Zinc Eugenol Market: Introduction
In terms of value, the global zinc eugenol market is anticipated to expand at a CAGR of ~11% and exceed US$ 30 thousand by 2031. North America is estimated to dominate the global zinc eugenol market by 2031 in terms of volume. It is projected to lead the global zinc eugenol market during the forecast period. The clove segment is projected to offer lucrative opportunities for the global zinc eugenol market in the near future. It is anticipated to be followed by the cinnamon source segment of the global zinc eugenol market in the near future. The zinc eugenol market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Rise in agricultural activities in order to meet the demand for food among the ever-increasing population in countries such as China, India, and Japan in Asia Pacific is driving the demand for zinc eugenol in the region. This, in turn, is boosting the zinc eugenol market in Asia Pacific.
The zinc eugenol market in North America is projected to expand at a healthy CAGR during the forecast period. It is anticipated to be followed by the zinc eugenol market in Europe during the forecast period.
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Zinc Eugenol Market: Major Drivers and Restraints
Micronutrients are essential for healthy plant growth. Deficiency of any micronutrients results in decreased or limited crop yield as well as low quality of food products. This deficiency of micronutrients occurs globally, but varies according to the climate, soil condition, rainfall, and other environmental conditions. Growth in the rate of soil micronutrient deficiencies across the globe is a key factor driving the global zinc eugenol market. Micronutrient deficiency occurs due to human activities such as depletion of soil, owing to farming without adequate fertilization. The scarcity of micronutrients is also caused by excess fertilization with phosphate. Phosphate hampers the availability of zinc, iron, and copper for crops. The deficiency of micronutrients is expected to rise over the next few years. This deficiency of zinc has been primarily observed across the globe over the last decade. Zinc deficiency in soil is common in Asian countries such as India, China, Turkey, and Indonesia; northwestern area of South America; and Sub-Saharan Africa.
Eugenol is a naturally occurring aromatic compound derived primarily from cloves. It is used as a flavoring agent. It has many uses as a pesticide. The U.S. EPA has permitted the usage of eugenol as an active ingredient in minimum risk pesticides due to long history of human exposure and safe use as a food ingredient. Rise in penetration of chemicals in the food chain has catalyzed research studies to seek alternatives for chemically formulated agricultural supplies such as fertilizers, herbicides, pesticides, insecticides, and fertilizer mixes. Agricultural farms need to find ways to reduce their chemical footprint. This has resulted in an increase in search for greener and natural alternatives such as eugenol.
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Eugenol is used as a main active component in preparation of pesticides. Micronutrient deficiencies can be overcome with the use of micronutrient fertilizers in soil. Thus, rise in demand for agrochemicals in the agriculture sector is fueling the demand for zinc eugenol. This, in turn, is augmenting the global zinc eugenol market.
However, lack of awareness and high cost compared to methyl eugenol are expected to hamper the global zinc eugenol market growth in the near future.
Zinc Eugenol Market: Prominent Segment
Based on source, the global zinc eugenol market can be segmented into clove, cinnamon, tulsi/holy basil, pepper, and others. Clove is projected to be an attractive segment of the global zinc eugenol market by 2031.
Competition Landscape of Zinc Eugenol Market
Key manufacturers operating in the global zinc eugenol market include WINFIELD SOLUTIONS, LLC, Van Aroma, CV. Indaroma, Sigma-Aldrich, Givaudan, and Penta Manufacturing Company.
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