Isophytol Market is projected to reach USD 588.3 million by 2027

The global isophytol market was valued at USD 470.4 million in 2020 and is projected to reach USD 588.3 million by 2027, growing at a CAGR of 3.8% from 2021 to 2027. Isophytol is a specialty chemical primarily used to synthesize tocopherol acetate and an aroma ingredient in cosmetic and personal care products. It is a fragrance ingredient used in several fragrant compounds. Typical applications include fine fragrances, shampoos, toilet soaps, household cleaners and detergents, and decorative cosmetics. It is a poorly water-soluble organic compound, a clear oily liquid at room temperature. It is terpenoid alcohol that is biosynthesized by some plants or via chemical synthesis. It synthesizes vitamins E and K1, fragrance and cosmetics ingredients, and a flavor compound.

Isophytol as a flavoring agent, fragrance agent, and intermediate in vitamin supplements are the major drivers currently driving the Isophytol market demand. Isophytol is incorporated into fragrances to produce perfumes, lotions, shampoos, and creams. The use of fragrance in personal care products is a never-ending trend and continues to maintain the demand for Isophytol. Vitamin-E is made from Isophytol and has various end uses such as dietary supplements, animal feed, cosmetics, and functional food. The number of skincare products incorporating vitamin E has increased in recent years due to its ability for cell repair and anti-oxidation properties on human skin. Though, new regulations in the fragrance industry will hamper the growth of the global Isophytol market during the forecast period. The International Fragrance Association is the global representative body of the fragrance industry and has included Isophytol in its transparency list.

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In May 2020, it issued restrictions and specifications on some fragrance ingredients. If applied to Isophytol, such restrictions will reduce its demand in its end-use applications, thus hampering the Isophytol market growth. Demand for aroma ingredients such as Isophytol is expected to grow during the forecast period due to growing use in emerging economies. The market is still evolving and will offer opportunities for market players to capture regional market share. Furthermore, the demand for vitamin E-rich products in the food & beverage and feed manufacturers will benefit from the uptake of Isophytol.

COVID-19 Impact on the Global Isophytol
COVID-19 has spread to almost 213 countries around the globe, with the WHO declaring it a public health emergency on March 11th, 2020. Major economies suffering from the COVID-19 crises include France, Italy, Spain, the UK, Norway, and Germany. Isophytol is primarily used in cosmetics, industrial, personal care, and supplements have declined the growth rate. Many countries' economies have suffered due to the shutdown of various businesses, particularly transportation and supply chains. Because there is no development owing to the lockout, demand for the product has been hampered. During the COVID-19 pandemic, the chemical industry's development will likely be hampered by a demand-supply mismatch, interruptions in raw material procurement, and price instability.

Due to a scarcity of resources in various parts of the world, the COVID-19 epidemic has negatively impacted the manufacturing and industrial industries. The industry's top players are concerned about its prospects and rethink their strategies to meet the challenge. The rise in awareness about health issues is one of the factors propelling the Isophytol market throughout the forecast period. Increasing use of sterilizing solutions due to the coronavirus epidemic is also driving demand for the overall industry. A positive perspective on bleaching products will boost demand for Isophytol.

Global Isophytol Market Dynamics
Drivers: Increase in demand for personal care products
Isophytol, as an aroma ingredient, is being used in all personal care products, ranging from soap, perfumes to shampoos and skincare products. Currently, the personal care industry is expected to grow at a significant rate. Consumers in countries like India are becoming more experimental in product preferences, thus allowing manufacturers to develop and launch new products. The consumption of medicated personal care products and vitamin supplements has surged globally, thus leading to more uptake of vitamin E and vitamin K. This trend benefits the Isophytol market. The personal care industry is expected to witness growth due to increasing disposable incomes and improved lifestyles. In addition, product differentiation based on gender has opened up a new product segment. Beauty products catering to men have led to a multi-billion men's care industry. Rising awareness toward personal hygiene is seen as a driving factor for this industry.

