According to a new report published by Allied Market Research, titled, Phytosphingosine Market by Application: Global Opportunity Analysis and Industry Forecast, 2014-2022, the phytosphingosine market was valued at $1,215.5 million in 2016, and is projected to reach $1,882.9 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. Moisturizer was the highest revenue generating application in 2016, accounted for $693.4 million. The segment is projected to dominate the market in coming years.
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Anti-acne products comprise
phytosphingosine and the increased demand for anti-acne products has driven the
phytosphingosine market growth. Also, bio-based products have witnessed a high
demand, thereby supplementing the global market. In addition, the growth in
pharmaceutical industry has high demands for phytosphingosine, which
contributes well to the global phytosphingosine market. However, inconsistent
yield throughout the year impedes the market growth.
Facewash is anticipated to grow at the fastest rate by 2023 because
phytosphingosine as an ingredient in facewash is high in demand. Consumers are
more inclined towards the use of natural solutions to maintain and improve skin
functions, which is expected to provide substantial growth opportunity to the
industry players. Facewash containing phytosphingosine cleanses, purifies, and
tones the skin. The increase in use of phytosphingosine as an ingredient in
facewashes, owing to its quality of reducing spots & blemishes, drives the
global market.
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Based on region, Europe dominated
the global market in 2016 and is anticipated to remain dominant throughout the
period. The growth of the European phytosphingosine market is driven by the
shift in preference toward natural beauty products and rise in consumer
attention toward anti-aging products. Saturation in the European cosmetic
market and increase in consumer health and environmental awareness provide
numerous growth opportunity for natural cosmetic products in this region, thus
increase in the demand for phytosphingosine. Evonik Industries AG, MolPort, and
Beckmann-Kenko GmbH are few of the leading players operating in the European
phytosphingosine market.
However, Asia-Pacific witnessed
the second-highest growth rate during the forecast period. Change in lifestyle,
higher disposable income, variation in climatic conditions, and surge in demand
for skin & sun care products augment the market growth. Phytosphingosine is
known to diminish signs of aging such as wrinkles, spots, and dullness. Thus,
growth in aging & young population, rise in number of women entering the workplace,
and increased women spending power boost the use of cosmetics, thus, fueling
the growth further. Moreover, high demand for natural and herbal beauty &
personal care products is expected to create ample growth opportunities for
market expansion.
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Key Findings of the Phytosphingosine Market:
·
In 2016, facewash accounted for the maximum
market revenue, and is projected to grow at a CAGR of 6.1 % during the forecast
period.
·
Moisturizer accounted for the maximum share in
2016, accounting for $335.8 million.
·
Europe generated the maximum revenue in 2016 and
is anticipated to dominate the other regions during the forecast period.
·
Rest of LAMEA is the major shareholder in the
LAMEA phytosphingosine industry, and accounted for more than 50% share in 2016.
The key players in
phytosphingosine industry focus to expand their operations in the emerging
countries by adopting various strategies such as acquisition and
contact/agreement. The major players profiled in this report include AK
Scientific Inc., Avanti Polar Lipids, Inc., Beckmann-Kenko GmbH, BOC Sciences, Doosan
Corporation, Evonik Industries AG, MolPort, Sigma-Aldrich Co. LLC, Sungwun
Pharmacopia Co. Ltd., and Tokyo Chemical Industry Co., Ltd.
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