Phytosphingosine Market Size, Share, Trends, Growth 2030

The global phytosphingosine market size was evaluated at $1,205.78 million in 2022 and is slated to hit $1,907.37 million by the end of 2030 with a CAGR of nearly 5.90% between 2023 and 2030.

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Global Phytosphingosine Market: Overview

The global market for phytosphingosine was estimated at USD 1,012.5 million in 2021, and it is expected to expand at a CAGR of 5.9% during 2022-2028. Phytosphingosine is a conditioning and antibacterial lipid generated from yeast fermentation. This lipid's primary role is to maintain healthy skin by controlling the synthesis and regulation of lipids on the skin's surface, ensuring natural and consistent moisturization. Phytosphingosine has antibacterial & anti-inflammatory characteristics and is utilized in a variety of cosmetic products including face wash, hair conditioning agents, cleaning wipes, & facial scrubs.

Global Phytosphingosine Market: Growth Factors

The global phytosphingosine market is growing at a healthy rate. Growing demand for anti-acne goods among the younger people, as well as growing preference for bio-based cosmetic products, are important drivers that are driving the global phytosphingosine market expansion. Phytosphingosine is effective at extremely low concentrations and efficiently eliminates acne symptoms, prevents moisture loss from the skin, limits microorganism activity on the skin, and decreases redness & inflammation on the skin.

Thus, cleaning wipes, moisturizers, and facewash are becoming more popular as per capita disposable income rises and the cosmetics business expands. Also, an increase in youth awareness and demographic shifts as a result of increasing urbanization, particularly in developing nations, stimulate demand for phytosphingosine, thereby fostering the market growth. Furthermore, the launch of bioactive products is likely to have several opportunities for the growth of the global phytosphingosine market during the forecast period. For instance, in December 2021, Evonik unveiled Sphinox Defenda (INCI: Hydroxybutyroyl Phytosphingosine (proposed)) which is a bioactive sphingolipid and is claimed as a unique derivative of naturally produced phytosphingosine.

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However, rising phytosphingosine costs, low productivity, and inconsistent yields are impeding the expansion of the global phytosphingosine market. In addition, a lack of consumer knowledge, particularly in undeveloped and emerging countries throughout the world, is one of the primary factors expected to hamper industry expansion. The increased use of phytosphingosine in the pharmaceutical business, on the other hand, is expected to create profitable prospects over the projected period.

COVID-19 pandemic impact on the market was seen as low to moderate. Key reasons that hampered the market growth include a halt in the manufacturing process, lowered demand for skincare products, and disruption of the supply chain. According to FDA, around 31% of medical ingredients and 24% of medicines were imported from India. China is also the major hub for pharmaceutical products. However, these two countries were the center of infection and most of the elements in the supply chain were severely hampered during the pick of COVID-19 infection in these countries, which directly affected the overall market growth.

Phytosphingosine Market : Report Scope

Global Phytosphingosine Market: Segmentation

The global phytosphingosine market is segregated based on application and region. The application segment in the global market comprises cleansing wipes, moisturizers, facewash, and others. Among these, the facewash segment is estimated to rule the phytosphingosine market during the forecast period. This is majorly attributed due to the increased usage of phytosphingosine as a component in facewashes due to its ability to reduce spots and blemishes.

Global Phytosphingosine Market: Regional Analysis

Asia Pacific is anticipated to lead the global phytosphingosine market, followed by Europe and North America. Phytosphingosine's expansion in this region is fueled by strong economic growth, increased demand for skincare products, a trend toward natural ingredients, and increased awareness.

Natural, gentle, and non-animal-based goods are more popular among consumers. As a result, industry operators in this region could expect development prospects as people's lifestyles improve and consumers become more conscious of the potential consequences of chemical compounds. During the projected period, the increased use of phytosphingosine in the pharmaceutical sector is expected to create profitable prospects in APAC.

Global Phytosphingosine Market: Competitive Players

The global phytosphingosine market is led by players like:

• Evonik Industries AG
• Doosan Corporation
• BOC Sciences
• Beckmann-Kenko GmbH
• Avanti Polar Lipids Inc
• AK Scientific Inc
• Tokyo Chemical Industry Co Ltd
• Sungwun Pharmacopia Co Ltd
• Sigma-Aldrich Co. LLC
• MolPort

The global phytosphingosine market is segmented as follows:

By Application

• Cleansing Wipes
• Moisturizers
• Facewash
• Others

Global Phytosphingosine Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.