Farnesene Market Size, Share, Growth Analysis, By Type(Beta Farnesene and Alpha Farnesene), By Technology(Biological and Chemical), By Region - Industry Forecast 2024-2031

Farnesene Market size was reported at USD 43.98 billion in 2021 and is poised to grow from USD 46 billion in 2022 to USD 65.92 billion by 2030, at a CAGR of 4.6% during the forecast period (2023-2030).

The global farnesene market has seen significant growth in recent years and is expected to continue growing in the coming years. One of the key drivers for the growth of the market is the increasing demand for sustainable and eco-friendly alternatives to petroleum-based products. Farnesene offers a renewable and bio-based solution that can replace petroleum-derived ingredients in various applications. The growing awareness of environmental concerns and the need to reduce carbon emissions have led to a surge in demand for farnesene as a greener alternative. In addition, the demand for fragrances in the personal care and cosmetics industry has been growing rapidly. Farnesene is used as a fragrance ingredient and emollient in cosmetics, skincare, and hair care products. The consumer preference for sustainable and bio-based ingredients. Though, the farnesene market also faces certain challenges such as the cost of production. Currently, the production of farnesene involves complex fermentation processes, which might be expensive. The high production cost limits the wider adoption of farnesene and poses a challenge for producers to offer reasonable pricing. While there have been advancements in fermentation technologies and the development of new production facilities, scaling up the production of farnesene to meet the growing demand can be a composite process.

US Farnesene Market is poised to grow at a sustainable CAGR for the next forecast year.