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Hesperidin Market Poised for 7.3% CAGR Growth, Projected to Hit USD 384.3 Mn by 2031 - Analysis by TMR
Hesperidin Market
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Market Size and Growth
The hesperidin market is witnessing robust growth driven by its extensive use in treating various illnesses such as hemorrhoids, varicose veins, breast cancers, lymphedema, cardiovascular diseases, and skin cancers, among others. The rise in health consciousness among consumers and the increasing spending on health supplements are contributing significantly to the market's expansion. The market's growth trajectory is further supported by advancements in pharmaceutical and healthcare industries.
Market Segmentation
Hesperidin finds applications across several key industries:
Pharmaceuticals: Used to improve blood circulation, lower cholesterol levels, and treat conditions like hemorrhoids and varicose veins due to its anti-inflammatory, antioxidant, and antibacterial properties.
Food & Beverage: Incorporated into dietary supplements and functional foods for its health benefits.
Cosmetics & Personal Care: Utilized for its cutaneous functions, including wound healing, UV protection, anti-inflammation, and antimicrobial properties.
Regional Analysis
North America is expected to account for a major share of the global hesperidin market during the forecast period. The region's market growth is driven by the increasing prevalence of cardiovascular diseases, advancements in healthcare and pharmaceutical industries, and rising awareness of hesperidin's therapeutic benefits. In the U.S., consumption of hesperidin is projected to be 1,776 metric tons by the end of 2021, with the market predicted to rise at a volume CAGR of 5.7% during the forecast period.
Market Drivers and Challenges
Market Drivers
Increasing Applications in Pharmaceuticals: Hesperidin's use in the pharmaceutical industry is expanding due to its ability to improve blood flow, lower cholesterol levels, and treat various health conditions.
Health Consciousness: Growing consumer awareness about the health benefits of hesperidin and increased spending on health supplements are fueling market growth.
Research & Development: Ongoing R&D activities are leading to the development of innovative products, further driving market expansion.
Market Challenges
Suboptimal Utilization of Raw Materials: The inefficient use of citrus processing residues (CPR) for hesperidin extraction results in significant waste, posing environmental challenges and hindering market growth.
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Market Trends
Use of Green Ingredients in Cosmetics & Personal Care
Phytochemicals derived from plants and herbs, such as hesperidin, are increasingly being used in cosmetics and personal care products due to their pharmacological and biological properties. Hesperidin provides benefits such as reduction of physiological signs of aging, stimulation and protection of matrix-associated proteins, maintenance of skin water balance, and UV ray absorption.
Growing Preference for Plant-based Ingredients
Consumers are shifting towards plant-based ingredients in food products, driven by their health benefits and the desire to reduce the use of animal-based and processed foods. Hesperidin, being a plant-based substance, is used in various industries including food & beverage, cosmetics, and dietary supplements.
Competitive Landscape
The hesperidin market is characterized by the presence of several key players who are focusing on product innovation, expanding their product portfolios, and increasing their market presence through strategic initiatives. Some of the key players in the market include:
Achemo Corporation
Auraleafs Labs Private Limited
BOCSCI Inc.
BioCrick Co., Ltd.
Benepure Corporation
Bolise Co., Limited
Chengdu Runde Pharmaceutical Co., Ltd.
Morre-Tec Industries, Inc.
Haihang Industry
Di'ao Pharma
NAGASE & CO., LTD.
Plantnat
Zhejiang Kangle Pharmaceutical Co., Ltd.
VIVAN Life Sciences
Tokyo Chemical Industry Co., Ltd.
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Future Outlook
The global hesperidin market is poised for significant growth over the forecast period, driven by increasing applications in pharmaceuticals, rising health consciousness among consumers, and ongoing research & development activities. Market players are expected to witness lucrative revenue growth by focusing on product innovation and expanding their market presence.
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