September 18, 2019 by Amanpreet
Taxifolin production has been increasing per year, though the demand-supply gap exists. It is owing to the skyrocketing demand of taxifolin across several applications including food and beverages, healthcare, cosmetics and agriculture. Europe stands as the largest taxifolin market, followed by North America. However, the taxifolin market is projected to grow at the fastest pace in APEJ region, owing to the fast paced population growth that have requirement of these applications.
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Based on purity level, taxifolin can be classified into less than 95% and greater than or equal to 95%. Taxifoiln with a purity level lower than 95% is expected to account for higher revenue share. However, taxifolin with purity level ≥95% is expected to growth at a faster pace, during the forecast period. There are several applications of taxifolin including dairy products and confectionary where higher purity is required. The growing demand for these products have been translating into the higher growth rate of taxifolin with higher purity level.
Although Europe is the largest taxifolin market, APEJ is anticipated to witness fastest growth during the forecast period. Most of the taxifolin manufacturers are located in Russia and China. It is due to the easy availability of raw materials in these countries. Conifers such as Siberian larch can be commonly found in these countries, thus making them the production hub of taxifolin. Russian government has also been investing in the production of taxifolin, especially in the Magadan region.
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Growing population as well as urbanization in China has led to the surge in demand for food, pharmaceutical products and advanced health solutions. In 2017, there were over 288 million people in China suffered from cancer, which has significantly increased in the recent past. This has translated into the growing demand for taxifolin in these sectors in China. India is another country where the population has been growing at an abrupt pace, thus generating higher demand for food and beverages, healthcare and other basic commodities.
Owing to the concentration of taxifolin manufacturers to a few countries, most of the market is trade based. Also, due to limited number of suppliers, the taxifolin market demand is not being entirely fulfilled, and whatever volume is produced is consumed every year. However, the lucrativeness of this market is encouraging several new entrants to enter the taxifolin market. Though this has increased the incremental taxifolin production each year, however, the increasing demand has been further making it difficult to meet the requirement.
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