The Sclareol is an organic compound with chemical formula C20H36O2. It has a solid amber color and is slightly soluble in water. It is derived from the name of the aromatic chemical compound clary sage. It is generally classified as bicyclic diterpene alcohol. The use of sclareol as a food flavoring agent is one of the main applications driving overall demand. This compound is usually used in the manufacturing of cookies, confectioneries, pastries and candies. This chemical is extensively used to enhance the flavor of food and give the consumers a rich feel & taste. The growing demand for confectionary making will open up great opportunities in the near future. It is also expected that the use of Sclareol in the medical field will open up great opportunities in the near future.
As per analysis, “Global Sclareol Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)” the key companies operating in the global sclareol market include App Chem-Bio, Shanxi Jinjin, Aphios Corporation, Wuhan Dahua, Avoca Inc, Haotian, Capot, Greenlife and among others.
Based on type, sclareol market is segmented as synthetic and natural. In addition, based on application, market is segmented as beverage, cosmetics and tobacoo. Beverage segment dominates the market due to its high usage as a flavouring agent. Additionally, cosmetic segment is anticipated to witness higher CAGR owing to its wide application as a fragrant during the forecast period.
The sclareol market is driven by rise in health consciousness among consumers, followed by increase in demand for natural food products. On the other hand, availability of substitutes may impact the market. Moreover, advances in technology have led to the development of new flavors that are expected to challenge the industry.
Most industries around the world have been negatively impacted over the past few months due to significant disruptions experienced by their particular manufacturing & supply-chain operations as owing to various precautionary lockdowns and other restrictions that were enforced by the governing authorities across the world. This is same applies to the Sclareol market. In addition, consumer demand has subsequently declined as people are now more interested in eliminating nonessential spending from their budgets, as the general economic condition of most people has deteriorated, which has severely affected this outbreak. These above elements are expected to weigh on global sales development of the Sclareol market during the forecast schedule. However, as the relevant government agencies begin to lift these coercive bans, the global Sclareol market is expected to rebound accordingly.
Based on regional analysis, the North-America is a leading region in global sclareol market as they are used in various applications such as tobacco, cosmetics, food and others across the region. The Europe and Asia-Pacific regions are projected to witness higher growth rate due to rise in standard of living, increase in disposable income and favorable demographics over the forecast period. It is likely that future of the global sclareol market will be bright because of increase in investment in organic chemical manufacturing and growth in popularity of cosmetics products during the forecast period.
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Ankur Gupta, Head Marketing & Communications