Limonene is a colorless liquid that is obtained from citrus fruits such as lemon or orange or is synthetically produced from hydrocarbons. Limonene is generally known for its nutritional value and is effective in lowering the cholesterol level & weight, which are among the properties that have increased the demand in the pharmaceutical sector. Limonene product is usually used in the maintenance cleaner for the concrete pads, household cleaners and air fresheners, airport runways and parking complexes. It is also utilized as functional ingredient in sweets, baked-goods, ice creams and puddings. It’s growing popularity as a product with nutritional & health benefits is expected to fuel the market in the future. Limonene is also consumed to lower cholesterol and lower blood pressure.
As per analysis, “Global Limonene Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)” the key companies operating in the global limonene market include Florida Chemical Company, Firmenich, Florachem, Lemon Concentrate, Citrus Oleo, Sucorrico, Citrosuco, Ernesto Vent s, Tropfruit, Agroterenas Citrus and among others. The companies are actively seeking to consolidate their presence in the consumer applications sectors, particularly personal care, pharmaceuticals, and food and beverages, and are also focused on consolidating their market presence through mergers and acquisitions.
In terms of type of grade, limonene market can be segregated as food grade, industrial grade and pharmaceutical grade. Industrial grade segment dominates the global market owing to rise in demand from paint & coating industry. Pharmaceutical grade segment is expected to exhibit substantial growth rate due to its multiple benefits in bone health during the forecast period. Additionally, in terms of application type, market can be segregated as chemical industry, food additives, pharmaceutical industry, daily chemicals products and others. Food additives segment is also expected to exhibit higher growth rate because of growth in consumption of citrus juices mainly lemonade that has 10-20 times more limonene content as compared to the commercial orange juices during the forecast period.
Growth in adoption of natural ingredients & green chemicals in several end-user industries, followed by increase in concerns regarding the environment are some major factors, which are responsible for growth of the limonene market. Apart from this, fluctuation in the production of raw material is a major hindering factor for market. Moreover, rise in demand for aerosol propellant & ozone-depleting chemicals usage is a leading opportunity for global market.
By regional analysis, the North-America is a leading region in global limonene market owing to rise in demand for natural cosmetic ingredients and its bio-degradable nature across the region. The United States is the world’s major citrus producer. Limonene and its derivatives are used in various personal care products. The increased demand for natural ingredients in cosmetics and the preference for biodegradable products will drive the demand for limonene in the years to come. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to rise in awareness among consumers coupled with high demand for limonene over the forecast period. It is anticipated that global limonene market will be reached at rapid pace as a result of rise in demand from the personal care products during the forecast period.
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Ankur Gupta, Head Marketing & Communications