The global isoflavones market size is expected to reach $1,707.5 million by 2030 at a CAGR of 5.8% from 2021 to 2030.
Isoflavones are a type of organic compound that is related to flavonoids and act as a phytoestrogen. Soybeans, red clover, chickpeas, green peas, and alfalfa are its common sources. They are used in the production of cosmetics and various skin care products such as moisturizers and face creams. Isoflavones are also widely used in the pharmaceutical industry to treat a variety of diseases.
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Rise in prevalence of chronic diseases and cancer, technological advancements in the manufacture of isoflavones, and the rapidly growing geriatric population are the primary drivers of the market. Stringent regulatory requirements and unfavorable drug price control policies in various countries, on the other hand, are significant isoflavones market trends that are expected to limit the market’s growth to some extent.
Growing prevalence of menopausal issue is boosting the market growth. Women going through menopause face a variety of issues, including hot flashes, insomnia, and sexual dysfunction. Many women prefer estrogen-containing supplements, which may increase the risk of blood clots, stroke, or breast or uterine cancer. As a result, depending on their health and family health history, estrogen may not be an option for many women. Women are increasingly turning to supplements containing naturally therapeutic ingredients to help them manage menopausal symptoms safely. Manufacturers of supplements have turned to natural alternatives in response to women’s changing preferences. They have begun to use soy isoflavones instead of estrogen as it resembles estrogen characteristics and provides estrogen effects that aid in the reduction of menopausal symptoms such as hot flashes and fatigue. The isoflavones market demand from the nutraceutical industry is expected to grow in the coming years, owing to the growing issues related to menopause and women’s preference for supplements with natural alternatives.
The prominent isoflavones industry players include Cargill, Archer-Daniels-Midland (ADM) Company, Badische Anilin und Soda Fabrik (BASF), DSM, International Flavors and Fragrances, Shanghai Freemen, Nexira Inc., Bio-gen Extracts, Sikko Industries, SK Bioland, BioMax, Herbo Nutra, and NutraScience Labs.
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The isoflavones market is segmented on the basis of source, application, form, and region. On the basis of source, it is categorized into soy, red clover, and others. As per application, it is divided into pharmaceuticals, nutraceuticals, cosmetics, and food & beverages. According to form, it is fragmented into powder and liquid. Region-wise, the isoflavones market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By source, the soy segment garnered the highest market share in 2020 due to rising consumer awareness of the benefits of consuming soy isoflavones in regular diet such as the prevention and treatment of heart disease, asthma, diabetes, and multiple cancers. On the basis of application, the pharmaceuticals segment is anticipated to dominate with the highest market share during the forecast period. This is attributed to the growing application of isoflavones due to their therapeutic and functional properties. By form, the powder segment led the market in 2020. This is attributed to factors such as ease of handling and use of isoflavones in a wide range of pharmaceutical and nutraceutical applications.
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In the coming years, Asia-Pacific and North American countries are expected to drive the market growth. The primary drivers of the market growth in these regions are expected to be rising disposable income and increasing demand for dietary supplements. The major contributors to the isoflavones market are applications of isoflavones in food & beverages and pharmaceuticals.
The most important growth strategy used by the isoflavones market players is product launch, which is followed by collaboration, agreement, expansion, and acquisition. To diversify their product offerings, several isoflavones industry players have developed innovative products. Product launches are used by a variety of businesses to broaden their market reach and serve international customers.
Key findings of the study
- The isoflavones market was valued at $975.0 million in 2020, and is estimated to reach $1,707.5 million by 2030, growing at a CAGR of 5.8% during the forecast period.
- By source, the others segment is estimated to witness the fastest growth, registering a CAGR of 6.3% during the forecast period.
- In 2020, depending on application, the pharmaceutical segment was valued at $435.6 million, accounting for 44.6% of the global isoflavones market share.
- In 2020, the North America was the most prominent market, and is projected to reach $539.6 million by 2030, growing at a CAGR of 5.2% during the forecast period.
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