IMARC Group, a leading market research company, has recently released a report titled “Phytosphingosine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the phytosphingosine market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Phytosphingosine Market?
The global phytosphingosine market size reached US$ 1.78 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.59 Billion by 2028, exhibiting a growth rate (CAGR) of 6.30% during 2023-2028.
What is Phytosphingosine?
Phytosphingosine, derived from yeast fermentation, is commonly added to serums, creams, toners, and makeup products to support the skin barrier function. It enhances the skin, minimizes fine lines and wrinkles, improves hydration and smoothness, and provides a calming effect. Phytosphingosine possesses properties, including anti-inflammatory, antimicrobial, barrier repair, anti-aging, and wound healing. It aids in repairing and rebuilding damaged skin, replenishing the skin natural barrier, ensuring regular moisturization, and treating acne and inflammatory skin conditions, such as eczema. Consequently, this naturally occurring lipid is widely utilized in numerous cosmetic items, including cleansing wipes, facewash, hair conditioning agents, and facial scrubs.
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What are the growth prospects and trends in the phytosphingosine industry?
The escalating product demand as an active ingredient in many skincare items to improve the appearance of and smoothen the skin is among the key factors driving the phytosphingosine market. Moreover, the widespread adoption of this naturally occurring lipid in face wash that cleanse, purify, tone skin, and reduce blemishes and spots is also stimulating the market growth. Besides this, the introduction of new variants, such as combining phytosphingosine with hyaluronic acid to provide superior hydration and barrier repair properties, is acting as another significant growth-inducing factor. Furthermore, the rising usage of the product with anti-inflammatory properties, on account of the increasing incidences of skin conditions, including eczema and psoriasis, is further propelling the global market. Apart from this, the launch of organic and herbal phytosphingosine items made with natural ingredients and free from synthetic chemicals and preservatives is positively influencing the market growth. Additionally, the increasing spending capacity of individuals and the elevating demand for anti-acne products are also fueling the global market. In addition to this, ongoing research and development (RD) activities in cosmeceuticals and the growing popularity of this naturally occurring lipid among the working female population are anticipated to fuel the phytosphingosine market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
- 98%
- 98%-99%
- 99%
Application Insights:
- Facewash
- Moisturizer
- Cleansing Wipes
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Avanti Polar Lipids Inc. (Croda International plc)
- Beckmann-Kenko GmbH
- BOC Sciences (BOCSCI Inc.)
- Cayman Chemical Company Incorporated
- Evonik Industries AG
- Merck KGaA
- Santa Cruz Biotechnology Inc.
- Tokyo Chemical Industry Co. Ltd.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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