Limonene is the essential oil found in the peels of citrus fruits and other plants. Being a fruit & plant derivative, it has minimal health and environmental impacts. In end-user industries, limonene is used as a flavoring agent, fragrance, cleaner (solvent), and as an ingredient in sanitizers. Due to its benefits, the demand for the usage of this product has grown its application in various end-user industries which is expected to propel the market growth in the forecast period at a high CAGR of XX%.
Growth in the end-user industries such as food & beverages, cosmetics, chemicals, pharmaceuticals, and others is one of the major factors that is boosting the Limonene Market Growth.
Increasing adoption of natural ingredients and green chemicals in several end-user industries is augmenting the demand for the limonene market globally. As limonene is a plant-based derived solvent, it has minimal adverse impacts and thus will be high upsurge in its demand in the foreseeable future. In addition, the therapeutic and aromatic properties of the oil is also leading to its usage in foods and traditional medicines as natural alternatives to traditional medications. Due to its superior properties limonene helps in losing weight, prevention of cancer, treat cancer and treat bronchitis. It is also used as flavor and fragrance in various food applications. It is also generally recognized as safe in food application by the Food and Drug Administration (FDA). According to the Food and Agricultural Organization (FAO) global per capita food consumption is expected to grow by approximately 4% from 2015 to 2030. Thus, growth in food consumption is expected to drive the market growth in the forecast period.
Also, the growing demand for aerosol propellant and ozone-depleting chemicals usage is likely to drive the limonene market growth trend in the forecast period.
Based on the application the Limonene Market is broadly segmented as food & beverage, cosmetics, pharmaceuticals, and others.
Among all these, the food & beverage industry accounted for major market share and is expected to grow at a high CAGR of XX% over the forecast period.
It is owing to limonene's aromatic properties, and it acts as a stabilizing agent in carbonated beverages fruit juices, ice creams, and sweets.
According to the International Dairy Foods Association (IDFA), in 2015, the U.S. ice cream companies made more than 898 million gallons of ice cream. Thus, growth in its demand in food & beverage industry is expected to boost the market growth.
By geography, the Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
North America region accounted for major market share and is expected to grow at a high CAGR during the forecast period. Because the U.S. is the largest producer of citrus fruit in the world which is a major source of limonene. Also, an increase in demand for the use of natural ingredients in cosmetics and preferences towards bio-degradable product will propel the application of limonene in the coming years. According to L’Oreal, in 2016, the U.S. was considered the most valuable beauty and personal care market in the world, generating approximately $84 billion. Thus, growth in the cosmetic industry is expected to propel the market growth in this region.
Significant players of the Limonene Market are Florida Chemical Company, Inc., Arora Aromatics, Elevance, Bell Chem Corp., Peace Naturals, Sucorrico, Weleda Australia Pty Ltd., Citrus Oleo, Banner Chemicals Limited, and others.
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