Fenchol Market Trends

Growth Drivers

• Growing Demand for Scented Products – As a result of the growing temperature, the demand for fragrance solutions has considerably grown to control the odor from sweat and precipitation released by the body. As fenchol is considered to be an ideal component for producing scented products, the increased demand for fragrant products is an indicator of significant expansion of the global fenchol market in the upcoming years. Between 2016 and 2020, global production of scented body products increased by nearly 60%.

• High Expenditure on Food and Edible Products – With the rising population, the demand for food and edible products has escalated in the recent few years. In the food industry, fenchol has been used as a food additive. Therefore, with a high demand for food items, the production rate of fenchol is also expected to grow which in turn is projected to fuel the market growth during the assessment period. Recent statistics reveal that in 2021, Americans present in the United States spent almost 10% of their total disposable personal income on food.

• Rising Disposable Income of the People Across the Globe – As the products made with fenchol are of high cost as compared to other items, people with the capability of spending capacity are propelled to buy more products manufactured with the usage of fenchol. Hence, the rapid growth in disposable income is anticipated to bring favorable opportunities for market growth. Data shared by the U.S. Bureau of Economic Analysis (BEA) stated that the disposable personal income of the United States increased from 0.2% in December 2022 to 1.4% in January 2023.

• High Demand for Scented Products Including Candles and Perfumes – Among the young generation, the demand for scented products has increased for aesthetic purposes. Fenchol has been highly used for producing fragrant items including scented candles and others. Therefore, the increased production rate of scented products is anticipated to foster the enlargement of the fenchol market in the analysis period. In 2020, the sales value of scented candles in the United States region reached almost USD 2 billion.

• The Boom in the Chemical Industry - In the year 2021, the world’s chemical industry generated a revenue of USD 4.73 trillion.  

Challenges

• Easy Availability of Cost-Effective Alternatives – There are several other alternatives to fenchol present in the market. These alternatives are easily available at a low cost. This is anticipated to hamper the utilization rate of fenchol for varied purposes and hamper market growth during the forecast period.
• High Manufacturing Costs of Fenchol
• Stringent Government Rules