Global Taxifolin Market Insights
The global taxifolin (dihydroquercetin) market has witnessed steady growth at a CAGR of 5% over the past half-decade. However, due to the ongoing COVID-19 outbreak in South Asia & Oceania and North America, food and beverage production reduced during Q2 of FY2020, which has had a domino effect on the taxifolin market.
Despite the extensive utilization of taxifolin in pharmaceuticals, the market has declined more than 1.5 fold in the 2nd quarter of FY2020, and has remained in the same position till the mid-3rd quarter of FY2020. Resumption of beverage & agriculture chemicals production across regions has provided a thrust to the expansion of the taxifolin market size.
Maintenance of trade balance of taxifolin in the market over the 2nd quarter has maintained the prices of the product. Spike in demand is set to be observed by the end of the 4th quarter, attributed to the lifting of lockdowns across regions.
Taxifolin Market Insights by Purity
Since the past half-decade, <95% purity has captured a majority of the market, but with the advent of efficient processing systems, taxifolin could be obtained at higher purities of more than 95%. Amortization of the sunk cost will lead companies to lower the prices of higher purity taxifolin by near 0.6X by the end of FY2025 compared to the prices in FY2020. ≥95% purity is set to gain BPS of 540 over the forecast period of 2020 to 2030. Widespread utilization of ≥95% pure taxifolin in pharmaceuticals and food & beverages is set to provide long-term thrust to the market.
Taxifolin Market Insights by Application
Taxifolin is a formidable flavonoid that provides a therapeutic promise of treating diseases, especially inflammatory issues in cancer. Increasing utilization of taxifolin in pharmaceuticals and healthcare has been observed over the past half-decade. Furthermore, apart from its healthcare benefits, gradual penetration of taxifolin can also be observed in cosmetics, owing to its delayed skin aging property.
All-in-all, decline in BPS points the food and beverage applications will be observed by the end of the forecast period, owing to the utilization of natural substitutes of taxifolin. Gain in BPS in pharmaceutical and healthcare can largely be attributed to high utilization in the manufacturing of oncology drugs. However, lower price elasticity of taxifolin is set to safeguard the price of taxifolin over the forecast period.
Regional Outlook of Taxifolin Market
Europe accounted for the largest taxifolin market share in 2019, but is set to lose some of its market share (3%) by the end of 2030. North America is set to overtake the Europe market by the mid-term forecast period. Rise in consumption of taxifolin in the United States is mainly due to increasing pharmaceutical production in the region.
However, the COVID-19 pandemic has restricted the trade of taxifolin across the global market, disrupting the overall supply chain. Reopening of markets across the globe, especially in the United States, is set to revive the growth of the taxifolin market.
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Global Taxifolin Market Manufacturers: Key Strategies
The global taxifolin market is fairly consolidated in nature. JW Health Products, Kingherbs Ltd, Kalenika Group, Ametis JSC, and Abcam plc are among the tier-1 players. According to Fact.MR estimates, together, they are projected to account for more than 45% of the global market share in 2020.
Key manufacturers are observed to be involved in extensive research, product development, and collaborations with pharmaceutical/API manufacturers to enhance their market share. Key companies in the market are involved in conservative market play approach, and are looking to enhance the purity of the product at lower costs.
The Analyst’s Viewpoint
“Lower price elasticity for the demand for taxifolin is set to stabilize market prices over the long-term forecast period.”
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COVID-19 Impact on Taxifolin Market
The coronavirus pandemic has brought the whole world to a standstill. Business activities have registered a downturn in the form of dwindling sales due to reduced production and demand. The same is true for the taxifolin market. Prominent end uses of taxifolin are in pharmaceutical and healthcare applications.
The ongoing pandemic has led to a decline in all industrial activities, in the wake of disrupted supply chains. Extended lockdowns across different countries have decreased the production of taxifolin, as key manufacturing units and factories have been shut.
Even after these lockdown are lifted, it will take at least a couple of quarters to restore production to normal. Thus, contracting demand from allied industries in the second quarter of 2020 will have a prolonged effect on the global taxifolin market.
Taxifolin Market: About the Report
Fact.MR has published an exclusive forecast report on the taxifolin market for 2020 and 2030. The foremost objective of this report on the taxifolin market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the taxifolin market. Also, the study on the taxifolin market addresses the key dynamics that are expected to diversify the sales and future prominence of the taxifolin market.
The report on the taxifolin market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of taxifolin market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the taxifolin market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors for taxifolin.
Supply chain analysis and pricing analysis of the taxifolin market along with the difference between taxifolin used as per application have also been included in the report to help readers clearly understand the product framework map in the global taxifolin market.
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Taxifolin Market: Segmentation
Fact.MR has studied the taxifolin market with detailed segmentation on the basis of purity, application, and key regions.
- Food & Beverages
- North America
- Latin America
- Asia Pacific Excluding Japan
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
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