Global Terpenes Market Overview
The global Terpenes Market was valued at USD 510.9 MN in 2019 and is projected to grow at a CAGR of 8.5% between 2020 and 2026. Whereas in terms of volume, the global Terpenes market was 112.6 KT in 2019 and is expected to grow at a CAGR of 7.5% over the forecast period. Terpenes, often referred to as terpenoids, are aromatic organic hydrocarbons with a strong odor. They are usually found in plants and commercially obtained from petrochemicals. Factors such as rising consumer preference for natural-based personal care products globally is driving the market. In addition to this, due to its strong odor and has strong resistance capabilities, it is broadly used in various applications. Rising demand in many end-use industries such as food and beverages, pharmaceuticals, cosmetics, and others propels the market.
Terpenes have few medicinal properties, which make them suitable for the pharmaceutical industry. terpene is applicable to the prevention and treatment of cancer. The rising number of cancer patients and the growing occurrences of skin-related diseases worldwide are driving the market. other therapeutic uses of terpenes include antimicrobial, antifungal, antiviral, anti-inflammatory, antioxidants, and skin permeation enhancers. Further, many personal care products are far from natural. most on the market today contain harmful petrochemicals and mineral oils that dehydrate the skin, clog the pores, put harsh chemicals into your body, and irritate sensitive skin. terpenes have offered pure, potent fragrance for the skin, hair, and teeth products. throughout the ages, terpenes have been used for countless skincare needs, from face cream to baldness. thus, growing consumer awareness of synthetic chemicals and increasing demand for natural personal care products is expected to accelerate the market growth in the near future. however, the most significant challenge for the terpenes market is the rising prices of high-quality products. producing the purest of terpenes can be very expensive because it may require hundreds of pounds to extract 1 pound of pure terpenes from plants.
In terms of an opportunity, linalool finds a broad spectrum of applications in the chemical industry. In the chemical industry, its mainly used as a chemical intermediate. linalool is mainly used in cleaning products, perfumed hygiene, and scent ingredients such as lotions, soaps, shampoos, and detergents are rising the demand for the linalool market. ever rising application base for linalool is expected to further fuel the growth of the terpenes market in the years to come.
The global terpenes market is highly competitive, owing to the presence of significant local players. prominent companies operating in the terpene market include Arora Aromatics, Mentha and Allied Products, AOS Products, Kraton, Natural Fractions, Interstate Commodities, Himachal Terpene Products, YASUHARA CHEMICAL, and Jiangxi Jishui Xinghua Natural Spice. Market players are engaged in technological advancements to produce unique products and achieve the industrial scale of terpene production.
In this market research report, the market is segmented by product, application, and region.
Analysis by Product
The market has been segmented into pinene, limonene, linalool, and others in terms of product. pinene is dominating the product segment accounting for more than 40% market share in terms of both volume and revenue in 2019, and is expected to maintain its dominancy over the forecast period. pinene is one of the naturally abundant terpenes. Growing medicinal uses of pinene are estimated to drive segment growth during the forecast period. studies have demonstrated its beneficial effects on the body and could treat some severe illnesses like cancer. This is projected to create a new opportunity for segment growth. It has many therapeutic benefits, used as an anti-inflammatory, expectorant, bronchodilator, and local antiseptic to improve airflow to the lungs and protect from ulcers. α-has showed anti-cancer activity and has been used as an anti-cancer agent in traditional Chinese medicines for many years.
Analysis by Application
Based on application, the market is categorized into cosmetic, pharmaceutical, food, and others. Cosmetic is leading the application segment accounting for more than 35% market share of the total market in terms of volume and revenue in 2019, followed by pharmaceuticals. terpenes have been broadly used in the cosmetic industry for decades due to their potent aroma and skin healing properties; their complex fragrances make them an easy choice to include in topical cosmetics and beauty products. terpenes hold a lot of potential in skincare. They offer potential benefits to skin health and appearance owing to excellent permeation-enhancing ability.
Furthermore, terpene offers a broad range of medical benefits containing antimicrobial, antiseptic, and even anti-carcinogen effects. thus, the pharmaceutical segment is growing at a rapid pace. The rise in usage of flavors in dietary supplements and pharmaceutical and nutraceutical applications is also likely to boost market growth during the forecast period.
Analysis by Region
Globally, the market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The Asia Pacific region held the largest market share in terms of both volume and revenue in 2019. A vast and growing consumer base of the terpenes industry creates an opportunity for producers to serve a significant market and make money in the region. rapidly increasing spendable income and innovative products offered by manufacturers are expected to boost the forecast interval's terpenes industry. demand from businesses that manufacture food, cosmetics, toiletries, soaps, detergent, and household products is predicted to increase market growth. terpenes based aroma products are an excellent option for food and beverage businesses looking to add flavor to their products. The need for fragrance in soaps and detergents was one of the market drivers. terpenes are a necessary ingredient for manufacturers in cosmetics, food and beverage, and personal care products.
The increase in demand from developing countries like China, India, and Japan and vital technological advancements have improved the terpenes market. the Asia Pacific ranks highest in terms of consumption. potential prospects are expected to contribute to a substantial gain in manufacturing activity, personal grooming, and consumer expenditure. The region will post the fastest growth and remain the largest market due to its large food & beverage industry.
Market Segmentation covered in the Report:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.