Research Nester has released a report titled “p-Hydroxycinnamic Acid Market: Global Demand Analysis & Opportunity Outlook 2031” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The global p-hydroxycinnamic acid market is anticipated to generate a revenue of USD 198.8 Million by the end of 2031 by growing at a CAGR of 4.0% over the forecast period, i.e., 2022 -2031. Further, in the year 2021 the market brought in USD 134.3 Million in revenue. The growth of the market can be primarily attributed to adoption of safer alternatives which includes natural compounds or biodegradable polymers. Biodegradable polymers accounted for less than 0.30 percent of all thermoplastics consumed globally in 2020. However, they do stand a good possibility of contributing to the development of a future that is more sustainable.
The global p-hydroxycinnamic acid market is segmented by end-user into chemical industry, food industry, cosmetic industry, and pharmaceutical industry. Amongst which, the chemical industry segment is estimated to generate the highest revenue of USD 79.7 Million by the end of 2031. Further, the segment garnered revenue of USD 53.7 Million in the year 2021.
Geographically, there are five major regions which make up the global p-hydroxycinnamic acid market which includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Out of which, the market in Asia Pacific region is anticipated to hold the largest revenue of USD 86.1 Million by the end of 2031. Additionally, the market in this region garnered USD 59.2 Million in revenue in the year 2021.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
However, high production cost, harmful effect of p-hydroxycinnamic acid, and lack of awareness about the product are likely to be major hindrances to the expansion of the global p-hydroxycinnamic acid market.
This report also provides the existing competitive scenario of some of the key players of the global p-hydroxycinnamic acid market, which includes company profiling of Cayman Chemical, United States Biological Corporation Inc, Tokyo Chemical Industry Co., Ltd., AdooQ BioScience, Nanjing NutriHerb BioTech Co., Ltd, APExBIO Technology LLC, FujiFilm Wako Pure Chemical Co., BioCrick BioTech, Merck KGaA, MOLNOVA., and others.