As per a revised report published by Fact.MR, the global hydroxytyrosol market is anticipated to close in on a valuation of US$ 2 Bn in 2021, and expand at around 7% CAGR through 2031. Increasing disposable income is prompting consumers to shift towards healthier lifestyles with rising dependence on dietary supplements and nutraceuticals. In addition, hydroxytyrosol usage in cosmetic products offers superior antioxidant properties, thereby provide antiaging and anti-wrinkle effects, which is widely sought out by millennials.
An EFSA-approved health study on olive oil polyphenols found that hydroxytyrosol supplements could improve cardiovascular health to a great extent and reduce the risk of heart problems. Owing to this fact, use of hydroxytyrosol in the development of functional foods, nutraceuticals, and dietary supplements has increased in the past half-decade.
North America currently consumes the most hydroxytyrosol produced across the globe, followed by European countries. This is because a large portion of dietary supplement, cosmetics, and pharmaceutical industries are based in these regions, and hydroxytyrosol plays an important role in these end-use industries.
Key Takeaways from Market Study
- The hydroxytyrosol market is anticipated to add 1.9X value by 2031 as compared to 2021.
- Cosmetics application captures major chunk equivalent to one-third of the global market, and is set to create an absolute $ opportunity of around US$ 480 Mn during 2021-2031.
- Dietary supplement application is anticipated to gain around 266 BPS and expand at around 9% CAGR over the forecast period of 2021-2031.
- Liquid hydroxytyrosol is anticipated to gain around 330 BPD over the period of 2021-2031, and create an absolute $ opportunity of around US$ 800 Mn by 2031.
- Virgin olive oil as a source captures a major share equivalent to half of the global hydroxytyrosol market, and is set to create an absolute $ opportunity of around US$ 940 Mn during 2021-2031.
- North America is set to dominate market revenue in 2021, but is expected to lose 466 BPS in its market share by 2031.
- South Asia, on the other hand, is poised to be the growth hotspot during the forecast period, and is expected to create an absolute $ opportunity of around US$ 323 Mn by 2031.
“Plethora of researches to identify newer use cases of hydroxytyrosol to promote market growth,” says a Fact.MR analyst.
What are the Primary Applications that Generate Demand for Hydroxytyrosol?
As of 2020, one-third of overall hydroxytyrosol was used in cosmetics as anti-ageing agents, skin lightning agents, and bleaching agents, due to hydroxytyrosol skin benefits. This is attributed to the fact that it offers superior antioxidant quality as compared to vitamin E and C.
Increasing consumer awareness regarding customised dietary products and supplements has piqued their interest in different parts of the world, positively impacting sales growth of hydroxytyrosol. Over the coming years, technological advancements and increased investments in the research & development of supplement products are expected to fuel demand for hydroxytyrosol.
Owing to the aforementioned factors, dietary supplement application is poised to expand at a high CAGR of more than 9% during the forecast period of 2021-2031.
Besides, according to UN estimates, global population is anticipated to reach 8.5 billion by 2030. This, coupled with growing GDP in developing countries, is expected to economically drive demand from millennials, which, in turn, would benefit market growth in the long run.
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