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Farnesene Market size exceeded USD 315 million in 2020 and is estimated to grow at over 6% CAGR between 2021 and 2027. The growing awareness toward natural and organic cosmetic products and ingredients will support the overall market growth. Natural farnesenes obtained from the covering of fruits or essential oils are combined, and they are responsible for the scent of gardenia or the characteristic smell of green apples.
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The worldwide spread of COVID-19 led to lockdown in major cities, ports, and manufacturing units, which is anticipated to impact the prices and supply for farnesene and its raw materials for short and medium terms. However, the demand for farnesene was also impacted during the COVID-19 spread in the global market. The rising consumer concerns toward healthy diets due to the increasing inflectional diseases such as COVID-19 led to the increased demand for natural and organic ingredients in the food & beverage industry. This will boost the overall growth and demand for farnesene in flavors & fragrances industry over the forecast period.
|Market Size in 2020:||315.8 (USD) Million|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||6%|
|Historical Data for:||2016 to 2020|
|No. of Pages:||150|
|Tables, Charts & Figures:||122|
|Pitfalls & Challenges:|
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The fluctuation in raw material prices owing to unsuitable weather conditions is expected to hinder the growth of farnesene market over the forecast period. Key feedstock and sugarcane are used for farnesene production. This production and supply may be affected by inappropriate weather, which can hamper the market growth. In addition, the regional availability of raw materials also impact the global price and supply of farnesenes. For instance, sugarcane is majorly produced in Brazil and accounts for over 55% of ethanol production, followed by sugar. This is one of the major influencing factors responsible for the fluctuating farnesene price trends in the global market.
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The fuels & lubes application of farnesene market is estimated to surpass USD 100 million by 2027 and is anticipated to demonstrate growth at over 4.5% CAGR over the forecast period. The growing transportation industry around the globe is anticipated to increase the demand for alternative fuels and lubes in the market and support the growth of farnesene. Consumers are highly encouraged to opt for biofuels as governments have taken many initiatives to reduce CO2 and other greenhouse gas emissions, contributing toward the farnesene market growth.
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Europe accounts for a major share of the global farnesene market and is anticipated to reach over USD 175 million by 2027, growing at a CAGR of over 6% between 2021 and 2027. The booming cosmetic & personal care industry in Europe is estimated to drive the demand for farnesenes over the forecast period. Changes in lifestyle and increase in disposable incomes of consumers in the region are further projected to increase the demand for personal care and cosmetic products, increasing the demand for farnesene in the region.
The key players operating in the global farnesene market include Amyris Inc., Precigen Inc., Tate and Lyle Plc, Santa Cruz Biotechnology Inc., ADL Biopharma, Toronto Research Chemicals Inc., Triveni chemicals, Antai Fine Chemical, Glentham Life Sciences, U.S. Biological Life Sciences, American Enzyme Company, and ALFA. Players in the global market are engaged in different strategies including mergers & acquisitions to bolster their market positions and distribution channels. Moreover, several key market players are working on new product developments & launches to expand their product portfolios in the industry.
In December 2020, Amyris, a synthetic biotechnology company based in the U.S., and DSM Nutritional Products company closed a strategic transaction of USD 50 million for farnesene supply. The agreement between the companies will help DSM to license the rights to assume the distribution of farnesene, a bio-based compound. The agreement will also fulfill the current interest and demand for sustainably and clean produced chemistry in the market.
The global farnesene market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons & revenue in USD million from 2016 to 2027 for the following segments:
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