Absolute Markets Insights recent analysis of the Phytoene Market finds that the increasing demand from the The growth in this segment can be attributed to increasing demand for lycopene carotenoid from nutrition sector. is expected to witness maximum growth in the Phytoene Market during the forecast period. The global Market revenue stood at a value USD 31.95 Mn in the year 2021.
Market Synopsis
Phytoene plays vital role as enzyme in production of lycopene through poly-trans pathway. Lycopene having peculiar pharmacological and biological attributes with antioxidative properties, the product is potentially in development and use for managing chronic conditions such as diabetes, cancer, and cardiovascular diseases. Lycopene demand in beauty sector is one of the major factors driving the demand for phytoene.
Phytoene Market on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Phytoene Market is predicted to grow at a CAGR of roughly 3.40% during the forecast period.
- The Phytoene Market was estimated to be worth roughly 31.95 Mn in 2021 and is expected to reach USD by 2028; based on primary research.
- On the basis of region, is projected to dominate the worldwide Phytoene Market.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global Phytoene Market. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
Phytoene, as a cosmetics ingredient, gained traction with support of Univar and Solvay Novecare in EMEA, North America, and Asia. Similarly, an industry alliance namely, DISCO, was established by pan-European and IPCP partners to implement pipeline and develop processes for plant derived high value products. The alliance demonstrated phytoene and phytofluene products to be effective in cosmetics in line with commercialization. The aforementioned factors highly contributed in positively influencing the market dynamics of phytoene, in terms of expansion and commercialization. Growing product awareness among consumers along with increasing popularity of phytoene as a cosmetics ingredient drove product demand across cosmetics sector in global phytoene market.As the product is highly effective in conjunction with lycopene, phytoene has gained high popularity via high consumer cognizance pertaining to tomato extracts. Ancillary products containing phytoene has played vital role in driving the phytoene market growth. Phytoene consumption through herbal/dietary supplements, especially cardiovascular health supporting products, increased the product awareness and demand. Growing demand for herbal dietary supplements in the U.S. played major role in driving market growth.
Restraint:
Phytoene being colourless carotenoid rarities, its use has been largely ignored in food science and technology, in the recent past.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Phytoene Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Based on the regions, Asia Pacific trailed by Europe arose as the largest regional markets in 2020. Growing product consumption in dietary supplements in China and India has fostered the regional market growth of phytoene. Besides, high product demand for anti-aging products in Europe is further likely to drive plant based phyto-products, which in turn is likely to spur regional demand for phytoene in near future.
List of Prominent Players in Phytoene Market:
- CaroteNature
- Creative Enzymes
- DEINOVE SA
- NUTRACOS
- Solvay
- Thermo Fisher Scientific Inc.
- Other Market Participants
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Phytoene Market?
- How will the Phytoene Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Phytoene Market?
- What is the Phytoene Market drivers and restrictions?
- What will be the CAGR and size of the Phytoene Market throughout the forecast period?
This market titled Phytoene Market will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years: 2016-2028
Base Year: 2021
Historic Years: 2016-2020
Forecast Years: 2022-2028
Segmentation Covered:
- By Product Type
- Phytoene Desaturase
- Others
- By Distribution Channel
- Online
- Offline
- By End User
- Anti-Aging
- Photo-Protective Cosmetics
- Health Protection
- Others
- By Industry
- Cosmetics
- Wellness
- Nutrition
- Therapeutics
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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