Orange Terpenes Market Size & Share, by Purity (98% Purity, 99% Purity); Application (Homecare, Industrial, Pharmaceutical, Personal Care, Food) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Increasing Awareness of the Health Benefits of Terpenes – Terpenes are known to improve the immunity of people to fight against diseases and pandemics owing to their natural and bio-based materials. Thus, the rising of such diseases across the globe is projected to boost the growth of the global orange terpenes market during the forecast period. COVID cases still rising accounting for more than 579,092,623 confirmed cases all over the world, according to the data collected by the World Health Organization (WHO).

• Rise in Demand for Aromatherapy Across – Aromatherapy is the use of aromatic plant extracts and essential oils which are useful for healing illnesses such as depression, anxiety, and panic along with cosmetic purposes. With people shifting towards personal care and enhanced mental health, more and more people are seeking out essential oils and aromatherapy to help relax the mind, ease discomfort, induce sleep, and alleviate stress. As orange terpenes are considered to be an effective biodegradable component with health benefits, the rising adoption of aromatherapy to cure diseases is projected to create a positive outlook for market growth. As per the information published by the Centers for Disease Control and Prevention, around 4.7% of adults in the United States, aged 18 and over, deal with regular feelings of depression.

• The Rise in Environmental Pollution – As a result of increasing pollution, is creating a burden on the economy. Thus, the government is implementing stringent rules on the use of non-biodegradable products and non-eco-friendly items. Therefore, there is a greater demand for biodegradable products made from orange terpenes and this factor is anticipated to drive the growth of the global orange terpenes market in the upcoming years. According to the World Bank, environmental pollution causes more than 11 million premature deaths worldwide,

• The Surge in Demand for Natural Cleaning Products – Orange terpenes are naturally derived products that are considered to be 100% natural cleaning components that are safe and effective in removing dirt, germs, and other contaminants, and preventing the spread of infectious diseases, helping the population to stay healthy. Thus, the increasing number of cases of infections is expected to generate the demand for orange terpenes in the forecast period. According to the Centers for Disease Control and Prevention, there were about 7.2 million visits to physician offices for infectious and parasitic diseases in the United States alone, in the year 2018.

• Increasing Use in Agriculture – Terpenes are being increasingly considered as alternatives for synthetic chemicals that are currently used as pesticides and insecticides. Therefore, the rising focus on developing the agricultural sector and increasing the rate of employment in the agriculture industry is expected to increase the utilization rate of orange terpenes in the next few years. For instance, agriculture provides a livelihood for nearly 50 percent of the Indian population.

Challenges

• Rising Risks of Side-Effects – Orange terpenes are considered to be safe for human use however come with little risk of side effects. When products with orange terpenes are directly applied to the skin, it irritates some people. Furthermore, a high dose of orange terpenes may also cause side effects such as dizziness and other illnesses. It is estimated that all these risks couple up to lower the adoption rate of orange terpenes and subsequently hamper market growth during the forecast period.
• Stringent Government Regulations Imposed on Cosmetics and Personal Care Products
• An Influx of Cheaper Synthetic Alternatives