TMR Research has uncovered a report titled “Ellagic Acid Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2029.” According to this report, the global ellagic acid market is all set to witness a promising growth trajectory during forecast period. The market will gain this success on the back of continuously increasing demand from the companies engaged in the personal care and pharmaceutical industries. Besides, increased support from governments of many developed countries in the form of supportive schemes will stimulate the growth of global ellagic acid market.
The present TMR Research report offers comprehensive analysis of key factors supporting the growth of the global ellagic acid market during the period of 2019 to 2029. It sheds light on diverse tactics such as alliances, mergers, and partnerships by key enterprises. The main intension of these moves by vendors is to consolidate their position in the ellagic acid market. Thus, the report is intended to work as a guide for all the market entities while making major business moves.
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Increasing Use in Cosmetics Industry Spurs Market Growth
Ellagic acid is gaining traction of cosmetics and personal care industry owing to its exceptional antioxidant properties. This micronutrient is generally found in berries and red fruits such as strawberries, blackberries, and pomegranates. The ellagic acid market is consciously experiencing significant demand owing to diverse properties of this micronutrient. Numerous enterprises from the cosmetics industry have increased use of ellagic acid in their products owing to its anti-aging, anti-inflammatory, and skin whitening properties. Thus, this increased demand from cosmetics industry is stimulating the growth of the global ellagic acid market.
In pharmaceutical industries, ellagic acid is used in the production of investigational drugs. Owing to the anti-carcinogenic properties of this micronutrient, they are helpful in the prevention the development of cancer cells. As a result, the global ellagic acid market is experiencing remarkable demand from pharmaceutical sector.
However, some factors are expected to slow down the growth of the global ellagic acid market during forecast period. The number of manufacturers active in this market is significantly low. While the gap between the demand and supply ratio is working as a restraining factor for the global ellagic acid market growth, it also signifies the opportunity for entry of new players in the market.
Rising Trend of Using “100% Organic” and “Made With Organic Ingredients” Products Drives Market Growth
In recent years, the cosmetics and personal care industries are witnessing changing consumer preference. A range of worldwide population is avoiding chemical-based products and more inclined toward the use of organic and natural products. This situation has compelled the enterprises to incorporate organic ingredients such as ellagic acid in their products. As a result, the global ellagic acid market is witnessing rising demand.
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Emerging Economies to Boost market Demand
Among all regions, Europe holds lion’s share in the global ellagic acid market. Key reason attributed to this scenario is the increasing demand for organic personal care products and the improved standards of living of overall population in this region. North America will follow the trend of European countries during forecast period and demonstrate significant growth avenues for the ellagic acid market. One of the key reasons supporting this estimation is considerably high disposable income of people living in the region.
The global ellagic acid market is projected to witness growing demand in Asia Pacific. Developing countries such as China, India, and Brazil are witnessing rising demand for personal care products owing to increased population. Thus, increasing production of cosmetics in these countries is stimulating the growth of the global ellagic acid market.