The increasing consumption of cinnamaldehyde in different industries, such as homecare, cosmetics, and personal care, is one of the key factors behind the growth of the cinnamaldehyde market. In 2016, the market generated a revenue of $183.7 million, and it is predicted to attain a size of $280.3 million by 2023, progressing at a 6.5% CAGR during the forecast period (2017–2023). Cinnamaldehyde is an organic compound, which offers taste and smell of the cinnamon spice in food and beverages, and cosmetics.

Based on source, the cinnamaldehyde market is bifurcated into synthetic and natural. Of these, during the historical period (2013–2016), the synthetic bifurcation led the market in terms of sales volume, and it is predicted to continue leading it during the forecast period. This is attributed to the fact that synthetic cinnamaldehyde is more economical as compared to the natural one. It can be produced by aldol condensation of benzaldehyde and acetaldehyde or from cinnamyl alcohol. Cinnamyl alcohol, Chdihydrocinnamyl, and dihydrocinnamaldehyde are some of the cinnamaldehyde derivatives with a commercial significance.

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On the basis of application, the cinnamaldehyde market is categorized into flavoring agents, odor agents, and others. Out of these, during the 2013–2016 period, odor agents dominated the market in terms of both sales volume and revenue, and these are expected to maintain their lead during the 2017–2023 period. Cinnamaldehyde is used as an aromatic substance in the manufacturing of perfumes, and it is also consumed in the making of cinnamyl alcohol. It mixes well with other volatile compounds that help in the fixation of scents and fragrance of the perfumes mainly used in the home and personal care industries.

Personal care is one of the most tempting markets in the consumer product category for cinnamaldehyde manufacturers. With a significant increase in the use of personal care products, the cinnamaldehyde market is predicted to experience steady growth. Furthermore, the rising disposable income of consumers is contributing to the growth of the market, as they are now ready to spend on luxury goods, including essential oils and perfumes. In this era, perfumes have become a popular product due to the changing consumer preferences and increasing purchasing income.

Cinnamaldehyde is widely used in perfumes, agricultural practices, and food and beverages. Moreover, the continuous research and development (R&D) activities have discovered benefits of the compound, which make it apt for the medical sector. It can help in the treatment of type II diabetes by lowering the triglyceride and blood glucose levels. It can also be used to increase plasma insulin levels when the right dose is taken daily. In addition, it can also treat allergies and reduce cholesterol levels as it has anti-carcinogenic properties.

Thus, increasing R&D activities by scientists and companies have boosted the application of cinnamaldehyde in the medical sector and have also created immense opportunities for the players operating in the cinnamaldehyde market. Some of the key players are Mubychem Group, Payan Bertrand S.A., Lanxess AG, Finoric LLC, Jayshree Aromatics Pvt. Ltd., Emerald Kalama Chemical LLC, Yingcheng Wuhan Organic Materials Co. Ltd., Kao Global Chemicals, ABI Chem, and Haihang Industry Co. Ltd.

Hence, the continuous R&D activities on the applications of cinnamaldehyde and the rising consumption of personal and homecare products are predicted to help in the growth of the market.