Phytosphingosine Market was valued at $1,215.5 million in 2016, and is expected to reach $1,882.9 million by 2023, registering a CAGR of 6.5 % from 2017 to 2023. market is classified into facewash, moisturizer, cleansing wipes, and others.
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Phytosphingosine Market Overview:
Phytosphingosine Market was valued at $1,215.5 million in 2016, and is expected to reach $1,882.9 million by 2023, registering a CAGR of 6.5 % from 2017 to 2023. Phytosphingosine is an antibacterial and conditioning lipid derived from the fermentation of yeast.
The main function of this lipid is to maintain healthy skin and control the generation and regulation of lipids on the external layers of the skin, thus assuring natural and regular moisturization. Phytosphingosine displays antimicrobial and anti-inflammatory properties, and is used in a wide range of cosmetic products such as facewash, cleansing wipes, hair conditioning agents, and facial scrubs.
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Increase in demand for anti-acne products among young population and high demand for bio-based cosmetic products are major factors driving phyosphingosine market across the globe. The demand for facewash, moisturizer, and cleansing wipes is on an increase due to rise in per capita disposable income and surge in cosmetics industry.
Moreover, escalating awareness among the younger population and changing demographics as a result of rapid urbanization, especially in developing economies, drive the demand for phytosphingosine, although, inconsistency yields, poor productivity, and higher costs of phytosphingosine hamper the growth of the global phytosphingosine market. In addition, lack of awareness among consumers, especially in underdeveloped and developing regions worldwide, are some other major elements anticipated to impede the market growth.
However, increase in usage of phytosphingosine in the pharmaceutical industry is anticipated to present lucrative opportunities during the forecast period.
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Based on application, the global phytoshingosine market is classified into facewash, moisturizer, cleansing wipes, and others. Phytosphingosine is active at very low concentration and it effectively reduces signs of acne, prevents loss of moisture from the skin, inhibits the growth of microorganisms on the skin, and diminishes redness and inflammation on skin.
Facewash containing phytosphingosine cleanses, purifies, and tones the skin. The increase in use of phytosphingosine as an ingredient in facewashes, owing to its quality of reducing spots & blemishes, drives the global market.
Currently, consumers are more inclined towards the use of natural solutions to maintain and improve skin functions, which is expected to provide substantial growth opportunity to the industry players.
Based on region, the global phytosphingosine market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. LAMEA possesses high potential for the growing personal care & cosmetic market, owing to the strong economic improvement.
Increase in need for skin care products, shift toward the use of natural ingredients, and growth in awareness drive growth in this region. Consumers are more inclined toward the use of mild, natural, and non-animal based products.
Thus, improvement in lifestyle and increase in consumer awareness about the possible effects of chemical ingredients are expected to provide growth opportunities to the industry players in this region.
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Key leading players operating in this market include AK Scientific Inc., Avanti Polar Lipids, Inc., Beckmann-Kenko GmbH, BOC Sciences, Doosan Corporation, Evonik Industries AG, MolPort, Sigma-Aldrich Co. LLC, Sungwun Pharmacopia Co. Ltd., and Tokyo Chemical Industry Co., Ltd.
Other key market players in the value chain include Cayman Chemical Company, Centerchem, Inc., Chemos GmbH & Co. KG, Chemsky (shanghai) International Co., Ltd., Hangzhou Dayangchem Co.
Ltd., J&K Scientific Ltd., Meryer (Shanghai) Chemical Technology Co., Ltd. and Santa Cruz Biotechnology, Inc.
Key Benefits for Stakeholders
- This report provides a quantitative and qualitative analysis of the current market trends and estimations from 2016 to 2023, which assists to identify the prevailing market opportunities in different applications.
- Market trends of major countries in each region are mapped according to projected market revenue.
- Top investment pockets highlight the opportunity in the most lucrative application segment.
- Focused study of the factors that drive and restrict the growth of the phytosphingosine market is provided.
- Key manufactures of phytosphingosine are profiled and their recent developments are listed.
- Cleansing Wipes
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
Rest of LAMEA
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