The global orange terpenes market is estimated to garner a revenue of ~USD 11 Billion by the end of 2031 by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 5 Billion in the year 2021. The growth of the market can be attributed to its growing demand in industries such as cosmetics and personal care for its sustainability and biodegradability. For instance, there has been an increase in the revenue from the cosmetics industry accounting to more than USD 80 Billion in 2021
Orange Terpenes (d-limonene) is a completely bio-based product derived from the fractional distillation of orange oils at high vacuum. The nature of the manufacturing method allows for precise control of odor, purity, moisture, and color, resulting in a consistent product. Moreover, it is used in household and industrial cleaning applications as well as in flavor and fragrance industries. As per market studies, the global flavor and fragrance industry exceeded USD 35 Billion in 2021, greater than its approximate value of USD 30 Billion in 2019, and is expected to trend higher during the forecast period, increasing the orange terpenes market size.
According to the World Bank, environmental pollution causes more than 11 million premature deaths worldwide,
The global orange terpenes market is segmented and analyzed for demand and supply by application into homecare, industrial, pharmaceutical, personal care, food, and others. Out of these, the homecare segment is expected to experience a higher trajectory of growth on the back of rising population comes an increase in the number of households where cleaning solutions are employed for sanitation and protection against germs. In the United States alone, there were 122,354,219 million households and growing, as of 2020, according to the United States Census Bureau. Orange terpenes fight against infestation and also adds a fruity aroma to the scrubbed area. Hence, it is expected to drive the growth of the application in the market.
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, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), 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, which 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. The easy availability of low-cost raw materials & 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 investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global orange terpenes 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 Europe region is projected to hold the largest market share by the end of 2031 owing to the presence of established players in the region. There is a greater awareness and demand for organic and eco-friendly products in the region and the educated customers with increasing disposable income. There has been increasing disposable income that is valued at over USD 10 Trillion in 2020, according to Eurostat statistics. Therefore, the millennial consumer is unequivocal about spending money on quality even if they come at a higher price tag and it is projected to surge the growth of the market in the Europe region.
The global orange terpenes market is further classified on the basis of region as follows:
Our in-depth analysis of the global orange terpenes market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing awareness of health benefits of orange terpenes and rise in environmental pollution are some of the factors driving the growth of the orange terpenes market.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2031.
The probability of irritation or rash if exposed for extended periods and stringent government regulations imposed on cosmetics and personal care products in certain developed and developing countries.
The market in the Europe region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Firmenich SA, Florida Chemical Company, Citrosuco, ERNESTO VENTÓS S.A., Florachem Corp., Cutrale, Givaudan, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by purity, application, and by region.
The homecare segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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