Our in-depth analysis has segmented global camphor market into the following segments:
Global Camphor market is further classified on the basis of region as follows:
Global camphor market is anticipated to grow at a CAGR of 7.9% over the forecast period. Factor such as the growing demand of the camphor in making medicine for different type of diseases is expected to drive the growth of the camphor market in upcoming years. Due to good chemical properties it has wide range of application in various end user industries such as pharmaceuticals, food, agriculture and chemical among several others. It is also used for making ointments with vapor for treating cough and chest congestion. Rising demand of camphor for the ointments is anticipated to drive the growth fo0 the market.
In the regional market Asia Pacific accounted for the highest percentage of market share in the regional platform and is expected to continue its dominance over the forecast period. Factor such as rising demand of camphor for treatment for the different type of diseases is expected to directly the effects the growth of market. India is place where large number of holy places. Camphor is also used during prayer of god in Hindu religion. This factor is expected to foster the growth of the camphor market in upcoming years.
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North America is prominent market of camphor is expected to witness of high growth rate over the forecast period. Increasing population leading to to high growth of food and pharmaceutical is major factor which drive the growth of the camphor market. The market is mainly expanding on the back of the growth and expansion of pharmaceutical industries in the region..
Further Europe is expected to grow at a significant CAGR over the forecast period. Rising Advancement and research activity to increases application for camphor is expected to offer large number of opportunities in the camphor market.
Camphor has wide range of application in pharmaceutical. It is used for medicinal purposes for the treatment of toenail, warts, cold sores, hemorrhoids, osteoarthritis, congestion, cough, and skin infections. Generally in pharmaceutical it is used in the form of oil. It also can be used as antiseptic germicides and others. Further, proper dosage of camphor cure the health and high can be cause of serious problem due some toxic nature. These factors are opening a gateway of opportunities for the growth of the camphor market.
Apart from this, camphor finds their use in several end user industries such as agriculture, food, chemical, pharmaceutical and others. The growing demand of camphor in pharmaceutical industries is expected to positively impact the growth of camphor market during the forecast period. As population is increasing worldwide the demand of the food product is also increases which predicted to trigger the growth of camphor market during the forecast period.
In contrast, high flammability nature of the camphor is anticipated to negatively impact the growth of the dimethyl camphor market during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.