Benzoin Gum Market Outlook
Benzoin Gum or Benjamin, is a shrub-like deciduous tree. Benzoin has been traditionally used in India and other Asian countries. The tree bears fragrant clusters of silky white blossoms which are followed by the production of round fruits that contain one or two round seeds inside them. The aromatic resin is found inside the bark of the tree and is extracted and used for various herbal applications. The primary use of benzoin gum worldwide is in its herbal properties. The benzoin is used in Arab States of Persian Gulf and India, where it is burned on charcoal as an incense. There are two common kinds of benzoin, benzoin Siam and benzoin Sumatra. In the United States, the benzoin Sumatra is used for pharmaceutical preparations and Siam benzoin is widely used in flavor and fragrance industry.
Reasons for Covering this Title
Benzoin Gum powder serves exotic flair to food and cosmetics. Its reddish brown color with faint-vanilla like a smell. Its exotic herbal properties make it an essential ingredient in various soap making and natural body powders. In the cosmetic industry, due to its excellent preservative properties and healing properties for chapped skin, it finds wide application. Whereas in the food industry, benzoin gum finds its application as a food additive in baked goods and dairy products. Owing to its varied application in different industry for giving an additional weight to the end product it is expected to be on rising demand in the forecasted period. It is also used for internal medication and serves as a good herbal remedy. The benzoin gum owing o wide properties and varied application in industries are expected to grow the demand among manufacturers to use as an essential ingredient in processing end consumer products.
Global Benzoin Gum: Market Segmentation
On the basis of source, the Global Benzoin Gum market has been segmented as –
- Benzoin Siam
- Benzoin Sumatra
On the basis of the end use, the Global Benzoin Gum market has been segmented as –
- Food Processing
- Bakery & Confectionery
- Dairy Products
- Sweets and puddings
- Non-alcoholic beverages
- Alcoholic beverages
- Chewing gums and frostings
- Cosmetics & Personal Care
On the basis of the distribution channel, the Global Benzoin Gum market has been segmented as –
- Direct Sales
- Indirect Sales
- Hypermarket/ Supermarket
- Convenience Store
- Online Retail
Global Benzoin Gum Market: Key Players
Some of the key players operating in the Global Benzoin Gum market are Spectrum Chemicals, BMV Fragrances Private Limited, Vietnam Essential Oil, Bulk Apothecary, K.S.U. Payung EMAS, CV. Sentral Utama, Cv. Davindo, CS Parekh & company are some of the companies among others.
Extraction techniques to produce the benzoin gum naturally and quality certifications provided and practiced by the manufacturers are the key opportunities carried out to create awareness and reach to customers globally.
Benzoin Gum Market: Market Player Activities
- BMV Fragrances Private Limited, the India-based Company, is focused on providing quality products by adhering to quality certifications in its processing facilities. The company is an ISO 9001:2008, 14001:2004, GMP, HALAL, and HACCP Certified Company. Its products include benzoin gum, cardamom, clove, lavender flowers, labdanum and other in its product portfolio.
Opportunities for Market Participants
For food processing and food service industry, Benzoin Gum finds wide application in the products. It is a majorly also used in cosmetics and personal care industry. The Benzoin Gum market is anticipated to be positively influenced by evolving consumer preferences and rising awareness. Thus, the market players need to advertise and promote the ingredient benzoin gum in the end products with highlighting its health benefits and thus, creating a market for Benzoin Gum globally.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.