(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Nov. 26, 2021 (GLOBE NEWSWIRE) -- The global retinyl palmitate market was valued at USD 866.7 million in 2020 and grows at a CAGR of 4.6% during the forecast period, according to a recent report by Quince Market Insights . Over the years, the health and wellness sector has become a prominent lifestyle value among consumers, intensely changing consumer preference towards naturally-derived micro nutrients. Natural non-GMO vitamin-A is gaining popularity in various end-user industries, including cosmetics, dietary supplements, functional food and beverage, and others, due to its multi-functionality and ongoing clean label trend.
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The cosmetic industry is expected to benefit from a significant market share during the forecast period, owing to an increase in the number of skincare products blended with vitamin-A derived from sunflower oil and other natural sources. Beauty from within is another ongoing trend that is leading to an increase in the use of natural vitamin A in the cosmetic industry.
Most nutraceutical ingredients are manufactured with advanced technology and research and development. The development in retinyl palmitate comprises microencapsulation by melt dispersion for sustainable and economic cosmeceutical formulation with minimal usage of synthetic chemicals.
The companies operating in retinyl palmitate market are involved in development of various technologies. For instance, ROYAL DSM (Netherlands) had developed unique form of Quali-A, Dry Vitamin A that provides the highest stability performance in tablets with no preservatives or animal-derived ingredients, to meet the increasing needs of diet-conscious customers. These new advantages and high stability are possible because of FlexiLease, ROYAL DSM's (Netherlands) new IP protected technology.
According to the FAO (Food and Agriculture organization), the global cattle population has increased in the past four years. The cattle population was 1468.4 million in 2016, and it increased to 1489.7 million in 2018, demonstrating that cattle production has been increasing to meet the increasing demand for meat. As a result, increasing demand for meat is estimated to raise the demand for feed additives for animals in the coming years. Moreover, retinyl palmitate is being used as animal feed additives on a large scale. This, in turn, is expected to increase the demand for retinyl palmitate during the forecast period.
Global Retinyl Palmitate Market, by Type
Based on type, the global retinyl palmitate market is segmented as industrial grade and food grade. The food grade segment is estimated to be the fastest growing segment during the forecast period. Food grade is available in high purity feed and low purity feed grade retinyl palmitate. Growing disposable income of people, changing consumer lifestyle, increasing need for vitamins product, and rising demand for organic foods are factors expected to augment the demand for food grade retinyl palmitate market.
In animals, a lack of this food grade vitamin causes disorders, stone formation in the urinary tract, and increased susceptibility to infections, night blindness, and ulcer formation. It is expected to drive the demand for the food grade segment. Retinyl palmitate is majorly found in chicken, beef, and eggs, thus their consumption increases, driving the demand for food grade retinyl palmitate market.
Global Retinyl Palmitate Market, by Product Type
Based on product type, the global retinyl palmitate market is segmented as natural and synthetic. The synthetic segment is estimated to be the fastest growing segment during the forecast period. The synthetic vitamin A palmitate is made using the chemical enzyme technology, and the process consists of two steps — 1) hydrolyzing vitamin A acetate with an alkali solution and an organic solvent as a cosolvent to generate vitamin A alcohol and 2) extracting the vitamin A alcohol with an organic solvent and washing the obtained extract liquid with water, to remove the cosolvent reacting with the vitamin A alcohol. The synthetic form of vitamin A (retinyl palmitate) is utilized to help clear psoriasis and acne. They are also used for treating other skin disorders. All these benefits offered by the synthetic form of vitamin A (retinyl palmitate) drive the segment growth.
Global Retinyl Palmitate Market, by Application
Based on application, the global retinyl palmitate market is segmented as human nutrition, cosmetics, animal feed additives, and others. The cosmetics segment is expected to be the fastest-growing segment in the global retinyl palmitate market during the forecast period. Changing lifestyle, an increase in disposable income, demand for skin care products due to varying climatic conditions, and changes in packaging styles and appealing marketing strategies are contributing to the cosmetics segment's growth. On the other hand, the increasing demand for natural, herbal, and organic beauty products is anticipated to create opportunities for manufacturers to invent and develop new products based on customer preferences.
Retinyl palmitate ingredients are mainly used in facial makeup and in the formulation of hair and skin care products. It is not an active drug ingredient when used in sunscreens, but instead a cosmetic ingredient that acts as antioxidants, safeguarding the skin from the signs of premature aging caused by the sun exposure. These factors are expected to acclerate the demand for retinyl palmitate ingredients in the cosmetic industry.
