Gum Benzoin Market: Overview
Gum benzoin is the latex of trees having resinous properties which belong to the styrax species of 130 shrubs and small plants. These shrubs and plants was originated in Vietnam, and Laos and have also been identified to be grown in java, Sumatra and in Malaysia. Gum benzoin are also called as benzoin, gum benjamin, and benjamin These gum benzoin are used against swelling of throat, and breathing passages, quickly caters relief to inflammation when taken by mouth.
Furthermore, gum benzoin resins are also used as common ingredient incense products and perfumery due to its fragrance and adhesive properties. Gum benzoin acts an antidepressant, disinfectant, diuretic, vulnery, anti-inflammatory, antiseptic, sedative, carminative, cordial as well as rheumatic
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Factors catering pace to the Gum Benzoin Market
Significantly, growing food and beverages processed industry is one the key driving factors stimulating the growth of the global gum benzoin market over the forecast period, owing to the increasing demand for processed and blended food products among consumers. The macroeconomic factors such as rapidly growing gross value added (GVA) of key countries and increasing import/export among key countries will lead the global gum benzoin market towards considerable growth over the forecast period.
Also, the rapid growth in the pharmaceutical industry along with the growing wine processing industry will increase the demand for gum benzoin for blending raw materials in the upcoming years. Furthermore, with the increasing demand for gum benzoin for skin care products will take the global gum benzoin market towards rapid growth in the forecast period.
In addition, the increasing demand for incense products will gain high traction over the forecast period. The key restraining factors such as high price, and stringent government regulations & standards for the manufacture of gum benzoin may hinder the global gum benzoin market over the forecast period. With the increase in manufacturing activities in developing countries, such as India and China, will create a high opportunity for gum benzoin across these countries over the forecast period.
Gum Benzoin market breakdown
The global gum benzoin market is segmented by application and by region.
By application, the global gum benzoin market is segmented as:
- Food & Beverages
- Incense Products
By region, the global gum benzoin market is segmented as:
- North America
- Latin America
With the rapid growth in the manufacturing industry, incense and perfumery segment is estimated to witness high growth over the forecast period. On the other hand, high demand for personal care products will aid in the expansion of the global gum benzoin market over the forecast period.
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APEJ: Leader in Gum Benzoin Market
The global gum benzoin market can be segmented into seven regions: North America, Latin America, Europe, CIS & Russia, Japan, APEJ (the Asia Pacific excluding Japan) and MEA. Among the aforementioned regions, APEJ is predicted to account for the highest market share in the global gum benzoin market due to the growing preferences of aromatherapy among consumers.
APEJ region is anticipated to showcase robust growth in the global gum benzoin market as it leads among the top exporters and manufacturers of gum benzoin along with the high production of resin benzoin in the key south Asian countries, such as India, Vietnam, and Indonesia. On the other hand, a large imports has been witnessed in countries like U.S, Germany, U.K, China, and other region.
Lofty manufacturer in gum benzoin market
The prominent players for global gum benzoin market are:
- PT. Sumatra Benzoin,
- PT. ACADIAN SEMBADABAMA
- CV. Damarindo Abadi
- Bharat Sales Company
Competitive landscape for gum benzoin market
The global market for gum benzoin is fragmented in nature with the presence of many large & small market players. The competition among the existing market players is very high. Therefore, to survive & succeed in such a competitive environment, manufacturers must distinguish their product offering through innovative & unique products. This competitive environment also leads to a cut in the prices of their product to retain their market position, which can also negatively affect the profit margin of the manufacturers
The research report presents a comprehensive assessment of the gum benzoin market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry.
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