Farnesene Market by Application and Geography - Forecast and Analysis 2021-2027

The farnesene market is expected to witness significant expansion by 2027 on account of mounting product uptake across the globe. Moreover, surging demand for sustainable alternatives to conventional fuels is speculated to further propel market growth through the forecast period.

Farnesene is a mixture of isomers that naturally occur in plants and offers a variety of health benefits, including healthy digestion, anti-inflammatory properties, anti-bacterial properties, and calming effects. Additionally, the fully reduced form of terpene farnesene is a precursor in the production of biofuels and several pharmaceutical and cosmetics products. It is obtained in high quantities from wastes generated in certain manufacturing facilities wherein synthetic biology is used to transform waste products to produce farnesene.

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Furthermore, farnesene has wide ranging applications across various industry verticals, such as personal care products, oils & lubricants, biofuels, food & beverage, pharmaceuticals, and performance materials, among others. Notably, increasing R&D activities focused on developing sustainable and natural alternatives for fuels and consumer products has boosted market uptake in recent years.

Moreover, industry players are employing lucrative strategies to strengthen their foothold in the market by undertaking mergers & acquisitions, establishing partnerships, and so forth, which has enhanced overall business outlook.

For instance, in August 2021, Amyris, a major synthetic biotechnology company serving customers in the beauty and wellness market, announced the acquisition of MG Empower, an influencer marketing agency, and OLIKA, a consumer wellness company specializing in hygiene products. The deal enabled Amyris to enhance its presence as a supplier of natural and sustainable products.

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To cite another instance, in September 2021, ADL BioPharma, a leading biotechnology company, inked a renewable energy framework agreement with Capital Energy, a Spain-based power company, to jointly develop innovative solutions in the field of fair energy transition and circular economy and explore opportunities for providing green energy while boosting production.

Similarly, in September 2021, TotalEnergies, a global oil & gas company, inked a partnership agreement with Safran, a key technology company operating in the aviation industry, to develop sustainable aviation fuels (SAF), which is a biofuel used to power aircraft. As per the deal, TotalEnergies agreed to supply sustainable aviation fuels to support the decarbonization of Safran's helicopter and airplane engines.

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