Octyl Octanoate Market Trends

Growth Drivers

• Growing Fragrance Industry – One of the most significant growth of drivers of this market is the increasing demand for the fragrance industry. Natural ingredients used in the production of this fragrance are high in cost, making its premium product in the market enhances the demand for these fragrances in the market. Owing to the benefits of using natural products, the demand for these products in the personal care industry has been seen to have risen. For instance, its characteristics long lasting aroma provide freshness and its nice aroma raises its demand among customers. An ingredient widely used in the perfume industry because of its fruity and sweet scent, octyl octanoate is commonly used in perfumes, colognes, and other personal care products. In 2020, Givaudan announced that it would invest in a new manufacturing facility in China to meet the growing demand for fragrance ingredients in Asia Pacific, including octyl octanoate.  
• Increasing Usage of Octyl Octanoate to Enhance the Flavor of Food Items – Besides usage in the fragrance industry, octyl octanoate is widely seen in the food industry to enhance the flavor of food items. The food and drinks industry drives the market in the flavor segment. The rising demand variety of food flavors and the increasing demand of the food & beverage industry is anticipated to drive the market. In today’s time, customers are asking for a variety of food in almost every flavor which drives the growth of the market. A study published in the Journal of Food Science and Technology found that adding octyl octanoate to pineapple juice improved overall sensory qualities, especially in terms of fruity aroma and flavor.
• Rapid Surge in the Sales of Cosmetic Products – Besides usage in the fragrance and flavor industry octyl octanoate usage can also be seen in the cosmetic industry. Increasing disposable income of people is leading to demand for personal care products for a better appearance in society. Cosmetic is a significant part of the personal care industry. Octyl octanoate plays a crucial role in the production of cosmetic products. As per a study of cosmetic dermatology, it was found that octyl octanoate significantly improved the photostability of avobenzone, a commonly used ingredient in UVA sunscreens, in vitro. The study also found that the combination of octyl octanoate and avobenzone provided better protection against UVA radiation than avobenzone alone.
• Growing Usage in the Pharmaceutical Industry – The usage of octyl octanoate can be highly seen in the pharmaceutical industry. In order to reduce the bitterness of drugs octyl octanoate is being used to add extra flavors to them. Octyl octanoate works as an additive in drugs, syrups, chewable tablets, and gums. It reduces the bitterness of medicines and makes them edible. As per a study in the Journal of Pharmaceutical Sciences, it was countered that a 1% dose of octyl octanoate was effective in reducing the bitter taste of several model drugs on the human sensory panel.

Challenges

• Availability of Alternatives for Octyl Octanoate – The market is filled with lots of alternatives of octyl octanoate. There are many such chemicals like octyl octanoate that can be used as its substitute.  The global market is just filled with lots of substitutes for octyl octanoate. This is expected to hamper the market dynamic in the forecast period.
• Promotes Processed and Packaged Food which is not good for health if consumed more.
• Includes High Raw Material Costs