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CHEMICALS AND ADVANCED MATERIALS

Fenchol Market Analysis by Application (Food Additives and Fragrances); and by Purity (95%, 96%, 97%, 98%, 99%, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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IN THE NEWS

  • June 14, 2022: Merck KGaA, a tech and science company, announced a collaboration with Agilent Technologies for the advancement of Process Analytical Technologies (PAT).

  • June 4, 2021: Jiangxi Global Natural Spice Co., Ltd. - Jishui County, Jiangxi Province was inaugurated as a base for forest chemical flavor and fragrance industries during the National Forest Chemical Flavor and Fragrance Enterprise conference and annual meeting.  

Global Fenchol Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Fenchol Market CAGR Value

The global fenchol market is estimated to garner significant revenue by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated remarkable revenue in the year 2021. The growth of the market can primarily be attributed to the increasing usage of fenchol in the production of perfumes, candles, and soaps coupled with the rapid surge in sales of these products. For instance, the revenue for the deodorant segment was valued at approximately USD 0.41 billion in 2022 while regarding total population, per person revenue for the deodorant segment was estimated to be about 0.30 U.S. dollars in a similar year.

Fenchol Market Global Overview & Outlook 2031

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Fenchol, also known as Fenchyl alcohol is considered earthy, refreshing, and herbal and is a colorless solid. The naturally occurring isomer fenchol is widely used in the perfume industry. Furthermore, improved living standards along with a high-level income of individuals are predicted to increase consumer spending on premium and luxury fragrances. This is expected to fuel the demand for fenchol during the forecast period. According to the World Bank data, annual consumer consumption expenditure grew from USD 62.74 trillion in 2018 to 62.03 trillion in 2020. Additionally, the high demand of fenchol as a flavoring additive in a wide variety of foods such as ice cream, chocolate bars, candy, chewing gum, and others are the factors estimated to enlarge the global fenchol market size. Rising key trends in the fragrance and flavor industry such as, the consumption of processed food and adoption of personal care & cosmetics products expands the application of fenchol which is expected to drive global fenchol market growth during the forecast period.

Global Fenchol Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Consumer Demand for Perfumes to Hike the Market Growth- For instance, Global perfume sales grew 6.2% in 2021, and prestige perfume sales in the U.S. increased 48% in 2019 compared to 2018. Rising demand for lighter-scented products among consumers is expected to boost the sales of fenchol during the forecast period. In addition to that, the increasing sales of various fragrance body sprays, mists, and splashes is also expected to drive the global fenchol market growth over the forecast period. 
  • Increasing Valuation of Fragrance and Flavor IndustryAccording to the Ministry of Micro, Small, and Medium Enterprises, the global fragrance & flavor industry has an estimated value of USD 24.10 billion in recent years. 
  • Increasing Investment by Chemical Industry in R&D and Global Economic Output- It was observed that about USD 5 trillion was invested by the chemical industry in global economic output in recent years.
  • Rising Sales of Chocolate and Candy Worldwide- As of 2021, the confectionery category was valued at about USD 35 billion while this category is expected to reach about USD 45 by the year 2026.
  • Increasing Level of Disposable Income- The data provided by the Bureau of Economic Analysis for May 2022, showed an increase of $96.5 billion (0.5 percent) in disposable personal income, and a rise of $32.7 billion (0.2 percent) in personal consumption expenditures.

Challenges

  • Presence of Alternative Products in the Market
  • Availability of Fenchol at a Lower Cost 
  • Unawareness of the Uses of Fenchol 

The global fenchol market is segmented and analyzed for demand and supply by application into food additives and fragrances. Out of which, the fragrances segment is projected to garner the largest revenue by the end of 2031, backed by the extensive usage of fenchol in the manufacturing of perfumes, cleaning products & household care such as, air fresheners, soaps, candles, and others. The ongoing demand for these products in the market promotes the use of fenchol, which is expected to fuel the segment's growth during the forecast period. The commercial sales of candle products in the United States were estimated at approximately USD 3 billion annually.

Major Macro-Economic Indicators Impacting the Market Growth

Fenchol Market Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Fenchol Market Regional Synopsis

Regionally, the global fenchol market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031 on the back of the existence of a large number of fragrance manufacturers in the region including China, Singapore, Japan, and other countries. Furthermore, the increasing popularity of pocket perfumes among individuals owing to its practicality and portability is also expected to drive market growth in the region. Additionally, the increasing sales of perfumes and fragrance in the region is further expected to propel the demand for fenchol during the forecast period. It was observed that approximately 40% of global fragrance sales originate in Asia-Pacific, with China contributing USD 1.5 billion, the highest in the world. 

Fenchol Market Share

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The global fenchol market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global fenchol market includes the following segments:

By Application

  • Food Additives
  • Fragrances

By Purity

  • 95%
  • 96%
  • 97%
  • 98%
  • Others

Top Featured Companies Dominating the Global Fenchol Market

  • Merck KGaA
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Foreverest Resources Ltd.
  • Jiangxi Global Natural Spice Co., Ltd. 
  • Penta International Corporation
  • Pfaltz and Bauer Inc
  • Formosa Plastics
  • Augustus Oils Ltd.
  • Bedoukian Research Inc.
  • Takasago International Corporation
  • ECHEMI Technology Co., Ltd.

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