Geriatric Population to Be Demand Generator for Cosmetic Products that Incorporate Phytoceramides, Projects Fact.MR
Published : 20 Aug 2021 Industry: Chemical & Materials
Fact.MR – a market research and competitive intelligence provider, analyses that phytoceramide demand is set to register strong growth owing to escalating demand from cosmetic and nutraceutical industries.
Environmental variables such as cold weather, air pollution, and UV rays, together with stress and ageing can diminish the concentration or effectiveness of ceramides in the skin and cause it to feel dry. Besides, as we age, our skin ceases producing ceramides, leading to the formation of wrinkles as well as age spots and rough, uneven skin texture.
By 2050, one in every six people will be over 65 years of age, as per the World Population Prospects 2019 report published by the United Nations. Multiple studies and tests conducted independently by testing and research centres show that phytoceramide use increases hydration and provides anti-aging and anti-wrinkle benefits, which are highly sought-after by the geriatric population.
This makes countries such as Japan, China, the U.S., India, Russia, and Brazil some of the key markets for cosmetics and supplement manufacturers whose products target the old age population.
This older population is anticipated to remain a prominent factor contributing to the sales of phytoceramides over the forecast period, says Fact.MR. As per the recent market study, phytoceramide sales are anticipated to close in on US$ 394 Mn by 2031 and rising at 5.3% CAGR.
Key Takeaways from Market Study
- The phytoceramides market is anticipated to add 1.7X value by 2031.
- Powder form of phytoceramides captures a major chunk of the market and is set to create an absolute $ opportunity of around US$ 131 Mn over 2021-2031.
- Among the grades, cosmetic grade has been the fastest-growing segment globally, in the past decade.
- East Asia is set to dominate market revenue and is anticipated to gain 276 BPS in its market share by 2031.
- Cosmetics application is poised to experience highest growth among all the applications at a CAGR of 5.7% during 2021-2031.
“A slew of studies are being conducted to uncover innovative applications for phytoceramides in order to boost market growth,” says a Fact.MR analyst.
Phytoceramides are being researched for newer applications in pharmaceutical, nutritional supplement, and cosmetics industries. In the medium to long term, these factors are projected to fuel market growth.
Furthermore, key players are utilising acquisitions as a strategy to expand their global footprint and earn revenue from previously untapped regions.
- For example, SEPPIC purchased E.P.I France in 2021, expanding its product portfolio and incorporating its technological experience garnered over the years.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global phytoceramides market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of source (rice, wheat, spinach, sweet potatoes, potatoes, millet, kiwi seeds, soyabeens, corn, Konjac, oats, and others), form (powder and liquid), grade (research, food, and cosmetic), and application [nutritional supplements (tablets, capsules, softgels, drinks, and others] and cosmetics), across key regions, namely, North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Sr. Consultant – Chemical and Material