D-Limonene is an aromatic bio-solvent which is extracted from the peels of orange fruit. It belongs to the family of citrus terpenes. It is manufactured by distillation or solvent extraction. D-Limonene is traditionally known to have multiple uses in the homecare products, such as an aromatic cleaning agent for kitchen equipment. It plays an active role in the cure for bone-related diseases and promotion of weight loss. With the growth of the citrus peel extract market, the D-Limonene market is also expected to exhibit a concurrent growth.
The global d-limonene market is expected to grow at a CAGR of 4.30% to reach a market value of USD 528.71 million by 2026 from an initial value of 361.22 in 2018.
D-Limonene as an ingredient possessing an immense market potential, as consumption of natural ingredients is gaining ground in all spheres of consumer products. Moreover, about 45-60% of the citrus fruit is discarded as waste, which presents a voluminous growth opportunity for the D-Limonene market.
Market Dynamics
Drivers
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Increasing Demand from Food and Beverage Sector
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Growing usage of D-limonene in Cosmetic Products
Restraints
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Availability of substitutes & Supply Demand Imbalance
The threat from industry competitors is MODERATE due to the competition in the industry is high due to the presence of more number of players in the market. The companies focus on price, processing volume, and range of products to increase sales volume.
Market Segmentation
Cherries are extremely sweet, and are unusual in that they contain more glucose (52%) than fructose (42%). Their bright red colour comes from the carotenes and capsanthin (the E160 colorings) that are present in high quantities throughout the fruit.
The cherries market was valued at USD 45.12 million in 2018 and the market is estimated to grow at a CAGR of 4.35% in the forecast period to reach a market value of USD 66.30 million by 2027.
Limonene have multiple benefits such as limonene also has strong antioxidant benefits and has also been shown to calm skin. The monoterpene d-limonene is widely used in perfumes, soaps, and foods because of its pleasant fragrance. It is also extensively exploited in the cleaning industry for its strong solvent properties. d-Limonene is listed in the Code of Federal Regulation as GRAS (Generally Recognized As Safe) and precise concentrations are indicated for its usage as a flavouring agent. d-Limonene has been classified at level 3 by the International Cancer Research Centre (CIRC), as not classifiable as to its carcinogenicity to humans.
From 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Australia, while the other global leaders experienced more modest paces of growth. In Europe, limonene is authorized in cosmetic products, but has been identified by the SCCS (Scientific Committee on Consumer Safety) as likely to cause allergic reaction and has been included on the list of 26 allergenic substances.
Geographical Analysis
Europe d-limonene market is primarily driven by personal care products and food & beverages applications. The product is used as a flavoring and fragrance additive in both the end-user industries. The citrus aroma of the product makes it a desirable choice for food processing companies. Moreover, the product has found widespread application as an ingredient in various cosmetic formulations and personal hygiene care products.
The Europe market for D-Limonene was valued at USD 63.54 million in 2018 and the market is estimated to grow at a CAGR of 4.25% during the forecast period to reach a market value of USD 92.61 million by 2027.
D-Limonene market will substantially grow as a green solvent replacing petroleum-based solvents in industrial and paints & coatings applications in the coming years owing to its bio-degradability and low VOC emission. The market has immense potential to be explored as alternative to mainstream pesticides, owing to its versatile characteristics.
Competitive Landscape
The global limonene market share is characterized by competition based on prices and service provided to clients. Major industry participants are based in the U.S. and Brazil. Major companies include Florida Chemical Company and Lemon Consentrate S.L. The major focus of these companies is to achieve lower prices and to develop products with niche application and their investments are driven in the same direction.
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