Restraints: Consumer preference toward natural vitamin E over synthetic vitamin E
Vitamin E is the source of feeding material for dairy cows, which will boost the immune response. Also, when the dairy cows are fed grass, it enhances their milk production consisting of vitamin E, providing additional nourishment. In addition, researchers at Aarhus University, Denmark, studied the effect of feeding natural vitamin E over synthetic vitamin E. According to the study, dairy cow favors natural vitamin E over synthetic vitamin E. Synthetic vitamin E contains raw material named alpha-tocopherol (α-Tocopherol), produced from condensation isophytol, a C20 Alcohol, along with trimethylhydroquinone. Thus, it is expected to change the preference of consumers or end-users toward the utilization of natural vitamin E over synthetic one, resulting in hampering the market's growth during the analyzed time frame.

Furthermore, a rise in awareness toward the use of natural products in cosmetics and personal care applications such as natural vitamin E in perfumes, soaps, detergents, and others, is also expected to hamper the growth of the Isophytol market globally in the upcoming years.

Opportunities: High Growth Potential From Emerging Economies
In emerging countries such as Vietnam, Argentina, South Africa, and Nigeria, the demand for cosmetic products will offer fresh opportunities for the Isophytol market. Rising awareness toward personal care and hygiene globally will benefit the fragrance industry. An increase in disposable incomes and a rise in the young population are expected to increase consumer products' demand. Anticipating this future demand, manufacturers of fragrance ingredients and aromatic products could increase their production capabilities.

Scope of the Report
The study categorizes the isophytol market based on fragrance type and application at the regional and global levels.

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By Fragrance Type Outlook (Revenue, USD Million, 2017-2027)
Floral
Herbal
Others
By Application Outlook (Revenue, USD Million, 2017-2027)
Supplements
Cosmetics
Industrial
By Region Outlook (Revenue, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The herbal segment, by fragrance type, is projected to account for the largest market share
On the basis of fragrance type, the global isophytol market is categorized into floral, herbal, and others. The herbal segment dominated the isophytol market, garnering the highest market share of 52.6% in 2020, and is projected to grow at the highest growth rate during the forecast period. The herbal fragrance is used for herbal cosmetic products and has an earthy aroma. The increasing popularity of cosmetic products based on herbal ingredients has increased the demand for this fragrance. Organic fragrances and perfume for sensitive skin that smell as nice as your favorite scent might be hard to find. However, finding an organic fragrance to complement your arsenal of organic beauty products is essential for those with extremely sensitive skin who may be allergic to perfume or want to use only natural skincare and need help deciding on a perfume that fits their high ethical standards. Organic fragrances are free of chemicals, pesticides, and toxins, which can cause skin irritation and environmental harm.

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global isophytol market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 4.6% in the global isophytol market during the forecast period. The increasing scarcity of medications in various nations is driving the expansion of the pharmaceutical market in Asia-Pacific. Countries like India, Indonesia, and China are booming thanks to a growing middle class spending more on health and is more conscious of chronic ailments. Furthermore, the aging population and impending expiry of patented drugs are also driving the market. However, the market's expansion is hampered by inadequate R&D funding by developing-country governments. In Asia-Pacific, shortages of crucial medications and drugs are becoming more common. This places a strain on healthcare systems, resulting in higher expenses and a risk to patients' health.

After the Asia Pacific, Europe is the fastest-growing region with a CAGR of 3.5% during the forecast period, 2021-2027. Increased packaged food consumption, development of the food and beverage industry, and rising demand for healthy food are mostly due to changing lifestyles, rising demand for flavor-profiled nutritious meals with creative flavor profiles, and an influential desire for new exotic and ethnic foods cuisines is boosting the demand for food additives. Furthermore, with the rising preference for premium-quality products, the demand for food additives is increasing, thus increasing the demand for isophytol in the food additives sector.

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Key Market Players
The global isophytol market is highly consolidated, with only a few companies holding significant market share, including Antylia Scientific, Augustus Oils Ltd., BASF SE, Biosynth Carbosynth, Haihang Industry, Hefei TNJ Chemical Industry Co. Ltd., Merck KGaA, Molekula Group, Santa Cruz Biotechnology, Inc., Tokyo Chemical Industry, Thermo Fisher Scientific, and Vigon International, Inc. These companies have used a variety of techniques to increase their market share or maintain their dominance. Players such as BASF SE and Biosynth Carbosynth have used acquisition and merger as their primary tactics.

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