Home > Pressrelease > Policosanol Market size to surpass $540 Mn by 2032
Policosanol Market size to surpass $540 Mn by 2032
- Published Date: April 27, 2023
Policosanol Market size is predicted to cross USD 540 million by 2032, according to a new research report by Global Market Insights Inc.
Growing disposable income has increased consumer spending power on health and wellness products such as dietary supplements, proliferating the demand for policosanol. As per the European Commission, the consumer class is estimated to exceed around 5 billion people by 2030, indicating 1.3 billion more people with increased spending power than today.
Furthermore, growing vegan population is also presenting new pathways to industry growth. This demographic spends ample amounts on dietary supplements and nutraceuticals.
Growing pharmaceutical industry to foster 90% grade segment growth
In terms of grade, policosanol market from the 90% segment is projected to record a valuation of above USD 205 million by 2032. This grade of polycosanol is majorly used in pharmaceutical applications for lowering cholesterol levels. Growing pharmaceutical industry is likely to proliferate the demand for 90% grade policosanol. As per Invest India, the pharmaceutical industry in the country, which ranks third globally in terms of production by volume, is set to surpass USD 130 billion by 2030.
Browse key industry insights spread across 300 pages with 333 market data tables & 17 figures & charts from the report, “Policosanol Market - By Source (Sugarcane wax, Bees wax, Wheat germ oil, Rice bran, Others), By Grade (90%, 95%, >95%), By Extraction process (Solvent extraction, Supercritical carbon dioxide extraction), By Application (Food processing, Dietary supplements, Pharmaceutical, Animal feed, Others) & Forecast, 2022-2032” in detail along with the table of contents:
High convenience with solvent extraction process to spur extraction process segment growth
On the basis of extraction process, policosanol industry from solvent extraction segment is poised to record USD 320 million by 2032, on account of its high convenience, hassle-free nature, and ease of use than other methods of extraction. Owing to these benefits, solvent extraction process is commonly used for obtaining policosanol from plant-based sources such as sugar cane wax, beeswax, and rice bran. In this process, a solvent (such as ethanol) is used to dissolve and obtain policosanol from the plant-based source.
Expanding food processing industry to impel application segment expansion
With respect to application, policosanol market from food processing segment is slated to depict more than USD 125 million by 2032. Policosanol finds huge applications in baked items, meat products, and dairy products such as yogurt, cheese, and others. Growing food processing industry is anticipated to propel the demand for policosanol. As per Invest India, the food processing industry in India is expected to reach USD 535 billion by 2026.
Rising demand for natural supplements to strengthen North America market
North America policosanol market is forecast to grow at over 5% CAGR from 2023 to 2032, owing to surging demand for functional food and natural supplements in the region. As per the United States Department of Agriculture, in 2021, the sales of organic food products in the U.S. reached USD 52 billion.Regional expansion can also be ascribed to a strong presence of industry giants such as BOC Sciences, Now foods, and others who are constantly indulged in product innovations.
Capacity expansion strategies to define competitive scenario
The list of leading policosanol market players includes names such as BOC Sciences, Now foods, HUZHOU SHENGTAO BIOTECH LLC, Botanic Healthcare, Chengdu Biopurify Phytochemicals Ltd., and Larodan, among others. These firms are heavily investing in capacity expansion strategies to retain their industry standing.