Fact.MR study on Taxifolin market reveals that the global market revenue is estimated to grow at a CAGR of over 5% between 2019 and 2027. In 2017, the global taxifolin market stood at US$1.4 Bn, where Europe was the largest market. Though the taxifolin market share of APEJ has been growing at a faster pace than other regions owing to the growth in consumption of nutraceuticals and food products containing taxifolin.
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Wide application areas of Taxifolin increases its demand
Taxifolin also known as dihydroquercetin is used in several applications including food and beverages, healthcare, cosmetics, and agriculture. Several studies and research papers prove taxifolin as a potent ingredient for several application areas. Taxifolin is used as an additive for food products as it stabilizes shelf life of the products by 12-36 months. Taxifolin being a natural antioxidant with antibacterial, antimicrobial, and anti-inflammatory properties, its applications has been further expanding. Even the smallest amount of taxifolin is able to prevent oxidative stress and shields the body from free radicals. The demand of taxifolin in food products is projected to grow at the fastest pace during the forecast period. The application areas of taxifolin in food and beverages industry include dairy products, meat processing, alcoholic and non-alcoholic beverages, and confectionary.
Taxifolin demand have also been increasing at a significant pace in the field of medicine. Taxifolin has been observed to be a potent inhibitor of ovarian cancer cell growth. Taxifolin derivatives also have anti-proliferative effects on breast cancer cells as well as murine skin fibroblasts. The antioxidative activity of taxifolin is more than that of other common antioxidants such as tocopherols and carotenoids. Besides, taxifolin is also resistant to the impact of oxidation and light. These factors have been augmenting the taxifolin demand in the field of healthcare and cosmetics.
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Taxifolin of purity level of ≥95% set to register faster growth
Taxifolin are available in several purity levels, which can be categorized into less than 95% and greater than or equal to 95%. Taxifoiln with less than 95% purity is expected to contribute larger share over the one having ≥95%. Though, taxifolin with ≥95% purity level is projected to register the faster growth during the forecast period. The growing demand of taxifolin in dairy products and confectionary, where purity levels of 96% is required, is the key reason for the growth of taxifolin with ≥95% purity level.
Europe stands as the largest taxifolin market
Europe, especially Russia have been the largest producer of taxifolin, which is due to availability of conifers including Siberian larch, which is the key raw material for the manufacturing of taxifolin. Russia has one of the largest naturally available volumes of Siberian larch, with an estimated 60 Bn cubic meters. Dahurian larches is another raw material for taxifolin. The global demand of Taxifolin is many time more than its present supply, which has kept the prices significantly elevated. The Taxifolin prices also vary largely among the regions due to several factors including the availability of raw materials, processing companies and regional demand level. Though, the demand supply gasp has been narrowing down with the involvement of more number of companies into this business.
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Low degree of competition in taxifolin market
The degree of competition is low in the taxifolin market, with the presence of fair number of players. Due to high demand and lower supply, all of the taxifolin volume that is produced is consumed, therefore each of the competitors have their defined set of customers. The taxifolin providing companies have also been increasing the number of their customers with the increase in production volume. The taxifolin market is moderately capital intensive, where raw material procurement stands as one of the key operating costs. Research and development is another important area of investment in the taxifolin market. Certification is essential for the processing and usage of taxifolin, which makes it tough to enter the taxifolin market. Taxifolin with Generally Recognized as Safe (GRAS) certification has high importance in the U.S. The procurement process of taxifolin also involves certain patented technologies that some of the companies have gained. The processors of taxifolin also focus on reducing the lead time for manufacturing with the involvement of latest technologies.
The key players in the global taxifolin market includes JW Health Products, Kingherbs Ltd, Kalenika Group, Cayman Chemical, Ametis JSC, Abcam plc, and Adooq Bioscience. There are several other taxifolin providers that include, Linjiang Jianwei Biotech Co. Ltd., and Hangzhou J&H Chemical Co., Ltd.