The latest market report published by Credence Research, Inc. “Global Terpenes Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Terpenes Market generated revenue of around USD 945.6 million in 2022 and is anticipated to grow a CAGR of over 13.5% during the forecast period from 2023 to 2030 to reach around USD 2294.45 million in 2030.
Terpenoids have a potent scent and can withstand a variety of chemicals. In industrial applications, it serves as an essential oil and a fragrance and flavoring ingredient. An increase in terpene demand in end-use industries like cosmetics, food and beverages, paints and coatings, rubber, and pharmaceuticals is driving the market. The market for terpenoids is being propelled forward by the popularity of terpenoids due to their sustainability and the growing awareness of the environmental impact of non-biodegradable products. The market share for terpenoids is expected to increase significantly over the forecast period thanks to robust growth and flourishing applications across key sectors like food & beverage, pharmaceuticals, and others.
The global Terpenes market is bifurcated into Type, Application, and Geography. Based on type, the market is categorized into Pinene, Limonene, and Others. Based on application, the global market is segmented into Cosmetic, Pharmaceutical, Food, and Others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, Asia Pacific dominated the global Terpenes market and accounted for a major market revenue share in terms of value. The market is driven by increasing end-use industry demand and superior terpene resin properties, such as chemical inactivity, non-toxicity, and effectiveness compared to some traditionally used products. These are anticipated to accelerate market growth during the region's forecast period.
The Terpenes Market Major Challenges are varied and complex. One of the biggest challenges is regulatory hurdles, which can vary widely from country to country. For instance, some countries have strict regulations when it comes to using terpenes in food products or cosmetics. This has led to a lack of clarity for businesses trying to navigate this market space. Another major challenge is the issue of authenticity and consistency in product quality as there are many different types of terpenes available on the market today, each with its unique chemical profile that can be difficult to replicate consistently across batches. Additionally, competition within the industry is fierce due to the growing demand for natural products like essential oils and plant extracts that contain high concentrations of terpenes.
Why to Buy This Report-
· The report provides a qualitative and quantitative analysis of the global Terpenes market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
· The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level
· In-depth analysis of the global Terpenes market segmentation based on type and application.
· The Terpenes market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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