Global Eugenol Market Estimated for Steady Growth at a CAGR of 6.0% during the Forecast Period 2017-2026
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According to Fact.MR’s recent research report, the global market for eugenol is projected to reflect an impressive 6.0% CAGR, in terms of value, over the forecast period, 2017 to 2026. More than 37,000 tons of eugenol are anticipated to be sold across the globe by 2026-end.
Clove and Cinnamon to Emerge as an Important Source of Eugenol
Based on the source type, clove is likely to emerge as a vital source of eugenol. By the end of 2026, clove is estimated to surpass US$ 600 million revenue.
On the basis of end use, the food industry followed by the pharmaceutical industry is expected to witness the highest growth during the forecast period. The food industry is projected to bring in exceed US$ 200 million revenue towards 2026 end.
Based on the application, eugenol is likely to find the largest application as the base ingredient. By the end of the forecast period, eugenol as the base ingredient is estimated to bring in more than US$ 200 million revenue.
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APEJ to Remain Dominant in Global Eugenol Market
In terms of value, Asia-Pacific excluding Japan (APEJ) is slated to remain dominant in the global eugenol market. Dominance of APEJ in the market can be mainly attributed to surging prevalence of ailments such as diabetes, and cancer. In addition, the region exhibits a significant surge in geriatric population, which is highly prone to these diseases. North America is also expected to remain a remunerative region for the eugenol market, on the back of its technological and economic vigour.
Revenues from end-use of eugenol in personal care products is forecast to record the fastest expansion through 2026. Numerous unapproved OTC products exist in the market with eugenol as an integral compound for preventing and treating toothache. In addition, eugenol is commonly employed in dental procedures along with zinc oxide for cementation of temporary prostheses.
Cloves will continue to be sought-after among sources of eugenol. Revenues from eugenol sourced from cloves are likely to remain significantly larger than those sourced from cinnamon, nutmeg, and basil combined. Based on application, base ingredient and perfumes, flavorings, & essential oils, are expected to endure as largest revenue contributors to the market.
Eugenol derivatives have unlocked a whole new opportunity in the field of pharmacology, kindling interests of leading market players on this compound. These players are making R&D investments for coming up with specifications for identifying dosage of eugenol required for functional applications, and exploring hidden potentials of eugenol in improving human health. Key players that Fact.MR’s report expects to drive growth of the global eugenol market include Van Aroma, Nile Chemicals, Sigma-Aldrich, Nusaroma Indonesia Essential Oil, Berjé, CV. Indaroma, Extrasynthese, Penta Manufacturing Company, Vigon International, and Boc Sciences.
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