The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Eugenol Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Eugenol Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Eugenol Market are thoroughly studied in the presented market study.
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Eugenol is found in essential oils of various plants. Eugenol is considered as versatile molecule used as an ingredient in various products including pharmaceutical, food industry, fragrance, flavor, cosmetics, etc. Eugenol also exhibits antioxidant, antibacterial, anti-microbial, anti-cancer, and anti-inflammatory activities.
Around 80-90% of eugenol is present in clove bud oil, while around 82-88% of eugenol is present in clove leaf oil. Hence, clove is considered as the main source of eugenol. Manufacturers are also practicing new methods for extracting eugenol from clove oil. Solvent extraction, microwave-assisted extraction, and hydro-distillation are some of the highly-preferred extraction processes employed by producers. The food industry is moving towards the application of eugenol in food preservation owing to its antimicrobial properties. The rise in foodborne diseases worldwide is driving the demand for eugenol as a part of an effective preservation strategy.
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Meanwhile, pharmacological properties of eugenol are also driving the demand for eugenol in the pharmaceutical industry. Various studies have also been carried out to show the mechanism behind the activity of eugenol. Eugenol also has the capability to reduce viral infection. It has also been found that the epoxide from of eugenol is one of the potential drug candidates in order to induce apoptosis in breast cancer cells. Having a natural bioactive compound, eugenol is being considered on a large scale in the treatment of several disorders.
As per the latest report by Fact.MR, the global market for eugenol is expected to witness robust growth during 2017-2026. The global eugenol market is also projected to increase to 5.4% CAGR in terms of volume. It is estimated to reach US$ 745.1 million revenue by the end of 2026.
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Clove and Cinnamon to Emerge as an Important Source of Eugenol
Based on the source type, clove is likely to emerge as a vital source of eugenol. By the end of 2026, clove is estimated to surpass US$ 600 million revenue.
On the basis of end use, the food industry followed by the pharmaceutical industry is expected to witness the highest growth during the forecast period. The food industry is projected to bring in exceed US$ 200 million revenue towards 2026 end.
Based on the application, eugenol is likely to find the largest application as the base ingredient. By the end of the forecast period, eugenol as the base ingredient is estimated to bring in more than US$ 200 million revenue.
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Key Competitors
Some of the leading companies operating in the global eugenol market are Boc Sciences, Vigon International, Penta Manufacturing Company, Extrasynthese, CV. Indaroma, Berjé, Nusaroma Indonesia Essential Oil, Sigma-Aldrich, Nile Chemicals, and Van Aroma.
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