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Global Retinyl Palmitate Market, by Region
Based on the region, the retinyl palmitate market is divided into Europe, North America, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to be the fastest growing region in the retinyl palmitate market during the forecast period. APAC's large market share can be attributed to the presence of a high livestock population and growth. Furthermore, the rise in the number of feed mills represents the region's increasing feed production. China, the region's largest feed producer, significantly contributes to the region's leadership position, with Thailand and Indonesia emerging as feed-producing countries, and India and Japan showing consistent growth in feed production.
Some Noted Developments Considered in the Report:
- February 2019- Archer Daniels Midland Company (ADM) (U.S.) acquired Neovia. The acquisition of Neovia is considered to be a major milestone in the execution of company's strategic plan to become a global leader in nutrition.
- August 2019- Rochem (U.S.) expanded its sales and distribution capabilities by establishing its first sales office in the Brazil nation. With Brazil ranking third in both cattle as well as poultry production, it is a key initiative to support this industry with pharmaceutical formulations. Rochem International has provided quality ingredients and superior service to the pharmaceutical, animal health, nutrition, and sweetener industries. This is expected to enhance the market presence of Rochem International in the region.
- September 2018- BASF (Germany) expanded its vitamin A manufacturing facility in Ludwigshafen. The new production building adds 600 machines and equipment to the current vitamin A factory, as well as 4,000 pipelines and 5,000 measurement points that are incorporated into the process control system. Due to this expansion, BASF is growing its annual production of pure vitamin A by 1,500 metric tonnes with the expansion of the factory.
- December 2017 - Chinese group Adisseo (China) acquired Nutriad, one of the leading producers of feed additives with four laboratories and five plants in Belgium, Spain, the United Kingdom, China, and the United States. The acquisition has enhanced Adisseo's development, particularly in its specialties business, through complementary products, customers, and geographies.
COVID-19 Impact on the Market
The QMI team has closely monitored the impact of COVID-19 on the global retinyl palmitate market and has observed the heavy impact of COVID-19 outbreak. COVID-19, also known as the novel corona virus, has been gripping the globe in recent months. The global supply chain has been primarily disrupted due to lockdown in countries, such as China, the United States, India, and Germany.
Corona virus spread was observed in the first month of 2020, resulting in lockdown in cities and countries. Precautionary measures taken by various countries included social isolation, the closure of hotels, schools, restaurants, and several other establishments, such as stores. There was shortage of products in the market for customers due to the closure of stores and restrictions on transportation.
Furthermore, international borders were closed, limiting the supply of food products like convenience and healthy food. As a result, food supply chains were totally broken or drastically altered in the food business. Consumers were unable to obtain their food products, and manufacturers were unable to obtain sufficient raw materials for healthy food production. Thus, the demand and market value for nutritious foods declined. However, when with strict measures, the governing bodies reopened shops, transportation facilities, and others, the shelves in the shops were once again filled with food products.
As the supply chain reopened, consumers and manufacturers can meet their needs, and the demand for healthy food has increased, as it strengthens an individual's immunity. Immunity enhancement is much important during the pandemic. So, it has been observed that consumers' eating habits are changing, and they are now more inclined towards healthy food products.
Vitamin supplements are needed by people who have a medical condition that causes deficiencies. The consumption of vitamin supplements aids in the fulfillment of the body's nutritional requirements. The supplement industry has grown in various pockets, as consumers' interest in overall health and well being has grown. The demand for vitamins in the supplement industry has risen.
Major Findings of the Global Ophthalmic Laser Market Report Include:
- An in-depth global retinyl palmitate analysis by the segments, along with an analysis of trend-based insights and factors
- Profiles of the major key market players operating in the global retinyl palmitate market include: Royal DSM (Netherlands), Piramal Pharma Solutions (U.S.), BASF SE (Germany), Pfizer Inc. (U.S.), Bluestar Adisseo (China), Bayer AG (Germany), Pharmavite (U.S.), Crystal Pharma (India), Rochem International Inc. (U.S.), kangcare Bioindustry Co., ltd (China) and Others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global retinyl palmitate market
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “ Global Retinyl Palmitate Market , by Type (Industrial Grade, Food Grade), Product Type (Natural, Synthetic), Application (Human Nutrition, Cosmetics, Animal Feed Additives, Others), Region (North America, Europe, Asia Pacific, Middle East, and Africa, South America) — Industry Trends and Forecast to 2028 ” in-depth analysis along with the table of contents (ToC).
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