Octyl Octanoate Market Share

APAC Market Statistics

Asia Pacific industry is poised to hold largest revenue share of 41% by 2037. This can be attributed on the back of the rapidly expanding production of additive flavors and fragrances in the region, especially in China and South Korea. China in the Asia Pacific region is regarded as the biggest producer of the fragrance industry. According to a report, the 2020 fragrance market grew by 12% in Tier 2 cities compared to 8% in Tier 1 cities in China. In addition, the rising production of homecare and personal care products is also expected to drive market growth in the region. The rise in the flavored products in the India and China region is expected to drive the growth of the octyl octanoate market. Moreover, increasing demand for pharmaceuticals, supplements, and processed foods is also expected to fuel the market in the region. 

North American Market Forecast

The market in North America is projected to grow at a significant share by the end of 2037. Ascribing to the high penetration of cosmetics, and the strong footprint of market players in the region. In the United States, the online channel for beauty grew by more than 5% in 2020. Also, the country accounts for more than 20% of the global value of the cosmetic industry globally. In addition, the rise in cosmetic therapy, more air freshener appliance production, and the high use of personal care products in the region.  Anticipated to drive the demands of the octyl octanoate in this region.  Additionally, lots of cosmetics brands are focusing on opening chains in the North American region will boost the octyl octanoate market.

Europe Market Forecast

The market in the Europe region is anticipated to account for the majority of the market share by the end of 2037. The market for octyl octanoate in Europe is driven by increasing demand for personal care products and cosmetics, as well as increasing the use of pharmaceuticals. The cosmetics industry is a major consumer of octyl octanoate in Europe. Octyl octanoate is also used as an additive in drugs, syrups, chewing gums, and more in the pharmaceutical industry. In addition to this, it also helps reduce the bitterness of the drug and make it consumable.