A brief overview of Phytosphingosine Market is provided in the report based on product scope and market status & outlook. The market is segmented on the basis of type, end-users/application, and geography
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The global www.researchbeam.com/phytosphingosine-market market was valued at $1,215.5 million in 2016, and is expected to reach $1,882.9 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. Phytosphingosine is a long-chain, complex fatty alcohol that specifically functions as a water-binding agent and possesses preservative qualities.
Its name is derived from the term sphingoid, and is present in abundance in mammals, plants, and yeast. It is widely applicable in manufacture of cosmetics, as it reduces inflammation by lowering the level of allergic cytokines.
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Moreover, phytosphingosine acts as a skin-restoring ingredient and is considered best for use on damaged skin.
Rise in pollution, hectic life styles, and increase in stress, especially among the middle-age population, are some major aspects leading to acne problems. Increase in demand of anti-acne products is the primary factor driving the phytosphingosine market across the globe.
The requirement for bio-based active ingredients is on a continuous rise, owing to increase in demand for natural and safer cosmetic products. Moreover, growth in health concerns, especially among the young demographic, and surge in demand for relatively
sustainable and eco-friendly products boosts phytosphingosine market growth. However, inconsistent yields and high cost hinders the growth of the phytosphingosine market.
Nevertheless, increase in usage of phytosphingosine in pharmaceutical industry is anticipated to provide potential opportunities for market expansion.
The report segments the phytosphingosine market based on application and region. Based on application, the market is categorized into facewash, moisturizer, cleansing wipes, and others.
According to region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in this market include the following:
- AK Scientific Inc.
- Avanti Polar Lipids, Inc.
- Beckmann-Kenko GmbH
- BOC Sciences
- Doosan Corporation
- Evonik Industries AG
- Sigma-Aldrich Co. LLC
- Sungwun Pharmacopia Co. Ltd.
- Tokyo Chemical Industry Co., Ltd.
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