Analysis of Potential Impact of COVID-19 on Taxifolin Market

Taxifolin Market: Introduction

  • Taxifolin is the common name for dihydroquercetin, which is a flavonoid. It is also used in its semi-synthetic form, under the brand Venoruton.

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  • Various types of flavonoids are currently under scientific study, as they are found to have anti-viral, anti-allergic and anti-inflammatory properties that are beneficial for human health. Taxifolin is utilized as an additive in food & beverages due to these properties. It is bitter in taste and helps stabilize the shelf life of food products.
  • Taxifolin is also known to have anti-proliferative effects on cancer cells; consequently, it is effective in preventing the spreading of cancer cells. Taxifolin has numerous therapeutic effects on the human body, similar to other flavonoids, and does not have any side-effects, which makes it a good additive in medical supplements.

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Key drivers of taxifolin market

  • Numerous types of flavonoids are added to food & beverages and used for therapeutic purposes. These compounds are similar in nature to taxifolin. However, some exhibit side-effects on the human body along with therapeutic effects, which are toxic in nature. These side-effects are not present in taxifolin, and this is estimated to drive the demand for taxifolin during the forecast period.

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  • Rising population, technological advancements, improved cold chain facilities, and awareness regarding health and fitness are expected to augment the demand for taxifolin market globally during the forecast period.
  • Rising use of taxifolin as a health supplement along with vitamin C and its positive effects on the immune systems are anticipated to boost the healthcare segment of the taxifolin market. The healthcare segment is expanding rapidly, as people are more aware about their health, and the preference for health supplements is rising. This is anticipated to boost the demand for taxifolin during the forecast period.

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Food & beverages segment to offer attractive opportunities for global taxifolin market

  • The prominent consumers of taxifolin include food & beverages, cosmetics, healthcare, and agriculture industries. The food & beverage industry is anticipated to be the leading consumer of taxifolin during the forecast period.
  • The healthcare segment is expected to expand at a rapid pace during the forecast period. Increasing awareness about health and the trend of using nutritional foods are driving the demand for food & beverage additives. This includes dietary supplements and additives, which in turn is likely to boost the demand for taxifolin during the forecast period.

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Asia Pacific expected to drive global taxifolin market

  • North America and Europe are leading consumers of taxifolin globally. Demand for taxifolin in these regions is anticipated to be due to its extensive use in food & beverage and healthcare industry. Demand for taxifolin in North America and Europe is expected to rise at a moderate and sluggish pace, respectively, during the forecast period, owing to the mature nature of the market in these regions.
  • The healthcare industry in North America is expanding rapidly, and this is estimated to boost the demand for taxifolin during the forecast period. Manufacturers in the U.S. need the Generally Recognized as Safe (GRAS) certification for their products to be considered safe for use. These stringent regulations in the region are restraining the number of players offering taxifolin.
  • Asia Pacific is another prominent consumer of taxifolin in the world. Majority of demand is expected to originate from China, Japan, and India. Rising population and geriatric population in the region is expected to boost the demand for taxifolin in Asia Pacific at a rapid pace during the forecast period.
  • Latin America and Middle East & Africa are expected to offer lucrative opportunities to the taxifolin market during the forecast period. Rise in demand witnessed in Latin America is anticipated to be due to the expansion of food & beverage and agriculture industries in the region. Demand for taxifolin in Middle East & Africa is driven by its use in cosmetics and healthcare industries.

Key players operating in the Taxifolin Market

Numerous market players are involved in the manufacturing of taxifolin. However, the number of players operating in the global taxifolin market is limited, which results in low competition between the players for market share. Key players operating in the taxifolin market include:

  • JW Health Products
  • Kingherbs Ltd
  • Kalenika Group
  • Cayman Chemical
  • Ametis JSC
  • Abcam plc
  • Adooq Bioscience
  • Linjiang Jianwei Biotech Co. Ltd
  • Hangzhou J&H Chemical Co., Ltd.
  • Others