Global Orange Terpenes Market: Overview
Used across a number of industries, orange terpenes are set to witness an increase in demand over the period 2019 to 2027. The global orange terpenes market, as per Transparency Market Research, will grow at a sturdy CAGR over this period and drive the market higher to a better market worth. It will primarily be driven by growing demand for bio-based materials. Increase in disposable incomes and higher awareness regarding the ill effects of synthetic products is also set to contribute to growth in thus market.
Global Orange Terpenes Market: Competitors Landscape
The highly fragmented vendor landscape of global orange terpenes market is witnessing players directing efforts towards capturing a higher market share over the forecast period. The market is therefore rife with developments that are paving way for future growth in the market.
Some of the most prominent players that operate here are the following:
- Florida Chemical Company
- Citrosuco North America, Inc.
- Cutrale Citrus Juices USA, Inc.
- Florachem Corporation
- Citrus and Allied Essences, Ltd.
- Citrus Oleo
- Givaudan Flavors Corporation
- Flotek Industries, Inc.
- Southern Gardens Citrus
- Takasago International Corp.
- De Monchy Aromatics
- Tropicana Products, Inc.
- Vigon International
Geographic expansion is one of the key focus areas of top players present in the global orange terpenes market. To achieve this goal, prominent ones are dabbling with mergers and acquisitions, joint ventures, and collaborations. Capacity building also occurs on the list of strategies.
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Global Orange Terpenes Market: Key Trends and Drivers
Growing demand from certain end-use industries such as cosmetics and personal care is driving the global orange terpenes market on to a high growth curve. There are other varied trends and drivers, which are contributing immensely to the growth in this market. In its upcoming research report, Transparency Market Research delineates these on a granular level. A glimpse into the growth factors is set forth:
- Orange terpenes are completely biodegradable and that makes them sustainable. World over demand for such products is garnering steam. It is a result of growing awareness regarding the harmful impact of non-biodegradable products. This is the reason why the millennial consumer, who is both woke and ready to shell out extra for clean labels, is demanding for such products. This will be a notable growth factor in the market over the forecast period.
- Across the world, demand for cosmetics and personal care products, which are made from natural and organic ingredients, is growing. In some countries, there are stringent regulations against use of synthetic materials. This is leading to notable increase in demand for orange terpenes.
Global Orange Terpenes: Regional Analysis
Consumption of orange terpenes is high in Europe, making it a leading region in the global orange terpenes market. The market share of Europe would be followed by that of North America in terms of size. One of the most notable factors of growth driving the regional markets on to a high growth trajectory is a keen focus and high adoption of sustainable products.
However, it is significant to note here that in terms of production, Asia Pacific (APAC) region will take lead over the forecast period. Factors supporting this lead are large areas of arable land and increasing production. Demand-wise, however, Asia Pacific comes after North America. Since, Europe and North America consume massive quantities of orange terpenes, exports will be noted in Asia Pacific, creating opportunities of growth in the market.
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