Fenchol Market size is expected to reach USD 4 Billion by the end of 2035, witnessing around 5% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of fenchol was USD 2 Billion. The major factor that is attributed to the growth of the global fenchol market is the rapid expansion of the beauty industry. As fenchol is highly used in the beauty industry for producing perfumes, scents, deodorants, and other beauty products, the high demand for beauty products is anticipated to accelerate the production rate of fenchol in the upcoming years. A recent study revealed that the global beauty industry is projected to generate a revenue of USD 716 billion by 2025. Further, it is being disclosed that in 2020, the global spending of the beauty industry amounted to USD 485 billion.
In addition to other factors, the use of fenchol in perfumes, candles, soaps, and other scented products is anticipated to escalate the utilization rate of fenchol at the global level. Also, the increasing need for fenchol for reducing the supply and demand gap for scented products such as candles, incense sticks, and others is expected to impetus the revenue generation of the global fenchol market in the next few years. The increasing demand for fenchol as a flavoring additive to manufacture a wide variety of foods is also expected to bring lucrative growth opportunities for the expansion of market size in the next few years. Moreover, the increasing amount of expenditure made on research and development activities in producing low-cost cologne body sprays, body mists, and body splashes across the globe is also projected to bring lucrative growth opportunities for market expansion. Additionally, the growth in the demand for personal grooming items with the rising focus on hygiene is estimated to create a positive outlook for market expansion during the forecast period.
Base Year Market Size (2022)
~ USD 2 Billion
Forecast Year Market Size (2035)
~ USD 4 Billion
Growing Demand for Scented Products – As a result of the growing temperature, the demand for fragrance solutions has considerably grown to control the odor from sweat and precipitation released by the body. As fenchol is considered to be an ideal component for producing scented products, the increased demand for fragrant products is an indicator of significant expansion of the global fenchol market in the upcoming years. Between 2016 and 2020, global production of scented body products increased by nearly 60%.
High Expenditure on Food and Edible Products – With the rising population, the demand for food and edible products has escalated in the recent few years. In the food industry, fenchol has been used as a food additive. Therefore, with a high demand for food items, the production rate of fenchol is also expected to grow which in turn is projected to fuel the market growth during the assessment period. Recent statistics reveal that in 2021, Americans present in the United States spent almost 10% of their total disposable personal income on food.
Rising Disposable Income of the People Across the Globe – As the products made with fenchol are of high cost as compared to other items, people with the capability of spending capacity are propelled to buy more products manufactured with the usage of fenchol. Hence, the rapid growth in disposable income is anticipated to bring favorable opportunities for market growth. Data shared by the U.S. Bureau of Economic Analysis (BEA) stated that the disposable personal income of the United States increased from 0.2% in December 2022 to 1.4% in January 2023.
High Demand for Scented Products Including Candles and Perfumes – Among the young generation, the demand for scented products has increased for aesthetic purposes. Fenchol has been highly used for producing fragrant items including scented candles and others. Therefore, the increased production rate of scented products is anticipated to foster the enlargement of the fenchol market in the analysis period. In 2020, the sales value of scented candles in the United States region reached almost USD 2 billion.
The Boom in the Chemical Industry - In the year 2021, the world’s chemical industry generated a revenue of USD 4.73 trillion.
Application (Food Additives, Fragrances)
The global fenchol market is segmented and analyzed for demand and supply by application into food additives and fragrances. Out of these, the fragrances segment is attributed to holding the largest share of the market by the end of 2035. The major factor that is projected to the expansion of segment growth is the high utilization rate of fenchol in the fragrance business owing to its herbal aroma. The extensive expansion of the perfume and fragrance sector is attributed to fueling segment growth in the next few years. Recent statistics published stated that the perfume and fragrance manufacturing industry is estimated to generate a revenue of more than USD 3 billion before the end of 2023. Also, as a result of excessive sweat and precipitation, people are searching for solutions to combat unpleasant body odor which generates a demand for scented products such as deodorants, body sprays, perfumes, and other scented products. This is estimated to create a demand for fenchol for the purpose of manufacturing fragrant solutions, hence creating positive opportunities for segment expansion in the upcoming years. In addition to that, the willingness of consumers to pay more money for premium quality and organic fragrance products is also estimated to increase the demand for segment growth in the assessment period.
Purity (95%, 96%, 97%, 98%, 99%)
The global fenchol market is also segmented and analyzed for demand and supply by purity into 95%, 96%, 97%, 98%, 99%, and others. Out of these segments, the 95% segment is projected to hold the most significant share by the end of the forecast period with a notable CAGR value. Fenchol with 95% purity is being heavily used for varied purposes in different kinds of industries thus making positive opportunities for segment growth. Also, the numerous functions provided 95% purity owing to its great advantages making it a preferred option for making food items and fragrances which is projected to bring favorable opportunities for segment growth.
Our in-depth analysis of the global market includes the following segments:
APAC Market Statistics
The Asia Pacific fenchol market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035 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 their 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.
North American Market Forecast
On the other hand, North America fenchol is also attributed to garnering a significant share by the end of the assessment period. The burgeoning population of the region demanding high-quality scented products such as perfumes, deodorants, sprays, body sprays, candles, room refreshers, and other products are estimated to boost the production rate of fenchol in the upcoming years. Also, the high demand for food items and edible products is projected to increase the demand for fenchol as a food additive. Increase disposable income, high investments in research and development activities, along with constant government support are considered to be other factors boosting the market growth in the region.
Merck KGaA, a tech and science company, announced a collaboration with Agilent Technologies for the advancement of Process Analytical Technologies (PAT).
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.
Author Credits: Smruti Ranjan, Rajrani Baghel