The anisole market was worth USD 39 million in 2014. A recent study by Grand View Research, Inc. states the market to grow substantially from 2015 to 2022. This may be attributed to growing demand from end-use industries such as food & beverages, cosmetics, and pharmaceuticals. Anisole is used as a solvent and insect pheromone. It also acts as an intermediate in the manufacture of dyes and fragrances. Robust demand for creams and perfumes will positively impact the market.
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Favorable regulations that permit the addition of anisole into internally and externally consumed pharmaceutical products are also fueling the anisole market. Improvisation in production processes to manufacture superior products presents new market opportunities. However, inconsistent supply and fluctuating prices of raw materials can hamper the market in the next seven years.
The market is segmented into applications and geographies. The applications are pharmaceuticals, perfumes, and others. Pharmaceuticals are expected to grow at a CAGR of 4.3% from 2015 to 2022. Increasing health awareness and technological developments in emerging economies will contribute to this growth. Favorable policies pertaining to foreign direct investments in India and China will boost the pharmaceutical industry.
Perfumes dominated the applications segment in 2014. They accounted for more than half of the market that year. Germany, Italy, Saudi Arabia, Brazil, Mexico, U.K., France, and the U.S. are home to leading cosmetic manufacturers. This, coupled with growing domestic demand, will also steer the anisole market.
The geographies include North America, Europe, Asia Pacific, and Latin America and MEA – Middle East and Africa. Europe, with more than 29% share, was the dominant region in 2014. Urbanization, higher disposable incomes, and focus on grooming are resulting in high demand for perfumes. This, in turn, would raise market revenues.
Asia Pacific is estimated to grow at a CAGR of 4.8% from 2015 to 2022. Robust pharmaceutical sector in Brazil, Venezuela, Argentina, and Chile will further the Latin American market. MEA nations like Kuwait, Saudi Arabia, and U.A.E. face large demand for fragrances. The worldwide anisole market is fragmented and has some leading manufacturers.
Some of these manufacturers are Surya Life Sciences Ltd., Evonik Industries, Westman Chemicals Private Ltd., and Atul Ltd. Most participants produce anisole using electrophilic aromatic bromination technology.
Information Source: Radiants Insights