The global menthol tonka beans market has been witnessing strong growth over the past few years on account of increasing application in luxury fragrances and the trend is expected to continue over the forecast period. Increasing demand from luxury fragrances including Roberto Cavalli Eau de Parfum, Shine by Heidi Klum and Karleidoscope by Karl Lagerfield is the key factor to drive the market over the next seven years. Increasing application scope of menthol tonka beans in cosmetics and foods & beverages is one of the key driving factors for the market. Demand for menthol tonka beans is also increasing owing to its superior deep, warm, sweet fragrance of caramel, almond and tobacco. Menthol tonka beans have been substituting vanilla flavor in many applications including cocoa, candy and ice cream. Growing demand for these products is anticipated to be the key driving factor for the market over the projected period. However, unpleasant cold or wet weather is anticipated to affect the harvesting quantities of tonka beans negatively, which in turn is expected to hamper the market growth over the forecast period.
Various application of menthol tonka beans include perfume fragrance, flavoring tobacco, cosmetics, perfumes, soaps and liquor, fixative in dyes among many others. Perfume fragrance was the major application segment for menthol tonka beans over the past few years on account of its unique flavor and aroma. Increasing disposable income of consumers is the key factor to boost the luxury perfumes demand, which in turn is expected to complement menthol tonka beans market growth over the forecast period. Tonka beans as flavoring agents is the second major application segment owing to its rising application in flavoring tobacco, cosmetics, perfumes, soaps and liquor. Rising application scope of tonka beans in dyes as a fixative agent is further expected to augment the market growth over the next seven years.
Flavor & fragrance industry was the largest end-use industry for menthol tonka beans over the past few years and it is anticipated to remain as the leading end-use segment over the next seven years owing to its widespread application base in perfumer fragrance, flavoring cosmetics, tobacco, soaps and liquor. Beverage application of menthol tonka beans is expected to witness growth on account of its use in dessert drinks, milk shakes, cocktails and flavored coffees.
Brazil and Venezuela are among the leading producers of tonka beans over the past few years on account of favorable climatic conditions in these regions. Strong regulations towards the usage of tonka beans in foods and drugs by FDA have been decreasing the demand from U.S. over the past few years.
Some companies including Givaudan committed to conservation and social project agreement, which means to support forest conservation and improvement of beans quality, which is expected to support the menthol tonka beans market growth. Other players in this market include The Different Company Perfumes and Colognes, Monin Flavours, Cerbatana C.A., Health & Beauty Natural Oils.
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Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for Covid19 as a key market contributor.