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.
Terpenes Market Key Growth Trends have been shaping the future of the thriving cannabis industry. Terpenes are organic compounds that give plants their distinct aroma and flavor and have a significant impact on the therapeutic properties of cannabis products. The market for terpenes is expected to witness exponential growth in the coming years due to increasing demand for natural alternatives, expanding legalization of medical marijuana, and rising awareness about its health benefits. Moreover, with more research being conducted on terpenes, there is growing interest among cultivators and manufacturers to explore new applications for these compounds in various industries such as pharmaceuticals, food, cosmetics, and fragrance.
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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