Ethyl Levulinate Market Overview
The Ethyl Levulinate Market size is forecast to reach US$11.2 million by 2027 after growing at a CAGR of 3.5% during the forecast period 2022-2027. In general, Ethyl levulinate is an ester that is obtained from the esterification of ethanol and levulinic acid, which is known to be a flexible building block for the purpose of manufacturing various chemicals. It lies under the class of organic compounds called gamma-keto acids. Ethyl Levulinate is used for a wide range of applications such as Fragrances & Perfumes, Food Additives & Flavouring, Cosmetics & Personal Care, Fuel Additives, Pharmaceutical Additives, and more. An increase in demand from the cosmetics and personal care industry along with an increase in demand for food additives and flavoring acts as major drivers for the market. Health hazards associated with the prolonged use of Ethyl Levulinate may act as a major constraint for the market.
There is no doubt that the COVID-19 lockdown has impacted the Ethyl Levulinate Market. Strict lockdowns all over the world interrupted the entire supply and trade of raw materials, which in turn, resulted in slow developments, and manufacturing from the fragrances and cosmetics industry. However, a slow recovery in new fragrance, cosmetics, and skincare production has been witnessed across many countries around the world since 2020. According to recent research published on The Business Line, India reported a growth of around 20% on annual retail sales of cosmetics and other personal care products during the fourth quarter of 2020 and is expected to grow in the upcoming years. In this way, a slow and steady increase in production activities from Fragrance, Cosmetics & Personal Care industry will increase the demand for Ethyl Levulinate required for the production of these products. This will eventually lead to a slow and steady recovery of the market in the upcoming years.
Ethyl Levulinate Market Segment Analysis – By Application
The Fragrances & Perfume held the largest share in the Ethyl Levulinate Market in 2021 and is expected to grow at a CAGR of 3.7% between 2022 and 2027. This is mainly to the increase in demand for fragrances required in perfumes, cosmetics, and skincare products owing to an increase in awareness regarding personal grooming across the world. For instance, according to a study published on Fashion Network, skincare and sun care products produced an average annual growth of 5.6% in 2020. Since ethyl levulinate is obtained from the esterification of ethanol and levulinic acid, it plays a major role in order to give integral fresh odor and fragrances, help prevent wrinkles along with providing properties for stabilizing formulations and emulsions, it is commonly used during the production of cosmetics, perfumes, and skincare products. This will most likely lead to market growth in the upcoming years.
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Ethyl Levulinate Market Segment Analysis – By Geography
The Asia Pacific held the largest share in the Ethyl Levulinate Market in 2021 up to 32%, owing to the increasing demand for Ethyl Levulinate from the food additives and fragrance industries. According to a recent study published in the Economic Times the average annual revenue of the Indian Perfume Industry is around INR 3000 crore (US$ 408 million) and is expected to grow by approx. 17% in the next three years by 2024. Likewise, a recent study published on the Vogue Business stated that China’s perfume consumption has been growing rapidly in recent years and reached up to US$ 1.76 billion during the fourth quarter of 2020.
Furthermore, The National Health Commission of China published a proposal for 11 new varieties of food additives, along with including the use of four new types of enzyme preparations for the food industry in 2021.
Hence, in this way an increase in demand for fragrances, food additives, and flavoring from the perfume and food industry, will eventually lead to an increase in demand for Ethyl Levulinate required for their production as well. This indicates the growth of the market in the upcoming years.
Ethyl Levulinate Market Drivers
An increase in demand for cosmetics and personal care products is most likely to increase demand for the product
Ethyl Levulinate is obtained from the esterification of ethanol and levulinic acid and is commonly used in cosmetics and personal care products such as moisturizing creams and lotions, lipsticks, bar soaps, shampoos, and perfumes since they give integral fresh odor, help prevent wrinkles along with providing properties for stabilizing formulations and emulsions. According to a recent study published on Redseer, the Indian beauty and personal care sector holds a major share of 75% and is expected to increase by 9% by 2022, which includes daily required personal care products such as shampoos, soaps, deodorants, shaving kits, hand cleaners and many more. Likewise, according to a recent article published on the Vouge in 2021, 10 new beauty products are to be launched from multiple leading brands across the world such as Becca, Indya, Forrest Essentials, Jimmy Coo, Colorbar, Wow Skin, Clinique, MyGlamm, and more.
Hence, increased demand for cosmetics and personal care products also increases the demand for Ethyl Levulinate required during their production, thus, resulting in the growth of the Ethyl Levulinate Market in the upcoming years.
An increase in demand for food additives and flavoring is most likely to increase demand for the product
Ethyl Levulinate is primarily used as a food additive in order to enhance the fragrance and taste of the food item. According to a recent study published on Agri Exchange, the Indian Food Industry uses more than 3,000 types of food additives in order to enhance the flavor, freshness, texture, and shelf life of food items. Likewise, China’s National Health Commission organized recently approved 9 varieties of food additives that can be used by the food industry in 2021. Furthermore, the US Food and Drug Administration (FDA) has approved 409 different types of food additives that can be used by the food and beverage industry.
Since, food additives are essential ingredients required to maintain the taste, smell, and color of food items, an increase in demand for food additives and flavoring will also significantly increase the demand for Ethyl Levulinate required for the production of these food additives. This is most likely to result in the growth of the Ethyl Levulinate Market in the upcoming years.
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Ethyl Levulinate Market Challenges
Health hazards associated with the prolonged use of Ethyl Levulinate can cause an obstruction to the market growth
Ethyl Levulinate has been considered a hazardous substance under OSHA 29 CFR 1910.1200. Prolonged exposure to ethyl levulinate may cause eye irritation, narcosis, dizziness, lung damage, coma, or behavioral changes. Hence, high risk and health hazard associated with the prolonged use of Ethyl Levulinate is likely to confine the market growth.
Ethyl Levulinate Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Ethyl Levulinate Market. Ethyl Levulinate Market top companies are:
Beijing Lys Chemicals Co. Ltd
Alfa Aesar, Fleurchem Inc.
Lluch Essence S.L
Advanced Biotech Inc.
Indukern F&F Ingredients Division
In December 2019, Axxence introduced Natural trans-2, cis-6-Nonadienal as a 1% solution in ethanol or triacetin. This EU natural flavoring preparation was obtained from a natural and sustainable material and is not only a key ingredient in cucumber and melon flavors, but it is also beneficial in other fruit compounds.
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Fragrances & Perfume segment is expected to see the fastest growth, especially during the forecast period, owing to the rise in demand for fragrances, perfumes, and skincare products across the world. Since Ethyl Levulinate is obtained from the esterification of ethanol and levulinic acid, it is the key component to add fragrance to perfumes and skincare products. An increase in demand for Ethyl Levulinate from these industries is most likely to drive market growth over the forecast period.
Ethyl Levulinate is known to give integral fresh odor, help prevent wrinkles along with providing properties for stabilizing formulations and emulsions, which makes it ideal for the production of fragrances, perfumes, cosmetics, and personal care products.
The Asia Pacific is expected to account for the largest share in the Ethyl Levulinate Market. The major reason behind this is an increase in demand from food additive and fragrance industries, specifically in countries like China, and India.
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