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Camphor has a pleasant odor that are crystalline and translucent terpene ketone. It is primarily produced by distilling woods and barks of camphor trees. It is a flammable, waxy, transparent, or white solid that has a brawny odor. It is popularly known as kapur tree and is largely found in Asia. Camphor is used for various medicinal purposes, as an essence in cooking and for religious rituals in Asia Pacific, especially India. Owing to wide range of medical properties, camphors are used for various medicinal applications as it helps reduce pain and swelling, helps relax worn out muscles and reduces congestion and cough. Tablets made out of camphor are used in various skin care products as it reduces acne and pimples. It is also used as repellent in agriculture and even for household activities to keep away reptiles and insects. Hence, a substantial growth is projected in the agriculture industry. The global camphor market is expected to grow at a CAGR of 7.2% from 2019 to 2024. The key factor driving growth of global camphor market is the rising demand for camphor from the pharmaceutical and cosmetic industry.With the increasing consumer awareness for natural, herbal, and skin friendly products, the demand for camphor tablets is projected to increase in the near future. On the contrary, availability of other competing materials that can serve similar purpose at reduced cost may significantly hamper the growth of camphor market in the coming years.
The global camphor market has been segmented based on type, application, and geography. Based on types, the global camphor market has been segmented into tablets, oil and others. Based on applications, the global camphor market has been segmented into pharmaceuticals, food, chemicals, agriculture, others. Among various applications, pharmaceuticals accounted for major share in the global camphor market in 2017 and this segment is further expected to remain dominant in the near future expanding at a CAGR between 7.5% to 8.5% from 2019 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for camphor over the forecast period from 2018 to 2024. Based on geography, the global camphor market has been segmented into North America, Europe, Asia Pacific, and rest of the world region which includes Latin America, and Middle East & Africa. Asia Pacific accounted for the largest share in the global camphor market in 2017; it is further projected to dominate the global market by 2024. Large population and rising disposable income in the emerging economies leading to growth in several end user industries including food; pharmaceutical is a major factor driving demand for camphor in Asia Pacific. North America and Europe, both are projected to grow at slow pace owing to saturation in demand in several end user industries. The global camphor market is concentrated with leading manufacturers such as Camphor and Allied Products ltd. having strong hold on the global market. Some of the key manufacturers of camphors in the global market include Camphor and Allied Products ltd., Beijing Herbal Health Biotech LLC and Hunan Nutramax Inc, among others.
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