The Mesifurane Market globally is forecast to reach US$148 million by 2027 growing at a CAGR of 4.6% during 2022-2027. Mesifurane which belongs to the class of natural compounds is used as a flavorant and fragrance additive in the formulation of personal care and cosmetic products like lip gloss, soap, perfumes, etc., and the booming cosmetics market globally will drive the growth of the market in the forecast period. As per the data by Cosmetics Europe, the European personal care and cosmetics market touched US$ 88.91 billion at retail price in 2020, making it the largest market globally. Furthermore, fruit volatiles like mesifurane is also used in the pharmaceutical sector to impart flavour into bitter-tasting tablets, syrups, suspensions, etc., and the expanding pharmaceutical market globally will drive the market’s growth in the forecast period. According to the 2020 report by the European Federation of Pharmaceutical Industries and Associations (EFPIA), medicines production in the European region reached US$ 317,942.75 million in 2019 compared to US$ 300,434.09 in the previous year. Natural-based mesifurane will witness robust demand in the forecast period. However, the growth of the mesifurane market might get hampered due to the strict regulations regarding the usage of additives.
The mesifurane market was badly affected by the COVID-19 pandemic as disturbances in the supply chain and raw material procurement affected the growth of the market. Market players struggled to cope up with the high demand in the market. As per the 2020 market report by the US-based natural flavor and fragrance ingredients supplier Advanced Biotech, factories in China kept the production process afloat with limited raw materials. Also, in the 2021 market report, it has been mentioned that due to the limited number of cargoes leaving China owing to the pandemic, freight charges surged by 200% leading to shipping delays in the US and Europe. Going forward, the market will witness significant demand due to the increasing demand for flavored and fragrance additives in the pharmaceutical and food industry.
Mesifurane Market- By Type
Natural-based mesifurane dominated the mesifurane market in 2021 and is growing at a CAGR of 5.1% in the forecast period. The demand for natural mesifurane is on the rise in the last few years. Mesifurane is one of the extensively used natural compounds that is found naturally in several types of fruits such as strawberries, mangoes, raspberry, arctic bramble, and pineapple. Moreover, the shift in consumer preference from synthetic to natural ingredients is amplifying the demand for organic mesifurane flavourings in the market. As per the January 2021 journal by the world of chemicals, demand for the use of organic additives like mesifurane is increasing in cosmetics, foods, and pharmaceuticals owing to the growing public awareness about the adverse impact of chemical additives. This increasing demand for fruit volatiles like mesifurane will continue to be there in the forecast period which will contribute to the expansion of the market.
Mesifurane Market- By Application
Personal care and cosmetic dominated the mesifurane market in 2021 and is growing at a CAGR of 5.4% in the forecast period. Mesifurane comes with high aromatic and anti-inflammatory properties which makes it suitable in the formulation of personal care and cosmetic products. The global personal care and cosmetics sector is expanding due to the increasing awareness about personal grooming and this will drive the growth of the mesifurane market in the forecast period. For instance, in October 2020, Marc Jacob fragrances launched new women’s fragrance named Perfect Marc Jacobs. Similarly, as per the April 2019 data by the India Brand Equity Foundation, India’s skincare is anticipated to expand at an annual average growth rate of 10.4% through 2022. Such high growth in personal care cosmetics products will increase the implementation of mesifurane in the formulation process which will drive the growth of the market in the forecast period. Pharmaceuticals will drive the growth of the market significantly in the forecast period owing to the growing uses of mesifurane in oral dosage formulations.
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Mesifurane Market- By Geography
The Asia-Pacific region held the largest market share in the mesifurane in 2021 with a market share of up to 32%. The high demand for mesifurane is attributed to the booming personal care and cosmetics sector in the region’s emerging countries like India, Japan, and China. Mesifurane is one of the effective natural compounds used in the personal care and cosmetics sector owing to its superior aromatic qualities and the growth in personal care and cosmetics products will increase the demand for mesifurane in the forecast period. For instance, in October 2019, Cavin Kare expanded its perfume portfolio in the Indian market by launching perfumes in sachets. Similarly, as per the Ministry of Economy, Trade and Industry (METI), Japan’s cosmetic and personal care market became the world’s third-largest market with a US$ 35 billion market size in 2019. Such high growth in the personal care sector will enhance the demand for mesifurane in cosmetics and personal care formulation in the forecast period. The European region is projected to witness significant demand for mesifurane in the forecast period owing to the presence of top cosmetic brands.
