Policosanol Market revenue to hit $540 Mn by 2032, Says Global Market Insights Inc.
Major policosanol market participants include BOC Sciences, Now foods, HUZHOU SHENGTAO BIOTECH LLC, Botanic Healthcare, Chengdu Biopurify Phytochemicals Ltd.
Selbyville, Delaware,, May 08, 2023 (GLOBE NEWSWIRE) — The policosanol market valuation is estimated to exceed USD 540 million by 2032, as reported in a research study by Global Market Insights Inc.
Growing disposable income has increased consumer spending power on health and wellness products such as dietary supplements, proliferating the demand for policosanol. As per the European Commission, the consumer class is likely to reach around 5 billion people by 2030, indicating 1.3 billion more people with increased spending power than today.
Furthermore, growing vegan population is also presenting new pathways to industry growth rate. This demographic spends ample amounts on dietary supplements and nutraceuticals.
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In terms of grade, policosanol market from the 90% segment is projected to record USD 205 million by 2032. This grade of polycosanol is majorly used in pharmaceutical applications for lowering cholesterol levels. Growing pharmaceutical industry is likely to proliferate the demand for 90% grade policosanol. As per Invest India, the pharmaceutical industry in the country, which ranks third globally in terms of production by volume, is predicted to surpass USD 130 billion by 2030.
On the basis of extraction process, policosanol market from solvent extraction segment is poised to record a valuation of over USD 320 million by 2032, on account of its high convenience, hassle-free nature, and ease of use than other methods of extraction. Owing to these benefits, solvent extraction process is commonly used for obtaining policosanol from plant-based sources such as sugar cane wax, beeswax, and rice bran. In this process, a solvent (such as ethanol) is used to dissolve and obtain policosanol from the plant-based source.
With respect to application, policosanol market from food processing segment is slated to record a valuation of more than USD 125 million by 2032. Policosanol finds huge applications in baked items, meat products, and dairy products such as yogurt, cheese, and others. Growing food processing industry is anticipated to propel the demand for policosanol. As per Invest India, the food processing industry in India is expected to cross USD 535 billion by 2025-26.
From the regional perspective, North America policosanol market size is forecast to grow at over 5% CAGR from 2023 to 2032, owing to surging demand for functional food and natural supplements in the region. As per the United States Department of Agriculture, in 2021, the sales of organic food products in the U.S. reached USD 52 billion.
Regional expansion can also be ascribed to a strong presence of industry giants such as BOC Sciences, Now foods, and others who are constantly indulged in product innovations.
Some of the major key players operating in the policosanol market includes BOC Sciences, Now foods, HUZHOU SHENGTAO BIOTECH LLC, Botanic Healthcare, Chengdu Biopurify Phytochemicals Ltd., and Larodan, among others. These firms are heavily investing in capacity expansion strategies to retain their industry standing.
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Partial chapters of report table of contents (TOC):
Chapter 3 Policosanol market Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 – 2032
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Regulatory landscape
3.7 Growth potential analysis
3.8 Regional price trends
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
3.12 COVID-19 impact on policosanol demand
3.13 Impact of Russia – Ukraine war
Chapter 4 Competitive Landscape, 2022
4.3 Company market share analysis, by region 2022
4.4 Vendor adoption matrix, 2022
4.5 Top player overview
4.6 Strategy Dashboard
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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