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Farnesene Market Analysis
The fuels & lubes application of farnesene market is estimated to surpass USD 100 million by 2027 and is anticipated to demonstrate growth at over 4.5% CAGR over the forecast period. The growing transportation industry around the globe is anticipated to increase the demand for alternative fuels and lubes in the market and support the growth of farnesene. Consumers are highly encouraged to opt for biofuels as governments have taken many initiatives to reduce CO2 and other greenhouse gas emissions, contributing toward the farnesene market growth.
Europe accounts for a major share of the global farnesene market and is anticipated to reach over USD 175 million by 2027, growing at a CAGR of over 6% between 2021 and 2027. The booming cosmetic & personal care industry in Europe is estimated to drive the demand for farnesenes over the forecast period. Changes in lifestyle and increase in disposable incomes of consumers in the region are further projected to increase the demand for personal care and cosmetic products, increasing the demand for farnesene in the region.
How much is farnesene industry worth?
Farnesene market size was valued at USD 315 million in 2020 and could expand at a 6% CAGR up to 2027 led by growing consumer inclination towards natural and organic cosmetic ingredients.
What is the future of farnesene industry in Europe?
European market for farnesene could expand at about 6% CAGR up to 2027 to hit USD 175 million, led by rising disposable income, changing lifestyles, and demand for premium-quality cosmetics.
Why is farnesene used in fuels and lubes?
Farnesene market share from fuels & lubes application segment could grow at over 4.5% CAGR to reach USD 100 million by 2027 owing to high demand for alternative and bio-based fuels and lubes in transportation sector.
Which companies produce farnesene?
Tate and Lyle Plc, ALFA, American Enzyme Company, Santa Cruz Biotechnology Inc., Toronto Research Chemicals Inc., and Amyris Inc. are among the leading manufacturers and suppliers of farnesene globally.