Global Limonene Market Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2019 – 2028

Global Limonene Market is expected to be valued at US$ X Mn in 2019 and is projected to reach a value of US$ X Mn in 2028. The global limonene market has been divided on the basis of source, application, and region/ country.

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Limonene: Product Overview

Limonene is a type of chemical that can be found in the peels of citrus fruits and essential oils of various aromatic plants. Limonene is used to help in management of weight loss, bronchitis, and aids in treatment of cancer as well. It also acts as a flavoring agent in foods, beverages, and chewing gum.  In addition, due to its pleasing aroma, it is widely used in perfumes, soaps, personal care products, and as a natural ingredient in cleaning products used in households.

Market Dynamics:

Major factors driving growth of the target market is growing adoption of organic or natural ingredients and green-label chemicals in manufacturing consumables across various developed and developing countries. In addition, increasing demand for environment-friendly fragrance and flavors in food & beverages, rising spending capacity, changing food eating habits, and rising awareness regarding health benefits of consumption of limonene are among other factors that are expected to fuel target market growth. Furthermore, growing food and beverages sector, especially in developing countries, changing consumer preferences, rising standards of living, increasing use of product in therapeutics, and as natural substitutes to allopathic solutions are some other factors expected to drive growth of the target market. However, highly volatile costs of raw materials could challenge revenue growth of the target market in the 10-year period.

Trends:

Macro trend witnessed in the target market is that certain established players are investing in development and launch of new limonene products in order to cater to ever-inclining demand for healthy products. In January 2018 for instance, Elevance Renewable Sciences, Inc. which is a US-based company, expanded its product line by launching additional product – Elevance Clean 1000 ingredient – which is a bio-based cleaning agent that easily blends into a d-limonene formula and will be useful in degreasing and tar removal applications in various industries.

Limonene Market: Segment Analysis

By Source:

Among the segments based on source, the lemons segment is expected to dominate in the target market as lemons have refreshing aromatic properties, and lemon-based products act as stabilizer in carbonated beverages. In addition, limonene has certain nutritional value which makes it beneficial in lowering blood pressure and decreasing cholesterol levels.

By Application:

Among the segments based on application, the food and beverage segment is anticipated to dominate in terms of revenue share in the target market, owing to higher spending on the food and beverage industry by population across the globe. The cosmetics and chemical industry segments are anticipated to account for moderate revenue shares in the target market, owing to rapidly growing cosmetics industry, especially in developed countries. In addition, increasing demand for natural and organic aromas from the chemical industry is a major factor driving revenue growth of the chemical industry segment.

Analysis by Region

The market in North America is estimated to dominate in the global limonene market, primarily attributable to increasing demand for natural ingredients in cosmetics and preferences towards bio-degradable products, coupled with higher income level of population, and increasing product launches by major companies in countries in the region. In November 2017 for instance, Canada-based Peace Naturals company launched three products, namely Sensi Star, Diesel, and Clearview Kush that are limonene-based products. The market in Asia Pacific is expected to be an emerging market for the limonene and is expected to witness the highest growth rate over the 10-year period, owing to rapidly transforming food industry with regards to incorporation of natural or organic ingredients in food products in countries in the region. Moreover, the regional markets such as Latin America and MEA are anticipated to register moderate CAGR in the global limonene market over the 10-year forecast period.

Global Limonene Market Segmentation:

Segmentation by Source:

• Lemons
• Oranges
• Mandarin
• Lime
• Grapefruit

Segmentation by Application:

• Food & Beverage
• Pharmaceuticals
• Cosmetic and personal care products
• Other Industries

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa