Taxifolin production has been increasing per year, though the demand-supply gap exists. It is owing to the skyrocketing demand of taxifolin across several applications including food and beverages, healthcare, cosmetics and agriculture. Europe stands as the largest taxifolin market, followed by North America. However, the taxifolin market is projected to grow at the fastest pace in APEJ region, owing to the fast paced population growth that have requirement of these applications.
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Taxifolin of purity level of <95% generates higher revenue Â
Based on purity level, taxifolin can be classified into less than 95% and greater than or equal to 95%. Taxifoiln with a purity level lower than 95% is expected to account for higher revenue share. However, taxifolin with purity level ≥95% is expected to growth at a faster pace, during the forecast period. There are several applications of taxifolin including dairy products and confectionary where higher purity is required. The growing demand for these products have been translating into the higher growth rate of taxifolin with higher purity level.
APEJ is projected to grow at the fastest pace in the Taxifolin market
Although Europe is the largest taxifolin market, APEJ is anticipated to witness fastest growth during the forecast period. Most of the taxifolin manufacturers are located in Russia and China. It is due to the easy availability of raw materials in these countries. Conifers such as Siberian larch can be commonly found in these countries, thus making them the production hub of taxifolin. Russian government has also been investing in the production of taxifolin, especially in the Magadan region.
Growing population as well as urbanization in China has led to the surge in demand for food, pharmaceutical products and advanced health solutions. In 2017, there were over 288 million people in China suffered from cancer, which has significantly increased in the recent past. This has translated into the growing demand for taxifolin in these sectors in China. India is another country where the population has been growing at an abrupt pace, thus generating higher demand for food and beverages, healthcare and other basic commodities.
Owing to the concentration of taxifolin manufacturers to a few countries, most of the market is trade based. Also, due to limited number of suppliers, the taxifolin market demand is not being entirely fulfilled, and whatever volume is produced is consumed every year. However, the lucrativeness of this market is encouraging several new entrants to enter the taxifolin market. Though this has increased the incremental taxifolin production each year, however, the increasing demand has been further making it difficult to meet the requirement.
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Increasing applications of Taxifolin increases its market value
The availability of several research papers that claim taxifolin as a potent ingredient across several applications, have boosted its demand. The antibacterial, antimicrobial, and anti-inflammatory properties of taxifolin has been augmenting its demand across several application areas including food and beverages, healthcare, and agriculture. The smallest volume of taxifolin produces significant effect as it helps in combating oxidative stress and protects the body from free radicals.
Food and beverages and healthcare are the two key application areas of taxifolin, which together generates over 60% of the total demand. In food and beverages sector, the taxifolin demand has been increasing significantly in dairy products, alcoholic and non-alcoholic beverages, meat processing, and confectionary.
Taxifolin market featured by low intensity of competition
There are moderate number of players operating in the taxifolin market, though the competition remains low. The taxifolin manufacturers have also been targeting to increase the number of their customers. Raw materials costs features as the larger part of the operating costs in the taxifolin market. Another important area of investment in the taxifolin market includes research and development activities. One of the key hurdles for the new entrants in the taxifolin market is obtaining certification for manufacturing. There are several unorganized manufacturers of taxifolin that offer sub-standard product. This to some extent has eroded the trust of several customers.
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