Limonene: Market outlook
Limonene is a colorless liquid hydrocarbon with lemons like fragrance and present in the essential oil of citrus fruits such as lemon essential oil, orange essential oil, and others. In the global food and beverage market, limonene is gaining the demand owing to its multi-faceted applications in pharmaceuticals, cosmetics and food, and beverage industry. Limonene is majorly used as flavor and fragrance additive in end-use industry. In the pharmaceutical industry, limonene is gaining demand due to its multiple benefits in bone health. Limonene is found to be helpful in curing bone-related diseases and also in weight management. In addition, limonene is under clinical investigation to treat breast cancer. On the other hand, the increasing demand for biodegradable substance in paints and coatings is proving as the best opportunity for limonene as a replacement for petroleum-based solvents. In the global limonene market, Europe and North America account for major production and consumption of limonene. With the increasing demand of limonene in various industry, it can be anticipated that there would be higher return for the investor over the forecast period.
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Rising Demand for Limonene Flavor and Fragrance Industry
Due to its versatile application, the demand of limonene is increasing in the household and personal care products such as an aromatic cleaning agent for kitchen equipment. In the global terpene market, the demand of limonene is increasing at a high growth rate in homecare, food and beverage and pharmaceutical industry. The demand is also increasing as the replacement of petroleum-based paints owing to its biodegradability and low VOC emission. In the food and beverage industry, flavor inspiration is the major factor which is driving the limonene as a food additive to enhance the flavor and fragrance of the food products. Limonene has citrus aroma owing to the fact that it is extracted from the peels of citrus fruit mainly oranges. Meanwhile, in the food and beverage industry, many companies are investing in research and development to add limonene in their food products where it is not being used currently. Recently, researchers have tested for its function as a crystallizing agent in chocolates. On the other hand fluctuation in the production of raw material is restraining the limonene market. In addition, to overcome the supply constraint during the offseason of orange, many manufacturers are emphasizing on to develop alternatives of limonene, which is restraining the global limonene market.
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Global Limonene: Market Segmentation
On the basis of source, the global limonene market has been segmented as-
On the basis of grade, the global limonene market has been segmented as-
- Food grade
- Pharmaceutical Grade
- Industrial Grade
- Fragrance Grade
On the basis of the end user, the global limonene market has been segmented as-
- Food Beverage Processing
- Dietary supplements
- Home Care Personal Care
Opportunities for Market Participants:
The upsurge in the demand for natural and healthy ingredients in the food and beverage is paving the opportunity for the robust growth of limonene market. The aggressive marketing strategy by the key players involved in the limonene market and brand improvement by the regional manufacturers is helpful in gaining the attention of customers towards limonene and limonene products. Apart from all the factors mentioned above, increasing awareness among the geriatric population about the limonene is expected in boosting the demand for limonene products.
Global Limonene: Key Players
Some of the key players of limonene market are Astra Chemicals, Mentha Allied Products Private Limited, Shree Bankey Behari Lal Aromatics, Banner Chemicals Limited Recochem Inc., Lemon Concentrate S.L., Interstate Commodities Corp., Florida Chemical Company, Citrus Company of Belize Ltd. and Spectrum Chemical Mfg. Corp. amongst others.
Global Limonene Market: A Regional Outlook:-
North America and Europe account for the highest production and consumption of limonene and companies like Astra Chemicals, Mentha Allied Products Private Limited, are situated there, it is expected anticipated that the demand of the limonene will increase in the forecast period. In addition, Asia Pacific is anticipated to witness robust growth in the coming future. On the other hand, with increasing awareness among customers, it is expected that the demand for limonene market is expected to grow over the forecast period.
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.
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