Taxifolin Market to Expand Twofold by 2030; Contracting Demand from Allied Industries Due to COVID-19 Pandemic Stunting Market Growth
Published : 21 Aug 2020 Industry: Chemical & Materials
Rising demand for taxifolin is attributed to the pharmaceutical sector, especially in the field of oncology. Research & development in the field of oncology drugs has expanded at a faster pace over the past half-decade. Taxifolin, being a potent flavonoid, is immensely used to manufacture drugs for the treatment of inflammatory disease state in cancer. Demand from the pharmaceutical sector remained intact over the course of COVID -19-related lockdowns in Q1 and Q2 of FY2020. Overall decline in the market was observed due reduction of beverage and food production to some extent. However, reopening of trade channels across the globe is set to resurrect the market by Q3 of FY2020, with the market set to return to its original form by the end of FY2020.
The global taxifolin market is forecast to witness healthy growth at a CAGR of more than 6% over the forecast period of 2020-2030.
Key Takeaways from Global Taxifolin Market Study
- The global taxifolin market is anticipated to create a value opportunity of around US$ 1.3 Bn during the forecast period, adding 1.8X value by 2030 as compared to 2019.
- Rising R&D activities and increasing efficacy of production are set to benefit the taxifolin market by the end of 2030.
- Europe will account for more than 55% of the global taxifolin by the end of 2030 in terms of value.
- The ≥95% purity segment is the most promising segment, and is projected to gain more than 5% share over the period of 2020-2030.
- North America is set to hold a leading demand share by 2030 in terms of volume, and account for more than 1.6 tons of taxifolin demand to supply swiftly growing pharmaceutical manufacturing in the region.
- North America and Mexico markets are set to grow at a moderate pace, together accounting for around 20% demand share, globally.
“Long-term thrust to the taxifolin market can be attributed to the rapidly growing oncology drugs market,”says a Fact.MR analyst.
Consolidated Market to Push Threat of New Entrants to Lower Side
The taxifolin market is highly consolidated with key players such as Linjiang Jianwei Biotech Co. Ltd., Hangzhou J&H Chemical Co., Ltd., Kalenika Group, Cayman Chemical, Ametis JSC, JW Health Products, Kingherbs Ltd, Abcam plc, and Adooq Bioscience. Though the market is highly consolidated, diminishing marginal returns discourages new entrants over expanding production above 60 Kgs per annum, which could strain their financials in the long run.
More Valuable Insights on Taxifolin Market
Fact.MR, in its new offering, presents an unbiased analysis of the global taxifolin market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the taxifolin market on the basis of purity (<95%, ≥95%) and application (food & beverages, pharmaceuticals, healthcare, agriculture), across six major regions (North America, Latin America, Europe Japan, Asia Pacific Excluding Japan, and the Middle East & Africa).
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the specialty chemical industry lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.