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Orange Terpenes Market Size, Share, Top Key Players, Impacting Factors, Regional Outlook And Forecast To 2033
Orange Terpenes Market
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According to The Business Research Company's, The orange terpenes market size has grown strongly in recent years. It will grow from $5.01 billion in 2023 to $5.43 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to expanding essential oils, expanding beverage industry, rising consumer preference for organic food, growing awareness of the benefits of natural aromatics, and increasing demand for bio-based chemicals.
The orange terpenes market size is expected to see strong growth in the next few years. It will grow to $7.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to rising use of orange terpenes in animal feed, increasing popularity of citrus-based products, growing demand for natural flavor enhancers, rising consumer preference for chemical-free products, and growing investment in research and development. Major trends in the forecast period include advancements in green extraction technologies, use of artificial intelligence (AI) and machine learning in quality control processes, nanoencapsulation technologies, the adoption of automated distillation systems, and blockchain technology.
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Market Drivers and Trends:
The increasing shift towards organic products is expected to propel the growth of the orange terpenes market going forward. Organic products are cultivated and produced without synthetic chemicals, pesticides, or genetically modified organisms (GMOs), following strict guidelines focused on environmental care and animal well-being. The demand for organic products is primarily driven by increased consumer awareness of health and environmental concerns, leading people to prefer safer, chemical-free options. Orange terpene, a natural substance from orange peels, is used in organic products as a natural solvent and fragrance, providing an eco-friendly alternative to synthetic ingredients. For instance, in June 2022, according to a survey published by the Organic Trade Association (OTA), a US-based business association for the organic industry, organic industry sales surpassed $63 billion, with $1.4 billion (2%) in total growth over the preceding year. Additionally, organic food, which accounted for over 90% of organic product sales, experienced 2% growth, reaching $57.5 billion. Therefore, the increasing shift towards organic products is driving the development of the orange terpenes market.
Major companies operating in the orange terpene market are developing tangy-flavored still water to cater to the growing consumer demand for refreshing and naturally flavored beverages. Tangy-flavored still water is a refreshing drink that infuses regular water with a vibrant, sharp taste, usually from natural fruit essences, providing flavor without any added sugars or calories. For instance, in April 2024, Hint, Inc., a US-based beverage company, launched Tangerine Hint. It is a new-flavored still water that delivers a zesty taste and is free from sugar, sweeteners, and calories. It is infused with pure fruit essences, and this refreshing drink offers an authentic tangerine flavor.
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Major Key Players of the Market:
Archer-Daniels-Midland Company, Univar Solutions Inc., Firmenich SA, Symrise AG, Döhler Group SE, Sigma-Aldrich Corp, Citrosuco S.A., Robertet SA, Berjé Inc., Lebermuth Company, Ernesto Ventós S.A., Vigon International Inc., Ultra International B.V., Astrra Chemicals, Florida Chemical Company, Lemonconcentrate SLU, De Monchy Aromatics Limited, Graham Chemical Corporation, Pell Wall, Himalaya Terpenes Pvt Ltd., Jiangxi Global Natural Spice Co. Ltd
Orange Terpenes Market 2024 Key Insights:
• The orange terpenes market size is expected to see strong growth in the next few years. It will grow to $7.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Demand For Organic Products Is Driving The Growth Of The Orange Terpenes Market
• Innovations In The Orange Terpene Market With Tangy Flavored Still Water
• North America was the largest region in the orange terpenes market in 2023
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