Global resveratrol market generated $71.9 million in 2020, and is anticipated to reach $131.0 million by 2030, manifesting a CAGR of 6.2% from 2021 to 2030.
PORTLAND, OREGON, UNITED STATES, October 23, 2023 /EINPresswire.com/ — Increase in usage of resveratrol in the pharmaceutical market, surge in acceptance of resveratrol in the nutraceuticals sector, and rise in usage of resveratrol in the cosmetic industry fuel the global resveratrol market growth. On the other hand, low penetration in developing countries and the threat of substitution hamper the market growth. On the contrary, rise in the application of resveratrol in the food & beverages industry and fast-paced growth of the online retail platform create lucrative opportunities for the market players.
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Key players of the global resveratrol market analyzed in the research include Chongqing Kerui Nanhai Pharmaceutical Co., Ltd., Botaniex Inc., Evolva, Foodchem International Corporation, Haihang Industry Co., Ltd, Honghao Herbs, Good-Yg-Biotech, Sichuan Xieli Pharmaceutical Co. Ltd, Hubei Sanxin Biotechnology Co., Limited, and Xi’an Chen Lang Biological Technology Co., Ltd.
During the COVID-19 pandemic, the nutraceutical industry grew attributed to adoption of healthier lifestyles and focus on improving immunity by people.
However, the lockdown across the globe disrupted the supply chain and increased the prices of raw materials.
The report segments the global resveratrol market on the basis of product type, form, application, and region.
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Based on form, the powder segment accounted for the largest market share in 2020, contributing to more than four-fifths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the liquid segment is estimated to witness the fastest CAGR of 7.7% from 2021 to 2030.
Based on application, the nutraceuticals segment contributed to the highest market share in 2020, attributing to nearly two-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the cosmetics segment is expected to manifest the fastest CAGR of 7.9% from 2021-2030.
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The outbreak of coronavirus has positively impacted the resveratrol industry along with all stages of supply chain and value chain. Owing to the COVID-19 outbreak consumers all around the world became health conscious and in order to boost their immunity power consumers were getting more inclined towards the consumption of dietary supplements made of invasive ingredients including resveratrol which in turn has boost the demand for resveratrol from the nutraceuticals industry. This, in turn, has made a positive impact on growth of the resveratrol market.
Based on region, North America contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is expected to maintain dominance during the forecast period. The global resveratrol market across the Asia-Pacific is anticipated to exhibit the fastest CAGR of 8.9% during the forecast period.
Article originally published on www.einpresswire.com as Resveratrol Market Growing at 6.2% CAGR to Hit USD 131.0 Million