Cloves under the Source Type Segment Contributes 84% of Market Share in Global Sales of Eugenol: Fact.MR

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Eugenol Market is expected to sell for $549 million worldwide in 2022. The global eugenol market is expected to exceed US$ 1,012 Mn by 2032, growing at a CAGR of 6.3% during the forecast period (2022 to 2032).

It is anticipated that increasing demand for eugenol oil from the food and beverage, personal care, and pharmaceutical industries over the past few decades will drive up eugenol market sales. According to Fact.MR analysis, almost 25% of the global herbal oil market is made up of the eugenol market.

Additionally, it is anticipated that the expanding food and beverage sector and rising clove production yield in East Asia, South Asia, and Oceania will boost the global eugenol market.

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Eugenol's use in the agrichemical and pharmaceutical industries as an antibacterial and anti-fungal will boost market sales. In addition, it is predicted that implementation of governmental initiatives and reforms as well as an improved business environment will increase eugenol adoption in the upcoming years.

Eugenol's expanding use as a flavouring agent in a variety of food products is also anticipated to present growth opportunities, supporting the market's expansion. As a result, it is anticipated that sales will total US$ 143 Mn during the forecast period (2022-2032).

According to the analysis, over the assessment period, demand for eugenol will be driven by rising clove consumption and production as well as a decline in clove prices, particularly in China and India.

Report Attributes

Details

Base Year Value (2021A)

USD 523 Million

Estimated Year Value (2022E)

USD 549 Million

Projected Year Value (2032F)

USD 1,012 Million

Global Growth Rate (2022-2032)

CAGR 6.3%

East Asia Market Share in 2021

~51%

East Asia Growth Rate (2022-2032)

CAGR 7.9%

Collective Value Share (USA, Indonesia,  and China) 2022: Top 4 Countries

~63.4%

Top 5 Companies Market Share in 2021

~26%

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Key Learnings:

·         Through 2022 and beyond, it is expected that the South Asia and Oceania market will expand at a rate of over 7.9% CAGR.

·         By the end of 2032, North America is anticipated to account for almost one sixth of the global market.

·         With a CAGR of 5.8%, the clove source type segment is anticipated to dominate the market.

·         The food industry is anticipated to hold more than one-third of the market during the forecast period in terms of end-use.

·         Over the course of the assessment period, it is predicted that the East Asian eugenol market will expand at a CAGR of 6.7%.

Growth Drivers:

·         The market for eugenol is likely to experience profitable growth opportunities due to rising demand for clove oil in dental disorders and the introduction of DIY personal care products.

·         Sales of eugenol in the agricultural sector are probably going to rise as a result of the increased demand for bio-pesticides brought on by the strict regulations on chemical pesticides.

Competitive Environment:

Leading market participants for eugenol are concentrating on implementing new manufacturing techniques to update their product line and gain a competitive advantage. Other players, meanwhile, are expanding their businesses through business strategies like mergers, collaborations, and agreements.

For example,

·         Bukoola Chemical Industries, an agrochemical distributor based in Uganda, partnered with Anti-Counterfeit Network (ACN) in April 2021 to launch a campaign to educate people about the existence of counterfeit agrochemical inputs on the market.

Key Companies Profiled by Fact.MR

  • Van Aroma
  • Nile Chemicals
  • Sigma-Aldrich
  • Nusaroma Indonesia Essential Oil
  • Berjé
  • CV. Indaroma
  • Extrasynthese
  • Penta Manufacturing Company
  • Vigon International
  • BOC Sciences.

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Global Eugenol Market Segments

  • By Source Type :
    • Cloves
    • Cinnamon
    • Nutmeg
    • Basil
    • Other Source Types
  • By End-Use :
    • Food Industry
    • Pharmaceutical Industry
    • Personal Care
    • Other End Use Industry
  • By Application :
    • Base Ingredient
    • Stabilizers & Antioxidants
    • Antiseptic & Anaesthetic
    • Perfumeries, Flavorings, Essential Oils
    • Other Applications

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