Phytol Market Overview
The Phytol Market size is estimated to reach $565.3 million by 2027, growing at a CAGR of 3.7% during the forecast period 2022-2027. Phytol is a component found in the chlorophyll of plants, algae, and bacteria. It belongs to the category of alcohol, known as acyclic diterpene alcohol. Phytol is also a precursor in the manufacturing process of synthetic form vitamin E and vitamin K1. Vitamin K is primarily known for helping in cases of clotting of blood and in normal bone calcification. Phytol is also a terpene; a terpene is an analysis method or a procedure that is a federal requirement for selling beverages. Terpenes help in analyzing the consistency of the batches and the stability of the beverage over time. Phytol is an emollient in the cosmetic industry. It helps in softening and smoothening skin; used in perfumes and other aromatic raw materials; moreover, it is also used to mask the odor or basic taste of the product. The usage of Phytol in beverages and pharmaceuticals along with cosmetics is set to drive the growth of the Phytol industry outlook for the period of 2022-2027.
Phytol Market Report Coverage
The report: “Phytol Market Forecast (2022-2027)”, by Industry ARC covers an in-depth analysis of the following segments of the Phytol Market.
- Geographically, North America accounted for the highest revenue share in 2021. It is owing to the use of phytol in cosmetic and fragrance-related products, and the rising demand for the same is observed in the region. On the other hand, the Asia-Pacific region can offer lucrative growth opportunities due to the rising disposable income and preference to fulfil cosmetic necessities.
- Phytol has exhibited antischistosomal properties in vitro studies, which makes it a popular substitute in treating Schistosomiasis Mansoni. However, rising cases of pulmonary injuries and deaths owing to lung tissue damage caused by phytol is a challenge that the market needs to address.
- Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Phytol Market report.
Phytol Market Segment- By Geography (%) for 2021
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Phytol Market Segmentation Analysis- By Source
The phytol market based on the source can be further segmented into algae, plants, and bacteria. The plant segment held the largest share in the year 2021. It is owing to the easy availability of acyclic diterpenes in the plant kingdom. Additionally, the properties exhibited in the form of antimicrobial, antioxidant, and anti-inflammatory are prevalent from phytol obtained from the plants. Antimicrobial effects are curated in the cosmetic industry, while anti-inflammatory properties are exhibited when given in a synthetic form.
The plant segment is estimated to be the fastest-growing segment with a CAGR of 4.3% over the forecast period of 2022-2027. It is owing to the technological advancement in the extraction of the compound from the plants, and the potent value rises up to 20% post using the modern extraction method, then the primitive. Additionally, the growing product's resilience over the plant obtained phytol will aid the phytol industry.
Phytol Market Segmentation Analysis- By Application
The phytol market based on the application can be further segmented into food and beverages, pharmaceutical industry, and cosmetic industry. The cosmetic industry held the largest share in the year 2021. It is owing to the extensive use of the compound in the following industry. Since the product offers anti-microbial properties, and the compound's absorption is relatively fast, the consumers prefer the following compound in their daily cosmetic care.
The food and beverages segment is estimated to be the fastest-growing segment, with a CAGR of 5.0% over the forecast period of 2022-2027. It is owing to the multiple uses across the given industry. Marijuana-Infused Beverages need to attain regulation from the agency to sell the stock, and phytol is one of the benchmarks which they use to pass the said product. The following, along with the properties of antioxidants, positions the market favorably.
Phytol Market Segment Analysis- By Geography
The Phytol market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of World. Geographically, North America Phytol Market held the largest share of 33% as compared to all the regions combined. It is owing to the rise in the aromatic oil preferences of the said population. Aromatic oil provides benefits such as respiratory disinfection, decongestant, and various other psychological benefits. Phytol is a primary ingredient used in this oil, and the increased demand related to the cosmetic industry became a prime reason for the share.
However, Asia-Pacific is expected to offer lucrative growth opportunities during the forecast period of 2022-2027. For example, China became the largest importer of essential oils, and others in the year 2021. Owing to the Chinese technology, and less stringent regulation for the production of end products containing phytol, the market may propel.
Phytol Market Drivers
The use of phytol as an alternative in treating schistosomiasis mansoni is fueling market growth.
Schistosomiasis Mansoni is a disease manifested from the larval forms of parasitic blood flukes commonly found in the freshwater stream. The following worms live inside the urinary tract and intestines and lay eggs that are trapped within the body tissues. The disease affects 240 million people worldwide, and moreover, 700 million people are susceptible to catching it during their lifetime. Recent studies found that phytol possesses antischistosomal properties, which can reduce the total worm and female reductions by 51.2% and 70.3%. Furthermore, with additional dosing of phytol, the number of eggs in feces was reduced by 76.6%. The following property makes it an alternative to chemotherapy for human schistosomiasis.
The use of phytol as a regulatory check before selling marijuana-infused beverages has acted as a driver for the market.
Marijuana-infused beverages have been doing rounds in the market. In 2021 alone, a 40% growth in sales was recorded by the manufacturers. The beverages have been positioned as a “better” and “healthier” alternative than alcoholic drinks. Additionally, the beverage manufacturers assure of “optimal results” post-consumption. The growth of the market is strongly supplemented by getting an agency approval for selling the said beverage. Phytol has been regarded as terpene by the MRA, which will help the agency ensure consistency and stability over time. Hence, the guidelines for testing the product before selling have acted as drivers for the phytol market.
Phytol Market Challenges
Phytol’s usage in vaping pens can lead to pulmonary injuries and fatality impeding market growth.
Since cannabis has gained prominence in the western region owing to its benefits over other tobacco. Vaping pens contain phytol as a thinning agent, as an additive. However, recent studies and case studies have shown catastrophic effects on humans. For example, the survey conducted by a lab proved that consuming phytol by 109.9 mg/day could result in severe clinical signs such as weight loss and an increase in lung weight due to the damaged tissues. The following studies further accumulated into an issue, which forced many manufacturers to call their products back from the store shelves, or online stores. Ever since then, the manufacturers have not addressed the challenge they faced.
Phytol Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Phytol Market. The top-10 Phytol market companies are-
- The Good Scents Company
- ECSA Chemicals
- Beijing LYS Chemicals Co., Ltd.
- BASF SE
- Koninklijke DSM N.V.
- Fleur-Chem, Inc.
- Elan Chemical Company
- Ascent Finechem Private Limited
- Gujarat Alkalies and Chemicals
- Neshiel Chemical
- In April 2022, the American Phyto-pathological Society published a report claiming for how phytol can be used as a promising eco-friendly agrochemical to control root-know nematodes. Root-knot nematodes (RKNs, Meloidogyne spp.) infect a broad range of plants, including several agriculturally important species such as cotton, soybean, and corn, as well as various vegetables and ornamentals. When phytol was applied to plant roots, RKN invasion of the roots was inhibited.
- In June 2021, A Phytol-rich essential oil was incorporated into the Good Scents Company’s portfolio. The following exhibits antimicrobial properties from the Medicago Hispida plant. The launch of this will further help the company occupy the aromatic oil segment.
- In March 2019, The Werc Shop introduced a vaping pen -Nexus 2.0—specifically formulated for cannabis vape products. Nexus 2.0 improves upon commonly used diluents for cannabis vapor applications by extending stability, enhancing performance, and enhancing inhalation safety by the use of phytol.