Dihydromyrcene is a colorless organic compound that belongs to the acyclic terpenic alcohols family. Dihydromyrcene is the main constituent chemical used to impart fragrance to personal care and cosmetic products.
Rising consumer spending on personal care & cosmetic products and increasing consumption of fragrance chemicals in detergents and soaps are the prime factors that fuel the fragrance chemical market, which in turn is expected to drive the dihydromyrcene market.
Increasing urbanization, population, changing living standards and rising per capita disposable income are some of the major factors significantly affecting the dihydromyrcene market. With growing economic prosperity and increasing purchasing power, people are moving towards the use of products that were earlier unaffordable.
This, in turn, has resulted into an increase in the demand for consumer products such as personal care and cosmetics, among others. Further, significant growth in the fragrance industry provides impetus for the growth of the dihydromyrcene market. Incessant development of natural and organic fragrance products is expected to create lucrative opportunities for the growth of the dihydromyrcene market in the near future.
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Generally, dihydromyrcene is used as an intermediate chemical in the production of fine fragrances such as methoxyl citronellal, jasmine fragrance, dihydromyrcenol, menthol, M.C. lactone and sandalwood, among others. Dihydromyrcene is considered as an indispensable part of perfumery products.
Thus, the growing demand for perfume products across the globe is in turn expected to drive the demand for dihydromyrcene over the forecast period. In terms of demand, the personal care industry is expected to account for a significant share of the global dihydromyrcene market, followed by the soap and detergent industry.
The market for dihydromyrcene is mainly driven by innovative consumer products, especially in personal care applications such as skin care and hair care products. However, stringent government regulations in Europe and North America may hamper the growth of the dihydromyrcene market whereas Asia Pacific is expected to register lucrative growth, owing to the rising consumer spending and increasing demand for personal care products.
Dihydromyrcene Market: Regional Outlook
In terms of production and consumption, the global dihydromyrcene market is mainly dominated by the Asia Pacific region (APAC), especially China. Substantial growth in the demand for dihydromyrcene from several industries such as personal care, cosmetic and detergent, helps drive the dihydromyrcene market in Asia Pacific.
Moreover, increasing per capita disposable income and per capita spending in developing countries such as India and China has resulted in growth in the demand for dihydromyrcene. In the Asia Pacific region, India and China are the major markets for dihydromyrcene in terms of volume and volume. The Asia Pacific dihydromyrcene market is expected that register a significant CAGR over the forecast period.
North America, followed by Europe, collectively holds a substantial share in the dihydromyrcene market. The increasing demand for personal care and cosmetic products in Europe and North America is expected to fuel the demand for dihydromyrcene over the forecast period.
In Europe, Germany dominates the dihydromyrcene market in terms of consumption. However, stringent government regulations in Europe and North America may affect the growth of the dihydromyrcene market.
North America and Europe dihydromyrcene markets are expected to grow with significant CAGRs over the forecast period. Middle East & Africa and Latin America dihydromyrcene markets are expected to register slow growth over the forecast period.
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Dihydromyrcene Market: Market Participants
Some of the key players identified across the value chain of the global dihydromyrcene market are:
- Zhejiang Xinhua Chemical Co., Ltd.
- Sky Dragon Fine-Chem Co., Ltd.
- Shandong West Asia Chemical Industry Co., Ltd
- Hangzhou Yuhao Chemical Technology Co., Ltd
- Alfa Chemistry
- Changzhou Kaiqiao Biotechnology Co., Ltd.
- Hong Kong Xinrunde Chemical Co., Ltd.
- Nanjing Guochen Chemical Co., Ltd.
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