Mesifurane Market Drivers
Expanding pharmaceutical sector will drive the market’s growth
Mesifurane has deep roots in the pharmaceutical sector as it is used extensively for improving the taste and fragrance of pharmaceutical products such as tablets, syrups, and suspensions. The pharmaceutical sector is expanding globally owing to the increasing R&D and production activities taking place in this field. This growth in the pharmaceuticals market will drive the growth of the market in the forecast period. For instance, according to the 2020 data by the European Federation of Pharmaceutical Industries and Associations, imports of medicine in the European pharmaceutical segment stood at US$ 387,325 in 2019 which was US$ 362,199 in the previous year. Similarly, according to the 2021 data by the India Brand Equity Foundation, generic drugs accounted for 20% of the global export in terms of volume, making India the largest provider of generic medicines globally. Such growth in the pharmaceutical sector globally will increase the demand for mesifurane which, in turn, will drive the growth of the market during the forecast period.
The rising personal care and cosmetics sector will drive the market’s growth
Fruits volatile like mesifurane is implemented extensively in personal care and cosmetic products as a flavorant and aromatic additive. The personal care and cosmetic sector witnessing huge demand globally and this rising trend will drive the growth of mesifurane market during the forecast period. For instance, according to the data by the Cosmetics, Toiletry and Perfumery Association (CTPA), the European region was the largest market for cosmetics globally in 2020 with Germany (US$ 16.18 billion) dominating the region followed by France (US$ 13.29 billion) and UK (US$ 11.33 billion). Similarly, as per the September 2021 data by Invest India, Reliance Retail will soon start selling cosmetic products online owing to the rising demand for cosmetics in the Indian market. Such increasing demand in the personal care and cosmetics sector will drive the growth of the mesifurane market in the forecast period.
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Mesifurane Market Challenges
Stringent regulations might affect the market’s growth
Various government bodies globally implement stringent regulations regarding the use of formulation agents like mesifurane and this might hamper the market’s growth rate in the forecast period. The governing bodies globally are closely monitoring the use of formulation agents owing to the increasing concern regarding adverse health effects caused by them. For instance, the Flavor and Extract Manufacturers Association of the United States (FEMA) strictly monitors the safety level of several flavoring substances including mesifurane. FEMA reviews mesifurane’s usage levels in various food items regarding any toxicity of the substance and side effects on a timely basis. Such regulations by FEMA and its strict monitoring might slow down the growth of mesifurane market in the forecast period.
Mesifurane Market Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the mesifurane market. Major players in the mesifurane market are:
Shandong Yaroma Perfumery Co. Ltd
Ruiyuan Flavor Co., Ltd
Peta Manufacturing Company
In December 2020, Germany-based company Merck KGaA which deals with mesifurane, expanded its manufacturing footprint with a combined US$ 46.19 million investment at its production facilities in Massachusetts, Danvers, and Jaffrey, New Hampshire, US. This investment will increase the production of mesifurane, ultimately boosting the mesifurane market in the forecast period.
Natural-based mesifurane is leading the mesifurane market. The increasing awareness about natural flavor and fragrance ingredients among consumers will increase the demand for natural mesifurane in the forecast period.
The personal care and cosmetics sector will drive the growth of the market in the forecast period. According to statistics by the Cosmetics, Toiletry and Perfumery Association, the European cosmetics market stood at US$ 92.58, making Europe the largest cosmetics market globally in 2019.
The Asia-Pacific region is anticipated to witness maximum demand for mesifurane owing to the increasing demand for personal care and cosmetic products in the region. For instance, according to the India Brand Equity Foundation (IBEF), India’s cosmetic and personal care industry is projected to become a US$ 15.17 billion market by 2024 compared to US$ 9.98 billion in 2019.
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