Policosanol Market Size Worth $586.5 Million by 2032 | CAGR: 6.9%: AMR
The global policosanol market is driven by an increase in demand from the pharmaceutical drug manufacturing sector.
Portland, OR, July 28, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Policosanol Market by Source (Sugarcane, Wheat Germ, Beeswax, And Others), By Application (Dietary Supplements, Pharmaceutical Drug, Personal Care and Cosmetics, And Animal Feed): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the policosanol market valued for $301.0 million in 2022 and is estimated to reach $586.5 million by 2032, exhibiting a CAGR of 6.9% from 2023 to 2032.
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Prime determinants of growth
There is an increase in emphasis on maintaining cardiovascular health with the aging population and a growing focus on preventive healthcare. Policosanol, with its potential cholesterol-lowering and antiplatelet effects, is positioned as a preventive measure against heart disease and related conditions. Increased awareness of policosanol, through consumer education initiatives or marketing campaigns by supplement manufacturers, contributes to the growth of the market. This factor is anticipated to drive the market during the forecast period. These factors together escalate the growth of policosanol. However, high costs of policosanol which in turn may restrain the growth of the policosanol market.
Report Coverage & Details:
|Market Size in 2021||$301.0 million|
|Market Size in 2031||$586.5 million|
|No. of Pages in Report||402|
|Segments covered||Source, Application, and Region.|
|Drivers||Increase in concern about cardiovascular health
Increase in preference for natural supplements
|Opportunities||Increase in focus on research and development of policosanol|
|Restraints||Availability of substitute and government norms is expected to hinder the market|
- The COVID-19 outbreak had a significant impact on the policosanol market. As a result, there has been a surge in the demand for dietary supplements and natural health products. Policosanol, with its claimed cardiovascular benefits, may have seen some increased interest among individuals seeking to support their overall well-being during pandemic.
- The pandemic has heightened awareness of the importance of maintaining good health and supporting a strong immune system. As a result, there has been a surge in the demand for dietary supplements and natural health products. Policosanol, with its claimed cardiovascular benefits, may have seen some increased interest among individuals seeking to support their overall well-being during this.
- However, policosanol is primarily marketed for its potential cholesterol-lowering effects. However, some individuals may have sought out supplements that claim to support immune health during the pandemic. Although policosanol is not specifically known for its immune-boosting properties, the overall increased demand for immune-supportive supplements may have indirectly benefited the policosanol market.
The Sugarcane segment to maintain its lead position during the forecast period
Based on source, the sugarcane segment accounted for the largest share in 2022, contributing to more than two-fifths of the global policosanol market revenue. The same segment is projected to register the highest CAGR of 7.2% during the forecast period. The demand for sugarcane is driven by factors such as population growth, change in consumer preferences, industrial uses, economic development, bio-based products, and the ongoing need for sugar as a food ingredient has enhanced the overall potential sales of policosanol market during the forecast period. Furthermore, policosanol, derived from sugarcane, has been studied for its potential health benefits. Sugarcane-derived policosanol is used to support overall cardiovascular health due to its cholesterol-modulating effects. It helps to reduce the risk of heart disease, stroke, and other cardiovascular conditions. This factor is expected to drive the demand for sugarcane derived policosanol in the medicinal sector.
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The pharmaceutical drug segment to maintain its lead position during the forecast period
Based on the application, the pharmaceutical drugs segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global policosanol market revenue. There is a greater demand for pharmaceutical products and treatments as global healthcare expenditure continues to rise. In addition, the aging population, the prevalence of chronic diseases, and advancements in medical technology have contributed to increased healthcare spending. This has led to a growth in the market for policosanol where it has been widely used to reduce LDL cholesterol and increase HDL cholesterol in the heart. This factor is expected to boost the market expansion during the forecast period. The dietary supplements segment is projected to register the highest CAGR of 7.3% during the forecast period
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global policosanol market and is projected to register the highest CAGR of 7.5% during the forecast period. The Asia-Pacific policosanol market is anticipated to expand during the forecast period. India, China, and Japan are anticipated to contribute to the Asia-Pacific policosanol market. The region highlights high potential growth for policosanol, owing to the increase in the pharmaceutical sector where policosanol is used predominantly. It is used as antioxidant and anticoagulant agent in the formulation of drugs. This factor acts as one of the key drivers responsible for the growth of policosanol in the region.
Leading Market Players: –
- ZXCHEM GROUP
- SUNPURE EXTRACTS PVT LTD.
- BIORIGINAL FOOD AND SCIENCE CORP
- AMBE PHYTOEXTRACTS PVT. LTD.
- MANUS AKTTEVA BIOPHARMA LLP
- BOC SCIENCES
- HUZHOU SHENGTAO BIOTECH LLC
- BOTANIC HEALTHCARE
- SHREEJI PHARMA INTERNATIONAL
The report provides a detailed analysis of these key players in the global policosanol market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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