According to a new published report by Allied Market Research titled, “Isophytol Market by Fragrance Type and Application: GlobalOpportunity Analysis and Industry Forecast, 2021–2028,”
The global isophytol market was valued at $470.4 million in 2020, and is projected to reach $629.5 million by 2028, growing at a CAGR of 3.8% from 2021 to 2028.
Isophytol is a liquid flavoring and fragrance agent currently used in adding fragrance to various personal care and cosmetic products. However, it’s another major application is in the production of vitamin E and vitamin K1. Both the vitamins are used in producing supplements and nutritional products for human consumption as well as animal feed. Commercially, Isophytol is available in various purity grades and fragrance notes include floral, herbal, and others.
The increased usage of multivitamin supplements, particularly vitamin E and K, is driving the market for isophytol. Furthermore, the industry is expanding rapidly, since demand for fragrances and body deodorants has increased dramatically in recent years. The use of isophytol in cosmetics, as well as new product lines in toiletries, have spurred market expansion. Medical products and therapies that use fragrance compounds are popular market propellers that will help the Isophytol market grow over the projected period.
The global Isophytol market is segmented on the basis of fragrance type, application, and region.
Based on the fragrance type, the global Isophytol market is segmented into floral, herbal, and others. The herbal segment accounted for the largest share in 2020, while the others segment is projected to grow at the highest CAGR of 5.8%.
Applications of Isophytol include supplements, cosmetics, and industrial. The supplements segment is further sub-segmented into pharma grade and food grade. The supplements segment accounted for the largest Isophytol market share in 2020, while the industrial segment is projected to be the fastest growing segment at a CAGR of 11.1%.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest share of the market in 2020 as well as was the fastest growing region. Asia-Pacific has a well-established and growing demand potential for pharmaceutical and cosmetic products.
The global isophytol market is consolidated in nature with a few players, such as Antylia Scientific, Augustus Oils Ltd., BASF SE, BiosynthCarbosynth, HaihangIndustry, Hefei TNJ Chemical Industry Co. Ltd., Merck KGaA, Molekula Group, Santa Cruz Biotechnology, Inc., Tokyo Chemical Industry, Thermo Fisher Scientific, and Vigon International, Inc., which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.
Key Findings of The Study:
On the basis of fragrance type, the herbal segment emerged as the global leader by acquiring more than 52.6% of the market share in 2020, and is anticipated to continue this trend during the forecast period.
- On the basis of application, the supplements segment accounted for 80.9% of the global market share in FY2020.
- On the basis of region, Asia-Pacific is the major consumer of isophytol among other regions. It accounted for around 36.1% of the global market share in 2020.
Impact of Covid-19 On The Global Isophytol market: