Burgeoning Application of Clove Oil in Pharma Industry to Drive Eugenol Sales by 6.3% by 2032, Fact.MR Report

NEW YORK, March 3, 2022 /PRNewswire/ -- The overall sales of eugenol are projected to reach US$ 549 Mn in 2022. Demand in the global eugenol market is predicted to surpass US$ 1,012 Mn by 2032, exhibiting growth at a CAGR of 6.3% during the forecast period (2022 to 2032).

Growing demand for eugenol oil in the pharmaceutical, personal care and food & beverage industries over the last few decades is projected to boost the sales of eugenol in the market. As per Fact.MR analysis, the eugenol market accounts for almost 25% share in the global herbal oil market.

Additionally, the booming food & beverage industry and increasing clove production yield in East Asia and South Asia & Oceania is projected to boost the global eugenol market.

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Application of eugenol as antibacterial and anti-fungal across agrichemical business and pharma industries will propel the sales in the market. In addition to this, implementation of governmental reforms and initiatives and improved business environment is estimated to increase adoption of eugenol in the coming years.

Further, surging use of eugenol as a flavoring agent in a numerous food products is projected to provide growth opportunities, aiding the growth in the market. In response to this, the sales are anticipated to reach US$ 143 Mn over the forecast period (202dental2-2032). 

As per the analysis, increasing consumption and production of clove along with the drop in the prices of clove, especially across India and China will steer the demand in eugenol market over the assessment period.

Key Takeaways:

• South Asia & Oceania market is anticipated to register a growth of more than 7.9% CAGR through 2022 & beyond.
• North America is projected to hold nearly 1/6^th of the global market share by the end of 2032.
• Based on source type, the clove segment is expected to dominate the market, registering a CAGR of 5.8%.
• In terms of end-use, the food industry is projected to account for more than 1/3^rd of the market share during the forecast period.
• East Asia eugenol market is estimated to exhibit growth at a CAGR of 6.7% over the assessment period.

Growth Drivers:

• Increasing demand for clove oil in dental disorders and introduction of DIY personal care items is likely to create remunerative growth opportunities for the eugenol market.
• Rising demand for bio-pesticides due to the stringent regulations on chemical pesticides is likely to increase the sales of eugenol in agricultural sector.

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Competitive Landscape:

Leading players operating in the eugenol market are focusing on adopting new manufacturing processes to update their product portfolio and gain a competitive edge. Meanwhile, other players are adopting business strategies such as mergers, collaborations, and agreements to expand their business.

For instance,

• In April 2021, a Uganda-based agro-chemical distributing company, Bukoola Chemical Industries, entered into partnership with Anti-Counterfeit Network (ACN) to launch a campaign to create awareness among people regarding the availability of fake agro-chemical inputs in 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.

More valuable Insights on Eugenol Market

Fact.MR, in its latest study, offers a market analysis on the global eugenol market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals the growth of technology in the eugenol market with detailed segmentation as follows:

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 & Anesthetic
• Perfumeries, Flavorings, Essential Oils
• Other Applications

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

Key Questions Covered in the Eugenol Market Report

• What is the current market valuation of the global eugenol market?
• Which region is expected to hold a maximum share in the global eugenol market?
• Which are key factors bolstering the global eugenol market growth?
• At what rate will the global eugenol market grow during the forecast period?
• What was market value of the global eugenol market in 2021?
• Who are the prominent eugenol manufacturers?

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SOURCE Fact.MR