring aging population will drive the cinnamaldehyde market growth in the forthcoming years, on account of the burgeoning demand for cosmetics and personal care products among the elderly. Owing to the antibacterial and antifungal properties of this compound, it is being used in products utilized to fight tooth decay and bad breath, which are extremely common among the aging population. The UNDESA forecasts that the population of individuals aged 65 years or over will rise from 727 million in 2020 to approximately 1.5 billion by 2050.
Moreover, the rising income of people in developing countries will also facilitate the use of cinnamaldehyde in the foreseeable future. A high volume of this compound is used in food products, fragrance products, personal care items, and cosmetics, which are being consumed in large quantities in emerging economies, due to their growing income. For example, the OECD states that the gross national income per capita of Saudi Arabia, Brazil, and South Africa increased from $48,606 in 2017 to $49,497 in 2019, $14,324 in 2017 to $14,671 in 2018, and $12,781 in 2018 to $12,911 in 2019, respectively.
In recent years, the surging use of this naturally occurring chemical as an antimicrobial agent in the agriculture sector has become a prominent trend in the cinnamaldehyde market. Nowadays, the farming community is increasingly using cinnamaldehyde-based insecticides, due to their low toxicity. To cater to the demand for such insecticides, market players are exploring new ideas for the better commercialization of cinnamaldehyde-based pesticides. Additionally, this chemical has also proven to be effective in inhibiting the growth of foodborne pathogens in several food crops.
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Some of the dominant producers of cinnamaldehyde in recent times are Haihang Industry Co. Ltd., Finoric LLC, Payan Berthand S.A, Yingcheng Wuhan Organic Materials Co. Ltd., Kao Global Chemicals, Lanxess AG, ABI Chem, Jayshree Aromatics Pvt. Ltd., Mubychem Group, and Emerald Kalama Chemical LLC. These chemical companies use natural sources such as camphor and cassia, a Cinnamomum spice, and synthetic sources such as cinnamyl alcohol, acetaldehyde, and benzaldehyde to obtain cinnamaldehyde.
According to P&S Intelligence, the APAC region accounted for the largest share in the cinnamaldehyde market in the recent past, due to the boom in the population of China and India. The massive population serves as a huge customer base for personal care and cosmetic product, food and beverage, and pharmaceutical companies. Cinnamaldehyde is used as a flavoring agent in liquid refreshments, ice creams, chewing gums, and candies, and as an odor agent in cosmetics and personal care items.
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