Farnesene Market size to exceed $485mn by 2027
Published Date: October 5, 2021 Authors: Kunal Ahuja, Sarita Bayas
Farnesene Market size is set to surpass USD 485 million by 2027, according to a new research report by Global Market Insights, Inc.
Farnesene is a natural ingredient often found in roses, chamomiles, and various other floral essential oils. The growing trend of natural ingredients in various industries, such as cosmetic & personal care and food & beverage, is set to foster the farnesene market over the upcoming years.
Wide applications of flavors and fragrances in various industries including food & beverages and personal care will boost the farnesene industry outlook
Farnesene market from flavors and fragrances application is expected to achieve over 6.5% CAGR through 2027. Increasing demand for flavors and fragrances in numerous industries, such as cosmetics, toiletries, and food & beverages, is predicted to augment the market demand. Moreover, the mounting demand for juices, snacks, ready-to-eat meals, processed food, and flavored beverages along with increasing disposable incomes and changing lifestyles in developing economies are expected to strengthen the demand for cosmetics, toiletries, perfumes, and soaps & detergents, thereby supporting the flavor & fragrance ingredients sector and indirectly supporting the market expansion.
Continuous innovations in the cosmetic and personal care industry to meet the changing lifestyles and consumer demands will propel the farnesene industry growth
The cosmetic & personal care application is projected to showcase moderate growth and surpass USD 175 million by 2027. This can be attributed to the growing pace of the personal care & cosmetic industry, increasing premium on personal grooming, rising awareness of beauty products, changing consumption patterns & lifestyles, and increasing purchasing power among women owing to the rising number of working women.
Browse key industry insights spread across 150 pages with 86 market data tables and 36 figures & charts from the report, “Farnesene Market Statistics By Application (Cosmetics & Personal Care, Performance Material, Flavors & Fragrances, Fuels & Lubes), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rapid urbanization and industrial development in the Asia Pacific region are estimated to fuel the farnesene industry size.
Asia Pacific witnessed a significant growth in the overall farnesene market, comprising over 25% of the market share and a revenue of over USD 90 million in 2020. Positive outlook toward the electronics, electrical, and automotive industries due to large investments along with rapid urbanization and industrial growth, primarily in Japan, India and China, is predicted to favor the performance materials market growth in the region. The rise in economic standards along with rapid increase in building infrastructures in China and India will drive the construction and furniture market, thereby stimulating the regional industry outlook. However, the COVID-19 pandemic gravely impacted the functioning of industries and affected the demand & supply of farnesene for a short-term owing to the destruction of the supply chain and temporary shutdown of manufacturing units.
Key players in the farnesene market are implementing various strategies such as mergers & acquisitions and product enhancements, improving their performances and product offerings worldwide. For instance, the BioTfueL project, initiated by Total and other five partners, was designed to convert lignocellulosic biomass (straw, forest waste, and dedicated energy crops) into biofuel through thermochemical conversion. The goal was to produce around 200,000 metric tons of bio-jet fuel and biodiesel per year from one million metric tons of biomass by 2020. This huge investment will provide long-term benefits in the market owing to the growing environmental consciousness.
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