Camphor Market Size Forecast to Reach Around $500 Million by 2025
Global Camphor Market size is forecast to reach around $500 million by 2025, after growing at a CAGR of 5.5% during 2020-2025. The growing uses of camphor across various applications owing to its antibacterial, antifungal, and anti-inflammatory properties. Additionally, rising disposable income and growing use of camphor tablets in religious rituals in Asia-Pacific region further drives the market growth. Moreover, surging uses of camphor is in the treatment of cough, congestion, skin infections, and for easing pain in joints and swelling among others further contribute to the growth of this market size during the forecast period.
Camphor Market Segment Analysis - BY Form
The tablet segment is projected to witness the highest CAGR of 6.5% in the Camphor market during the forecast period due growing uses from chemical and medical industry. Moreover, the growing consumption of camphor tablets for religious rituals in India and in agriculture sector as an insecticide further propels the growth of this market. Whereas, surging uses of camphor tablets as a pest control along with used as a fragrance because of their pleasant smell from residential sector also drive the market growth.
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Camphor Market Segment Analysis - By Grade
The pharmaceutical grade segment holds the largest share of more than 40% in the Camphor market in 2019 due to its wide uses as an anti-inflammatory and decongestant. The World Health Organization’s (WHO) Good Manufacturing Practice (GMP) and USFDA (United States Food & Drug Administration) accredited pharmaceutical grade camphor. Furthermore, growing demand for topical pain management products also drive the market growth. Whereas, the presence of various Pharma-grade camphor manufacturers in China and the availability of raw materials on a large scale in China and India is also contributing to the market growth.
Camphor Market Segment Analysis - By Application
The plasticizer applications segment is projected to grow with a significant CAGR of 6% in the Camphor market during the forecast period. This growth is attributed to the growing uses of camphor in the plastic industry as the plasticizer and surging plasticizer consumption in PVC processing. Furthermore, the growing consumption of plasticizer in cosmetic industry also contribute to the growth of this market.
Camphor Market Segment Analysis - By End-Use Industry
The pharmaceutical segment held the largest share of more than 35% in the global market in 2019 and is projected to witness at a substantial growth during the forecast period. This growth is attributed to the extending application scope of camphor in medicinal formulations. Whereas, the growing popularity of private-labelled camphorated medical products in the US further drive the market growth. Additionally, Camphor is used in treatment of cough, congestion and skin infections, and for easing pain in joints and swelling among others is likely to drive the growth of this market during the forecast period.
Camphor Market Segment Analysis - By Geography
Among the regions, the APAC holds the largest share of more than 40% in the global Camphor market followed by North America and Europe during the forecast period. The growing consumption of camphor as a solvent from personal care and healthcare industry across China and India is fuelling the growth of this market in the APAC region. Whereas, In APAC region, Camphor tree is native to China, India, Mongolia, Japan, and Taiwan. Furthermore, the growing consumer and e-commerce sectors is also contributing for the growth of Camphor market share across the APAC region. Furthermore, growing transportation sector, changing lifestyle, and rise in disposables income is also propelling the growth of this market in APAC region.
Camphor Market Drivers
Surging demand for Camphor across various end-use industries
Camphor Market is projected to spread at a substantial pace in the near future due to increasing demand from pharmaceuticals, cosmetics, and chemical industry. Camphor market is also expected to occupy a major share in these industries owing to its applications such as cough-related remedial products, repellent in agriculture, in as a solvent in chemicals, and in rubber. Moreover, Camphor is also used as an insecticide in food storages that will also drive this market. Furthermore, the growth in the agricultural and pharmaceutical sector is contributing to the growth of the global Camphor market during the forecast period. Moreover, camphor being an FDA-approved chemical demand is growing across various end-use industries.
Growing health awareness among consumers
The growing concern over skin, hair, bone joints, and other body problems among the young generation along with the old one propels the growth of Camphor market size during the forecast period. Whereas, the growing trends of fashion and good looking also contribute to the growth of this market. As camphor is used as a solvent in creams, ointments, and lotions along with its antibacterial and antifungal properties makes camphor suitable to use in these applications. Moreover, lotions and creams containing camphor are used to relieve skin irritation and itchiness and also help to improve the overall appearance of skin. Camphor balms and creams can be used to heal burn wounds. The beneficial properties of camphor is likely to propel the growth of this market.
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Camphor Market Challenges
Lack of awareness on the uses of camphor and rising environment safety awareness
The lack of awareness about the consumption of camphor among the consumers is hampering the growth of this market. The use of camphor has various potential health benefits, but this compound also carries various serious side effects if not used as per the instructions. For instance, taken orally, camphor can cause trouble breathing, seizures, and death. Additionally, the highly flammable nature of camphor also acts as a challenging factor to the growth of this market. Whereas, the growing environment concern is acts as a restraining factor to the market growth. As, burning camphor produces carbon dioxide and thereby reduces oxygen. Therefore, in India, various social activists are fighting to bans on the use of chemical camphor in the temple. As burning camphor in temples causes pollution and becomes a health hazard as it is a chemical product and leads to cause priests health problems. For instance, in 2016, The Hindu Religious and Charitable Endowments (HR&CE) Department decided to strictly enforce the ban on the use of camphor in temples in India.
Camphor Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Camphor market report. Major players in the Camphor industry outlook are Apt Exim, Beijing Herbal Health Biotech LLC, Benefont, Camphor & Allied Products Ltd., adran Galenski Laboratorij, Hunan Nutramax Inc., Saptagir Camphor Ltd., Taiwan Tekho Camphor Co., Ltd, and Mother Sparsh, Palm Organix Company, among others.
Acquisitions/Technology Launches
In September 2019, Palm Organix Company introduced its new line of skincare products called ‘Zero THC CBD Lotion w/ Camphor’. The product includes Phytocannabinoid-Rich Hemp Oil with Camphor and other essential oils like camphor oil to create a light fresh CBD lotion.
In June 2019, Mother Sparsh an Indian manufacturer launched a natural insect repellent product made from camphor oil and other pure natural ingredients such as eucalyptus oil, lemongrass oil, and citronella oil.
Key Takeaways
In North America region, the US is a major market for the Camphor owing to growing cosmetic and pharmaceutical sector.
The growing health, skin, and hair care awareness among the consumers is driving the cosmetic and personal care industry that in turn contribute to the growth of this market.
The synthetic camphor is also playing an important role in the global market owing to growing demand from developed countries.
The outbreak of COVID-19 is also considered as the major restraining factor to the market growth over the forecast period. COVID-19 pandemic has badly impacted the global supply chain and world economy. Besides, Industries and temples are being shuttered all around the globe due to lockdown. Hence, demand is declining for Camphor from various industry verticals acts as a restraining factor to the market growth.
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