The global hydroxytyrosol market is slated to witness an optimistic growth trajectory recording CAGR of 7% during 2020-2030. Increasing consumer preference towards natural products and ingredients, demand for phenolic compounds derived from olive plants, such as hydroxytyrosol, is attaining popularity.
Wide usage of hydroxytyrosol in pharmaceutical products to diminish cholesterol levels is set to drive the market growth amid the assessment period (2020-2030). However, amidst the COVID-19 outbreak a noteworthy market crunch, is projected for the pharmaceutical and cosmetics sectors, due to shortages in the macroeconomic aspects such as demand contraction, buying power, and others. Consequently, the influence is evident in the hydroxytyrosol market.
With the effectiveness to play an essential ingredient in the meat processing sector, hydroxytyrosol is poised to substitute traditional synthetic additives for example sulfites, BHA (butylated hydroxyanisole), and BHT (butylated hydroxytoluene).
Hydroxytyrosol Market – Key Takeaways
- By form, the power category will be gaining traction and surpass an estimation of $2.5 Billion by 2030.
- Based on purity, the 20% purity category will stay highly preferred amid consumers, holding more than 2/3rd of worldwide consumption.
- In terms of source, the demand for olive leaf will attain significant momentum and the segmented is expected to expand at a CAGR of 8% during 2020-2030.
- Based on the application, cosmetics emerged as the biggest application segment in 2019. Nevertheless, it is poised to lose a market share of 4% through 2030.
- North America secures its leadership due to the growing consumption of functional foods and nutraceuticals in the US.
Hydroxytyrosol Market – Driving Factors
- Hydroxytyrosol has become a preferred antioxidant, functional, and anti-inflammatory agent, among personal care and cosmetics product formulators due to notable antioxidant capacity over vitamin E and C, thus leveraging potential new applications.
- The potential to be utilized as a food supplement as well as in the meat industry as a food additive is substantially driving the market growth.
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Hydroxytyrosol Market – Constraints
- Huge demand & supply gap amid the potential of hydroxytyrosol and its current availability in the worldwide market hamper the market growth
- High cost associated with hydroxytyrosol impacts the market.
Anticipated Market Impact by COVID-19 Outbreak
Amidst the COVID-19 outbreak, customers are postponing buying products non-essential, comprising cosmetics, which consecutively is triggering the YoY expansion rate of the hydroxytyrosol market to go down by 3% towards 2020-end.
Despite a hike in sales of pharmaceuticals and nutraceuticals, the market would stay further impacted by supply chain disruptions and factory closures.
The global market for hydroxytyrosol is highly consolidated where prominent companies at present hold more than 2/3rd of the overall sales.
At present, Koninklijke DSM N.V., Wacker Chemie AG, and Lubrizol Corporation are the foremost stakeholders in the global market.
These industry goliaths are involved in several research & developments and have incorporated natural hydroxytyrosol in their product portfolio to line up with the market trend. For instance, Wacker Chemie AG has carried a human clinical study and determined that hydroxytyrosol has an encouraging outcome on the blood cholesterol that helps decrease the possibility of heart diseases by 8%.