The flavonoid market demand is expected to increase during the forecast period. This is attributable to the rising demand for flavonoid from pharmaceuticals industry owing to the various health benefits offered by the flavonoid as an ingredient in medicines to treat various disease including cardiovascular disease, cancer and others. This in turn has is likely to drives growth of the overall flavonoid market
The global flavonoid market size was valued at $1,497.7 million in 2020, and is projected to reach $2,717.8 million by 2030, registering a CAGR of 6.2% from 2021 to 2030.
The rising consumer awareness regarding the health benefits offered by flavonoid as a supplement is anticipated to remain a major driving factor for the growth of the flavonoid market over the forecast period. Inherent benefits of the flavonoid in pharmaceutical applications to treat cancer, heart health and other chronic and cardiovascular disease has also contributed towards flavonoid market growth.
Additionally, the aging population is expected to provide lucrative opportunities for the expansion of cosmetic industry in the countries like Japan, Latin America and others. According to WHO, the population in Latin America is aging at a rapid pace. Thus, this in turn is likely to offer immense opportunity for the growth of flavonoid market from the cosmetics industry during the flavonoid forecast period in terms of value sales.
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In addition to this, consumption of flavonoid as a dietary supplement have resulted in positive outcomes, particularly in patients who are on statin medications. Thereby, the aforementioned factors are expected to drive the growth of the flavonoid market during the forecast period in terms of value sales.
The outbreak of coronavirus has positively impacted the flavonoid industry along with all stages of supply chain and value chain. Owing to the COVID-19 outbreak consumers all around the world became health conscious and in order to boost their immunity power consumers were getting more inclined towards the consumption of dietary supplements made of invasive ingredients including flavonoid which in turn has boost the demand for flavonoid from the nutraceuticals industry. This, in turn, has made a positive impact on growth of the flavonoid market.
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Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. Agreement with key stakeholders is expected to be a key strategy to sustain in the market. In the recent past, many leading players opted for partnership strategies to strengthen their foothold in the market. To understand the key flavonoid market trends, strategies of leading players are analyzed in the report. Some of the key players in the flavonoid market analysis includes Archer-Daniels-Midland Company, Artemis International, BASF SE, Eevia Health, Enomark Biotech, Givaudan International SA, Indena S.p.A, Natac , Nexira, and Xi’an Yuensun Biological Technology Co., Ltd.
The global flavonoid market is segmented are categorized into product type, form application and region. By product type, it is classified into isoflavones, anthocyanin and others. By form, the market is bifurcated into powder and liquid. By application, it is divided into pharmaceuticals, nutraceuticals, food & beverages and cosmetics. Region wise, the market is analyzed across North America (the U.S., Canada and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, South Korea, ASEAN and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Argentina and Rest of LAMEA).
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Key findings of the study
- By product type, the isoflavones segment accounted for the highest flavonoid market share in 2020, growing at a significant CAGR from 2021 to 2030.
- By form, the powder segment accounted for the highest flavonoid market share in 2020, growing at a CAGR of 6.0% from 2021 to 2030.
- By application, the pharmaceutical segment accounted for the highest flavonoid market share in 2020, growing at a CAGR of 5.3% from 2021 to 2030.
- By region, North America occupied the maximum share in the market in 2020 and is expected to be the dominating segment during the flavonoid market forecast period.
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