LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global farnesene market predicts a CAGR of more than 26% during the period 2017-2021.
The report segments the global farnesene market by application (cosmetics, flavor and fragrances, lubricants, and performance materials), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global farnesene market, according to Technavio chemicals and materials researchers:
- Increasing demand for cosmetics: a major market driver
- In 2016, the cosmetics segment dominated the market with close to 40% share
- EMEA dominated the global farnesene market with close to 47% share in 2016
- Amyris, Intrexon, Toronto Research Chemicals, Chromatin, and Penta Manufacturer are the leading players in the market
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Increasing demand for cosmetics: a major market driver
Increasing demand for cosmetics is one of the major factors driving the global farnesene market. In the cosmetic industry, the trend of using bio-based resources over synthetic products for various anti-aging cream, lotion, and other cosmetics is taking precedence. The demand for bio-based products is growing at a steady rate year-on-year. This trend is aiding in the high consumption of farnesene in the cosmetics sector, owing to its less toxicity and excellent biodegradable characteristics.
According to Mohd Shakeel Iqbal, a lead analyst at Technavio for specialty chemicals research, “The increasing older population and the subsequent demand for anti-aging products such as creams, moisturizers, anti-wrinkle creams, and skin whitening products will drive the global farnesene market during the forecast period. The demand for youthful, skin-brightening and anti-aging cosmetic products is quite high, which augurs well for the global farnesene market.
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EMEA: largest farnesene market
Technavio researchers anticipate high growth for the global farnesene market in EMEA due to the high demand for cosmetics and flavor and fragrances. The Middle East is also a growing market for farnesene, owing to high demand from the cosmetics industry. This is attributed to high disposable income in the region, which fosters the demand for cosmetic products.
In Europe, Germany is a leading market for farnesene. It is one of the manufacturers and consumers of cosmetics in the world. Also, the support from the European Commission also aids in developing alternate applications for the consumption of farnesene such as the tire industry. Such developments augur well for the growth of the market during the forecast period.
Competitive vendor landscape
The global farnesene market is very niche. It is very concentrated due to the presence of only a few players. The major vendors of the farnesene market compete on the basis of factors such as operation cost, price, economies of scale, product quality, and innovation. The major players in the farnesene market can drive down the market prices because of the economies of scale in the production.
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