Phytosphingosine Market size is forecast to reach $2.13 billion by 2025, after growing at a CAGR of 6.50% during 2020-2025. Phytosphingosine is one of the commercial cosmetic products, which corresponds to one of the three sphingoid bases present naturally in the human skin and phytosphingosine being available in the stratum corneum. The main function of this lipid is to maintain healthy skin and control the generation and regulation of lipids on the external layers of the skin, thus assuring natural and regular moisturization.
By Application- Segment Analysis
Facewash segment held a significant share in phytosphingosine market in 2019, growing at a CAGR of 6.89% during the forecast period. Phytosphingosine is active at very low concentration and it effectively reduces signs of acne, prevents loss of moisture from the skin, inhibits the growth of microorganisms on the skin, and diminishes redness and inflammation on skin. Facewash containing phytosphingosine cleanses, purifies, and tones the skin. The increase in use of phytosphingosine as an ingredient in facewashes, owing to its quality of reducing blemishes & spots, drives the phytosphingosine market.
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Geography- Segment Analysis
Asia Pacific dominated the phytosphingosine market with a share of more than 41%, followed by Europe and North America. Owing to the strong economic improvement, increase in need for skin care products, shift towards the use of natural ingredients, and growth in awareness drive growth of phytosphingosine in this region. Consumers are more inclined toward the use of natural, mild and non-animal-based products. Thus, improvement in lifestyle and increase in consumer awareness about the possible effects of chemical ingredients are expected to provide growth opportunities to the industry players in this region. Increase in usage of phytosphingosine in the pharmaceutical industry is anticipated to present lucrative opportunities during the forecast period.
Moreover, pharmaceutical companies are seeing positive growth on the stock market and a new burst of innovation in the infectious disease landscape as the race for treatment approval for a Covid-19 therapy takes off. The impact Covid-19 created in China and the lockdown in India, United States, and other countries, increases the chances of shoot up in the cost of raw materials and drugs. 13% of the brand and generic manufacturers are based out of China and according to the FDA, as of 2018, 24% of medicines and 31% of medical ingredients were imported from India.
Drivers – Phytosphingosine Market
Increase in demand for anti-acne products
Increase in demand for anti-acne products among young population and high demand for bio-based cosmetic products are major factors driving phyosphingosine market across the globe. The demand for moisturizer, facewash and cleansing wipes is on an increase due to rise in per capita disposable income and surge in cosmetics industry. Moreover, escalating awareness among the younger population and changing demographics as a result of rapid urbanization, especially in developing economies, drive the demand for phytosphingosine. Phytosphingosine is known to diminish signs of aging such as spots, wrinkles and dullness. Thus, growth in aging & young population, rise in number of women entering the workplace, and increased women spending power boost the use of cosmetics, thus, fueling the growth further.
Moreover, rise in pollution, hectic lifestyles, and increase in stress, especially among the middle-age population, are some major aspects leading to acne problems. Increase in demand of anti-acne products is another factor driving the phytosphingosine market across the globe.
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Challenges – Phytosphingosine Market
High cost and health concerns
Poor productivity, inconsistency yields, and higher costs of phytosphingosine hamper the growth of the global phytosphingosine market. In addition, lack of awareness among consumers, especially in underdeveloped and developing regions worldwide, are some other major elements anticipated to impede the market growth. They cause damage to the liver and the kidneys, cause gastrointestinal disorders and accompanying dizziness and vomiting, and have severe cytotoxicity. However, their disadvantages due to cytotoxicity outweigh their advantages as a therapeutic agent, and as a result, they are difficult to use as an agent for treating skin diseases or other diseases.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the phytosphingosine market. Major players in the phytosphingosine market are Cayman Chemical Company, Centerchem, Inc., Chemos GmbH & Co. KG, Chemsky (shanghai) International Co., Ltd., Hangzhou Dayangchem Co. Ltd., J&K Scientific Ltd., Meryer (Shanghai) Chemical Technology Co., Ltd. and Santa Cruz Biotechnology, Inc. among others.
Asia-Pacific is expected to dominate the phytosphingosine market during the forecast period.
High demand for natural and herbal beauty & personal care products is expected to create ample growth opportunities for market expansion.
Phytosphingosine market displays anti-inflammatory and antimicrobial properties and is used in a wide range of cosmetic products such as cleansing wipes, facewash, hair conditioning agents, and facial scrubs.
A. Cosmetic Ingredients Market
B. Skin Packaging Market
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