Citronellol Market: Introduction
Transparency Market Research delivers key insights on the global citronellol market. In terms of revenue, the global citronellol market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global citronellol market.
The global citronellol market is broadly affected by several factors such as rose oil import-export data, flavor & fragrance industry growth, and GDP growth of respective countries considered in the study. Thus, expansion in applications of citronellol in different sectors is propelling the global citronellol market.
Citronellol Market: Dynamics
Many products are used in the formulation of flavors and fragrances. The pleasant smell of rose helps in reducing stress and lowering the heart rate. Rose aroma also helps calm the mind and uplift mood. Citronellol is a type of rose aroma additive, which is primarily used as fragrance enhancer in flavor & fragrance applications.
According to S H Kelkar and Company Limited’s 2019 annual investor presentation report, the global fragrance & flavor industry was valued at US$ 25.9 Bn in 2017 and is expected to expand at a CAGR of 5% by the end of 2021. Citronellol is gaining traction as a fragrance enhancer in the perfumery industry. Citronellol is a versatile material and belongs to the category of rose alcohols. It is often used in combination with geraniol, nerol, and phenyl ethyl alcohol to form the basis for rose scents.
Citronellol Market: Prominent Regions
Asia Pacific dominated the global citronellol market with more than 50% share in 2019. This trend is anticipated to continue during the forecast period. Rise in demand for flavor and fragrance products in Asia Pacific is boosting the demand for citronellol in the region. Companies such as Privi Speciality Chemicals Limited, Crescent Fragrances Pvt. Ltd., Guangzhou Baihua Flavors and Fragrances Co., Ltd, Capot Chemical Co., Ltd., Zhejiang NHU Co. Ltd., Takasago International Corporation, and Jayshree Aromatics Pvt. Ltd. operate in the citronellol market in Asia Pacific. These players focus on managing the cost of raw materials, and optimizing energy and other utility usage.
The citronellol market in Europe is estimated to expand at a healthy CAGR during the forecast period due to the growth in flavor & fragrance, personal care, and home care sectors in the region. Mergers and acquisitions and capacity expansion are key strategies adopted by major companies to gain higher share of the citronellol market.
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Citronellol Market: Key Players
The global citronellol market was highly consolidated in 2019. Major manufacturers collectively accounted for more than 50% share of the global citronellol market in 2019. BASF SE, Jayshree Aromatics Pvt Ltd, Takasago International Corporation, Privi Speciality Chemicals Limited, Crescent Fragrances Pvt. Ltd, Guangzhou Baihua Flavours and Fragrances Co., Ltd., International Flavors & Fragrances Inc., Emerald Performance Materials, Zhejiang NHU Co. Ltd., and Capot Chemical Co., Ltd. are the key players operating in the global citronellol market.
BASF SE accounted for prominent share of the global citronellol market in 2019. The company’s aroma ingredients manufacturing plant is situated in Gebeng, Malaysia, as well as in Ludwigshafen, Germany. The new facility in Malaysia is capable of producing citral and its precursors, citronellol and L-menthol, to cater to the rising demand for citronellol in the flavor & fragrance industry. In 2019, BASF SE acquired Conagen, a research leader in the field of biotechnology. The acquisition is expected to help BASF SE meet the high demand for aroma ingredients such as natural vanillin and citronellol.
Jayshree Aromatics Pvt. Ltd. is a manufacturer of citronellol dye intermediates and pigments. These are widely employed in end-use industries such as fragrance, flavor, pharmaceutical, and nutraceutical.