Limonene Market Addresses Consumer Demand for Transparency and Traceability
The global limonene market is expected to reach USD 497.61 million by 2030 to grow at a CAGR of 6.0% from 2023 to 2030 as per the new report by Grand View Research, Inc. The growth is majorly driven by the increasing demand for natural and eco-friendly products, the growing popularity of citrus flavors and fragrances, and the expanding applications of the product in various industries. The food and beverage industry is expected to be the largest market for the market, as it is widely used as a flavoring agent in a variety of food and beverage product, including soft drinks, juices, and alcoholic beverages. The cosmetics and cleaning industries are also significant consumers as it is widely used as a fragrance and cleaning agent in various personal care and cleaning products.
Companies in the market are investing in research and development to develop new and innovative products, expanding their geographic reach, increasing their production capacity, and adopting a forward integration strategy to remain competitive in the market. For instance, Firmenich has developed a range of limonene-based natural flavors and fragrances, while Givaudan has developed natural and sustainable flavors and fragrances. Citrosuco is one of the largest producers of orange juice and orange peel products in the world, offering a wide range of products, including orange oil and orange peel extract.
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In addition, the increasing popularity of aromatherapy and essential oils is expected to create new opportunities for the market. It is widely used in aromatherapy as a natural mood enhancer, stress reliever, and immune system booster. The rising popularity of aromatherapy and the growing awareness of the benefits of essential oils are expected to drive the demand for the product in the future.
Moreover, technological advancements in the production are expected to improve efficiency and reduce costs, therefore enabling more affordable and accessible market to consumers. Furthermore, the expanding applications in the pharmaceutical and agriculture industries are expected to offer new growth opportunities for companies operating in the market. For instance, some companies are using innovative techniques such as enzyme-mediated extraction and microwave-assisted extraction to extract limonene from citrus fruits, which is more efficient and cost-effective than traditional extraction methods.
Limonene Market Report Highlights
- Lemon is the largest source segment which accounts for 33.8% by value in 2022. On the account of its use in various industry such as personal care, pharmaceuticals, cosmetics, and cleaning products. In addition, D-limonene, which is found in lemon oils, is used to treat cancer
- Personal Care Products are the fastest growing end-use segment with a CAGR of 6.4%, due to its health benefits which help in reducing obesity, cancer, bronchitis, and other diseases
- It is also being used as a bio pesticide in the agriculture industry, as it has insecticidal and herbicidal properties and is considered safer and more eco-friendly than synthetic pesticides
- Europe is the fastest growing region with a CAGR of 6.6%. As the region is home to many cosmetics & personal care manufacturers and has thriving opportunities for manufacturers as the demand for bio-based products is growing
- Florida Chemical Company has expanded its production capacity for citrus oils and derivatives to meet the growing demand from the food and beverage, cosmetics, and cleaning industries
List of Key Players in the Limonene Market
- Lemonconcentrate S.L.U.
- Florida Chemical Company (acquired by ADM)
- Banner Chemicals Limited
- Citrus Oleo
- Sucorrico
- Belize Ltd.
- Spectrum Chemical
- Citrosuco
Gather more insights about the market drivers, restrains and growth of the Global Limonene Market
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