FELTON, California, Feb. 19, 2019 /PRNewswire/ -- The global limonene market is expected to reach USD 353.1 million by 2025, growing at a CAGR of 4.6% from 2017 to 2025. The growth is attributed to the growing demand of limonene from food & beverage and personal care industry. Growing demand for food additives and natural cosmetics is expected to have a positive impact on the market. Application of limonene as a functional ingredient in the formulation of various cosmetics and fragrances is expected to grow in the near future.
Food & Beverage market is a key end-use application industry for limonene which is expected to foresee growth at a CAGR of more than 4.0% from 2017 to 2025. The growth is attributed to the increasing consumption of food additives in the form of as flavoring agents, sweeteners, enzymes, emulsifiers, colorants, fat replacers and shelf-life stabilizers.
Limonene adds flavor, color, and taste to food products besides imparting nutritional content. Demand is also expected from personal care products and pharmaceutical industry, where limonene is used in a variety of products ranging from bath products, aftershave lotions, hair care products, perfumes and colognes to medicines used for weight loss and bronchitis.
The global demand for limonene in the pharmaceutical segment was estimated at over USD 64.0 million in 2017. The growth is attributed to its medicinal properties due to which it is used as an ingredient in various medicines used for treating cancer and bronchitis. It is also used in medical creams and ointments penetrable into the skin.
Access full research report with TOC on "Limonene Market Size and Forecast, By Application (Food & Beverage, Pharmaceutical, Personal Care, Industrial) and Trend Analysis, 2015 - 2025" at: https://www.hexaresearch.com/research-report/limonene-market
In the industrial sector, limonene is used as an industrial cleaner as it has an affinity for petroleum-based greases. It is also being used as an alternative for solvents such as methyl ethyl ketone (MEK) and xylene (dimethylbenzene).
Regulatory policies play a vital role in shaping the development in limonene market. For instance, the rising concerns towards reducing greenhouse gas (GHG) emissions spurred the European Commission and EPA to frame regulations advocatingf the production as well as consumption of naturally derived ingredients. As a result, food & beverage manufacturers are pursuing efforts to fortify naturally derived additives in their offerings and reduce the reliance on synthetic ingredients.
In 2017, North America commanded well over 35.0% of the market. Growing health concerns are affecting the food & beverages sector, where food processors are offering products with better nutrition, low sugar, and natural ingredients. The growing demand for natural ingredients in the region is thus benefiting the limonene market. The U.S. remains a key market as it has well-established end-use limonene markets including food & beverage and cosmetics and personal care.
Over the coming years, strong demand for limonene is expected from the Asia Pacific region, where increasing demand for personal care products and food & beverages coupled with the increasing inclination of consumers towards natural ingredients is expected to drive growth. During 2017-2025, the Asia Pacific region is expected to be the fastest growing market for limonene.
The market is highly competitive with the presence of well-established companies such as Florida Chemical Company and Firmenich which together command a considerable share in the market. Active players in the market are expected to consolidate their position in the market through mergers and acquisitions, especially in the growing end-use markets such as food & beverages.
For instance, in the second half of 2018, Firmenich completed the acquisition of Senomyx, Inc., a company offering novel flavor ingredients and natural sweeteners to various companies in the food & beverages industry. Some other key companies include Citrosuco, Sucorrico, Tropfruit Nordeste, Ernesto Ventós, AGROTERENAS, and LemonConcentrate.
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Hexa Research has segmented the limonene market report based on application and region :-
Segmentation by Application
- Food & Beverage
- Personal Care
Segmentation by Region
- North America
- Asia Pacific
- South East Asia
- Central & South America
- Middle East & Africa
Key players analyzed
- Florida Chemical Company
- Firmenich SA.
- TROPFRUIT NORDESTE S.A
- Citrus Oleo
- Ernesto Ventos S.A.
- Sucorrico SA.
- LemonConcentrate S.L
About Hexa Research
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SOURCE Hexa Research