Mixed Tocopherol Market is Expected to Reach US$3 bn by 2024
The global mixed tocopherols market is led primarily by BASF SE, Archer Daniels Midland Company, and DSM N.V. According to Transparency Market Research, sustained focus on R&D has been a key tactic for success in the global mixed tocopherols market and is likely to remain so in the coming years. Large companies such as BASF SE are also concentrating on acquisition and collaboration opportunities in order to expand their regional presence and product catalog.
The annual revenue of the global mixed tocopherols market stood at more than US$2 bn in 2015 and is likely to rise to more than US$3 bn over the 2016-2024 forecast period. This represents a steady CAGR of 4.60%.
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Animal Feed to Remain Leading Application of Mixed Tocopherol
By application, the report segments the global mixed tocopherols market into dietary supplements, pharmaceutical, animal feed, and others. Of these, the application of mixed tocopherols in animal feed was the leading contributor to the global industry in 2015. Despite a steady rise in the application of mixed tocopherols in pharmaceutical products and dietary supplements, animal feed is likely to remain the leading application segment of the global mixed tocopherols market in the coming years. The revenue of the segment is expected to rise to close to US$1.2 bn by the end of 2024, illustrating its dominant share in the global mixed tocopherols market.
Of the various types of tocopherols used in mixed tocopherol products, gamma tocopherol was the leading revenue generator in 2015. This is partly due to the higher prevalence of gamma tocopherol in corn and soybean, which are more commonly used for commercial production of tocopherols than other sources. Gamma tocopherol is likely to remain the key contributor to the global mixed tocopherol market in the coming years, with the segment’s annual revenue expected to rise to more than US$1.2 bn by the end of 2024.
Europe, where the flourishing pharmaceutical and food and beverage industries have driven the demand for human consumption of tocopherol, is the leading regional market for mixed tocopherol products. It is expected to retain its dominance in the global market in the coming years in spite of the strong growth prospects for the market in Asia Pacific, where the rising middle class has exhibited an increased demand for modern dietary and cosmetic products.
Rising Health Awareness Drives Demand for Dietary and Pharmaceutical Mixed Tocopherol Products
One of the key drivers for the global mixed tocopherols market is the increasing demand for dietary supplements, driven by the rising health awareness of consumers. The vitamin E activity of tocopherols has thus led to a steadily growing demand for supplements, which are becoming a popular mode of dietary intake of nutrients in times when many consumers don’t have the time to prepare nutritious and elaborate meals.
“Apart from their dietary use, mixed tocopherol products are also being used in an increasing number of cosmetic products due to their vitamin E activity,” said TMR’s lead analyst. Vitamin E is an effective antioxidant and thus of great use in cosmetic products. The rising prevalence of skin problems, particularly in developed countries, is thus likely to remain a key driver for the global mixed tocopherols market in the coming years.
Shortage of Raw Materials and Increasing Prices Restrain Mixed Tocopherols Market
The key restraints on the global mixed tocopherols market are the increasing prices of feedstock and vital gaps in the demand and supply chain due to shortage of feedstock. The low availability of soybean oil distillate is a key constraint on the global mixed tocopherols industry, as soybean is a key feedstock used in the production of mixed tocopherol products.
The high manufacturing costs of mixed tocopherol products, which can be attributed to the complexity of the processes required to process soybean, are another important restraint on the market. However, the sustained research efforts aimed at discovering new processes for the production of tocopherols from alternate feedstock are likely to bear fruit in the coming years, making participation in the industry easier for new entrants and boosting the profit margins of existing market players.
The information in this preview comes from a Transparency Market Research report titled ‘Mixed Tocopherol Market (Product – Alpha Tocopherols, Beta Tocopherols, Gamma Tocopherols, Delta Tocopherols; Application – Pharmaceuticals, Dietary Supplements, Animal Feed) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.’
The global mixed tocopherols market is segmented as follows:
Global Mixed Tocopherol Market, by Product Type
Global Mixed Tocopherol Market, by Application
Global Mixed Tocopherol Market, by Geography
Middle East and Africa