p-Hydroxycinnamic Acid Market Analysis by Product (Purity, and Modified p-Coumaric Acid); and by End-User (Chemical Industry, Food Industry, Cosmetic Industry, and Pharmaceutical Industry) – Global Supply & Demand Analysis & Opportunity Outlook 2021- 2031
Buy Now Report ID: 4355 | Published Date: Feb 14, 2023
Regionally, the global p-hydroxycinnamic acid market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these region, the market in Asia Pacific is projected to hold the largest market share of USD 86.1 Million by the end of 2031. Further in the year 2021, the market in this region garnered revenue of USD 59.2 Million. The growth of the market can be attributed to the growing middle-class population in this region. The middle-class population in Asia Pacific is expected to grow from approximate 2 billion to 3 billion people between 2020 and 2030, an approximate 70% increase as well as about 80% of the global growth. Also the growing cosmetic industry is expected to fuel the market growth in this region. Moreover, the North America region is expected to grow at a highest CAGR of 4.4% over the forecast period.
Additionally, the Europe region is estimated to garner the second highest revenue of USD 52.7 Million by the end of 2031. Further, the Europe region is segmented into countries including, Germany, France, UK, Italy, Spain, and more. Out of which, the market in Germany is anticipated to garner the largest revenue of USD 12.4 million, by growing at a CAGR of 3.9% over the forecast period.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).
Growth Driver
Growing Application of p-Hydroxycinnamic Acid in Various Industries: The International Coffee Organization (ICO) estimates that 167.26 million bags of coffee are estimated to be consumed worldwide in the coffee year 2020/21, a rise of 1.9% from the 164.13 million bags that were reported in the coffee year 2019/20. High amounts of p-hydroxycinnamic acids (HCAs), a type of natural phenolic component, can be found in a variety of foods including fruits, vegetables, cereals, coffee, tea, and wine. P-Hydroxycinnamic acid is a vital ingredient of coffee, thus its use in the food business is anticipated to increase.
Growing Prevalence of Obesity and Diabetes: By 2025, it is predicted that 2.7 billion adults would be overweight, over 1 billion people would be obese, and 177 million individuals would be extremely obese.
Technology Advancement in p-Hydroxycinnamic Acid: A natural preservative called p-Coumaric Acid has been introduced by Massachusetts-based biotech Conagen as the "clean label" trend spreads across several consumer product categories (PCA). The natural preservatives provided by Blue California, Conagen's marketing partner, are expanded by PCA, which is produced by fermentation.
Growing Cosmetic Industry: The value of the global market for natural cosmetics and personal care products is projected to rise from just under 29 billion dollars in 2021 to around 50 billion dollars in 2027.
Hydroxycinnamic acids are employed as external electron acceptors: As a potential alternative energy source, the metabolism of hydroxycinnamic acids by 19 exclusively heterofermentative lactic acid bacteria strains was studied. The strains of Weissella spp., Lactobacillus brevis, Lactobacillus fermentum, and Leuconostoc mesenteroides, for which the MIC values were the same, were the next most tolerant to hydroxycinnamic acids, followed by Lactobacillus curvatus PE5.
Challenges
P-Hydroxycinnamic acids are highly in demand in several industries. Their current accessibility is still restricted. Despite the fact that p-hydroxycinnamic acids have several high value-added applications, other than ferulic acid, their industrial scale sourcing is not guaranteed, and their manufacturing costs are still too high for commodity applications.
The p-hydroxycinnamic acid market is segmented and analyzed for demand and supply by end-user into chemical industry, food industry, cosmetic industry, and pharmaceutical industry. Amongst these segments, the chemical industry segment is anticipated to garner a largest revenue of USD 79.7 Million by the end of 2031, up from a revenue of USD 53.7 Million in the year 2021. However, the pharmaceutical industry segment is estimated to grow with a highest CAGR of 4.4% over the forecast period, backed by extensive use of p-hydroxycinnamic acid in medical application. Most of the mouth washers and toothpaste also content this acid. Further it is also being used for treating cancer, and cardiovascular disease. Increasing cases of diabetes is moreover expected to boost the growth of the market. There were 1.4 million new cases of diabetes identified in 2019. It is estimated that, over 37.3 million Americans, or one in ten, have diabetes.
Our in-depth analysis of the global p-hydroxycinnamic acid market includes the following segments:
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Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The major factors driving the growth of the market are growing prevalence of obesity and diabetes, technology advancement in p-hydroxycinnamic acid, growing cosmetic industry, and others.
Ans: The market is anticipated to attain a CAGR of 4.0% over the forecast period, i.e., 2022 – 2031.
Ans: High production cost, harmful effect of p-hydroxycinnamic acid, and lack of awareness about the product are some of the factors expected to hinder the growth of the market.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Cayman Chemical, United States Biological Corporation Inc, Tokyo Chemical Industry Co., Ltd., AdooQ BioScience, and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, end-user, and by region.
Ans: The chemical industry segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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