Dihydromyrcenol Market - Key Growth Factors and Industry Analysis 2024
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Dihydromyrcenol Market: Drivers and Restraints
Dihydromyrcenol is a major constituent of fragrance chemicals used in personal care products and cosmetics industries. The global fragrance chemicals industry is anticipated to expand at an annual growth rate of 7% to 8% by 2024. The two leading factors that contribute to this growth are increasing consumer expenditure on personal care products worldwide and new product launches by leading manufacturers of fragrance chemicals. On the other hand, one of the key restraints for the fragrance chemicals industry is the continuous need to advance, and update the existing fragrances and produce new fragrances that appeal to consumers worldwide. Development of organic and natural fragrance products is projected to create lucrative opportunities for the dihydromyrcenol market in the near future. Moreover, online shops have considerably fueled the fragrance chemicals industry. This, in turn, is anticipated to drive the dihydromyrcenol market in the next few years. Companies are adopting various marketing techniques to regulate the increasing prices of dihydromyrcenol. The rising demand for fragrances and thereby, the increasing demand for dihydromyrcenol along with the mounting popularity of tailored perfumes are factors expected to fuel the dihydromyrcenol market in the near future.
Dihydromyrcenol Market: Segmentation
Based on application, the dihydromyrcenol market can be segmented into:
Soaps & detergents
Shampoos & body washes
Deodorants & perfumes
Air care products
Cosmetics & Toiletries
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The soaps & detergents segment is projected to account for a major share of the global dihydromyrcenol market by the end of the forecast period, followed by the cosmetics & toiletries segment. The market for dihydromyrcenol is primarily driven by innovative consumer products, especially in personal care applications such as hair and skin care products. Dihydromyrcenol is employed as an intermediate in the production of derivatives such as myrcetol and tetrahydromyrcenol, or in compounding fragrances. It is considered as one of the key constituents of perfumery products.
Fragrances have transitioned as a mainstream element of the cosmetics industry. From a non-essential commodity, they have evolved as obligatory, day-to-day, personal grooming products. The dihydromyrcenol market flourishes in a consumer-driven industry, dictated by beauty and fashion trends. The global fragrance chemicals industry plays a significant role in the luxury personal products.
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Dihydromyrcenol Market: Region-wise Outlook
Based on geography, the global dihydromyrcenol market can be segmented into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The dihydromyrcenol market in Asia Pacific is anticipated to register the maximum growth rate during the forecast period. Asia Pacific accounted for approximately 25% share of the global fragrances market in 2015 and is expected to provide lucrative growth opportunities in the near future. However, North America and Europe are estimated to experience decline in demand for synthetic perfumes in the next few years, due to the rising demand for organic fragrances.
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Global Dihydromyrcenol Market: Overview Dihydromyrcenol is a colorless or pale-yellow colored liquid with strong smell resembling to fresh lime and sweet odor. It is insoluble in water and soluble in paraffin oil and alcohol. It belongs to the family of acyclic terpenic alcohols. Dihydromyrcenol is manufactured from dihydromyrcenyl chloride by hydrolysis of dihydromyrcenyl chloride in an aqueous medium containing a base and a phase transfer catalyst in an amount of 0.001-10