According to a new market report published by Credence Research “Camphor Tablets Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2021,” the camphor tablets market was valued at US$ 0.093 Bn in 2015, and is expected to reach US$ 0.145 Bn by 2022, expanding at a CAGR of 7.6% from 2016 to 2022.
Market Insights
Camphor tablets are witnessed to experience high demand from various end-users in the global market. Owing to the benefits provided by camphor for various applications has led to high demand for camphor tablets in the market. Camphor provides high medicinal benefits such as pain and swelling reduction, relief from congestion and cough, relives worn out muscles, sprains, etc. Camphor is also used in manufacturing wide range of ayurvedic medicines. Growing demand from the pharmaceutical industry has therefore led to high demand for camphor tablets in the market.
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India is a religious country. Therefore, camphor is used on a large scale in temples for religious ceremonies. Camphor is believed to be holy and is used in all types of ceremonies conducted in the temples. The vadoo rituals use camphor as the most sacred and holy stuff to offer it to moon goddess on a new moon day. They perform this activity to thank her for abundant blessings. These religious beliefs and rituals have created strong demand for camphor tablets in the market. Therefore, India is expected to boost market growth of camphor tablets in the near future. Camphor is said to be a n excellent insect and moth repellent. Therefore, camphor tablets are used in the agriculture industry to keep away insects from the crops and plants. Rising demand from the agriculture sector is also projected to fuel demand for camphor tablets during the forecast period.
Competitive Insights:
Pharmaceutical was the leading end-user segment with more than 30% share of global camphor tablets market. The medicinal properties of camphor have led to high demand for manufacturing different types of medicines for different pains and diseases. Camphor tablets are also used in manufacturing wide range of ayurvedic medicines. Hence, pharmaceutical is expected to create strong demand for camphor tablets in the market. Food accounted to be the second largest application of camphor tablets as it is used as essence in various food products. Camphor is used in making variety of sweets and sweet dishes. Europe consumes camphor for preparation of savory and sweet dishes. It is an important ingredient in the Arabian cookbooks. In India, it is used as essence in some of the dessert dishes. Food is also anticipated to boost growth of camphor tablets in the market. Other end-user industries such as agriculture and chemicals are also expected to boost market demand for camphor tablets during the forecast period from 2016 to 2022.
Key Trends:
- Manufacture of various medicines
- Ingredient in food
- Manufacture of skin care products
- Opportunities from increasing research activities for increase in application scope of camphor tablets
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