While the world is making a shift away from the use of chemicals in various products that are used on a daily basis, camphor is emerging as a popular chemical ingredient in most of the natural end products.
Being a translucent terpene ketone, white/grey in colour, and crystalline in form, camphor does not only have a pleasant odour, but it also offers versatile physical properties - which usually depend on its species, origin, and other specific growing conditions.
Though camphor is commonly produced by the distillation of bark and wood of the camphor tree, it can also be manufactured synthetically; carrying out the synthesis of turpentine oil which is produced from rosin, kinleith, and pine wood among multiple other ingredients.
Camphor is most commonly used in various healthcare products mainly due to its medicinal properties, and these products can be used as a treatment for cough, congestion, and other skin-related infections. Camphor is also used as an insecticide in food storages - a most commonly used traditional insecticide, especially in some countries across South Asia.
Furthermore, camphor oil is also one of the popular remedies for improving digestion, metabolism, and excretion processes. Being an FDA-approved chemical, camphor is gaining immense demand in most of the medicinal, healthcare products, which is predominantly driving growth of the camphor market.
The global market for camphor is highly characterised with its association with a wide range of end-use industries. However, the pharmaceuticals industry is expected to account for a significant share in the increasing global demand for camphor. Especially in cough-related remedial products, such as vapour rub and ointments, camphor has witnessed complete acceptance from the healthcare and pharmaceuticals industry.
Furthermore, the pharmaceuticals industry is also accepting camphor oil as an integral ingredient in natural skincare products, as camphor oil can be positively used in the treatment of various skin-related infections. Its use in muscle relaxant ointments is also opening a new window of opportunities for stakeholders in the camphor market.
In the coming years, leading players are likely to focus on expanding the target audience in a vast range of industries, and capitalize on the growing acceptance for camphor in most of the pharmaceutical and healthcare industries across the world.
Though the global outbreak of the novel coronavirus has instigated a global lockdown, camphor market may continue to witness high demand in the coming years.
Growing awareness about the medical properties of camphor that treat cough-related infections is triggering the use of camphor oil and tablets as a traditional and natural remedy to prevent the coronavirus infection. However, as most of the industrial activities have slowed down, this may be a negative impact on the production of pharma-grade camphor, and this may influence the growth dynamics of the global camphor market in the coming years.
The global market for camphor is divided into seven geographical segments - North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. The Asia Pacific region is expected to account for a significant revenue share in the global camphor market, mainly accounting for the use of camphor in a variety of traditional medicinal products.
As camphor is among the most commonly used household goods, leading manufacturers are aiming to maintain a healthy demand-supply balance in the Asia Pacific region, in the coming years.
North America is also emerging as a profitable regional market for camphor manufacturers, distributors, and other stakeholders. A mounting number of end-use industries are moving to replacing chemicals with camphor to avail its natural, medicinal properties, in order to sync with the consumer demand for ‘all natural’ products.
As a result, leading players in the global camphor market will witness a burgeoning demand from the end-use industries situated in the North American region, in the foreseeable future.
The global camphor market witnesses intense competition, while leading players are aiming to gain a competitive edge by introducing a price differentiation. This makes it a price sensitive market, leaving very little or no scope for market players to introduce product differentiation.
Furthermore, being highly fragmented in nature, the global market for camphor market is likely to witness a significant stronghold of regional manufacturers, as they leverage on the benefits of low capital investments.
Leading players are likely to introduce their own end products using camphor to stay ahead of the curve, and this will emerge as a prominent strategy of growth among a majority of market players in the coming years.
Palm Organix Company (Palm Organix™) - a New York-based leading player in the vitamins & supplements industry - announced in September 2019, that it will be introducing its new line of skincare products - ‘Zero THC CBD Lotion w/ Camphor’.
The line includes products with Phytocannabinoid-Rich Hemp Oil with Camphor and other essential oils, such as camphor oil, to create a light fresh CBD lotion.
In June 2019, Mother Sparsh - an Indian manufacturer of plant-based, natural and eco-friendly baby care products - announced that it has launched a natural insect repellent product which is made of camphor oil and other pure natural ingredients such as eucalyptus oil, lemongrass oil, and citronella oil.
These incidences of skincare products being launched by market players further amplifies the profitability of camphor oil in various end-use industries.
The camphor market can be segmented on the basis of the following:
By Form
By End-use Industry
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