Market Size of Benzoe Siam Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Benzoe Siam Market Analysis
The market for benzoe siam is expected to grow at a CAGR of more than 3.4% globally during the forecast period. Benzoe siam is a balsamic resin in the Styrax family derived from the bark of many species of trees. The growing demand from fragrances has been driving the market growth.
- However, the cheap synthetic-based fragrance substitute and outbreak of coronavirus across the globe are likely to hinder the growth of the studied market.
- The growing application of benzoe siam in the pharmaceutical industry is likely to provide opportunities for the benzoe siam market over the next five years.
- North America dominated the market across the globe with the largest consumption from countries such as the United States and Canada.
