Corosolic Acid Market Size, Share, Growth, and Industry Analysis, By Type (1% and 2%, 0.05, 0.1, 0.2, and Others), By Application (Pharma and Healthcare, Food Additives, and Others) Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global corosolic acid market size is expected to be USD 4 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with corosolic acid experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 5 million by 2028, exhibiting a CAGR of 5.2% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Corosolic acid is an extract obtained from the leaves of the Banaba plant, which is known to control insulin and is beneficial for diabetic patients. It is helpful to treat diabetes as it has anti-diabetic effects on patients when consumed in the form of dietary supplements, juices, or tea. It reduces blood sugar levels by increasing insulin in the body along with glucose uptake. In addition, using corosolic acid also has other health benefits such as cholesterol-controlling properties, anti-obesity effects, anti-oxidation, and diarrhea treatment. Banaba extracts have been used for years to treat diseases, especially in the Asia Pacific region.

With increasing diabetes cases worldwide, the corosolic acid market is set to expand rapidly, especially in countries such as India, which is known as the world capital of diabetes. The beneficial qualities of this acid are known to treat severe diseases, including cancer and kidney failure. The demand for the chemical is the most in the pharma and healthcare industry, as patients grapple with diabetes with each passing day. Primarily, corosolic acid is used to treat type-2 diabetes, as it decreases insulin resistance in patients. As the pandemic has receded, it has left behind many post-recovery side effects in COVID patients, diabetes being one of the most prominent diseases.                                 

COVID-19 Impact: Rising Cases of Diabetes Due to COVID-19 to Increase Market Growth

Since the pandemic has receded, there have been rising diabetes cases in many parts of the world. The Asia Pacific region will likely be affected by this severely, as COVID-19 cases continue to increase in South-East Asia, i.e., China and India. The corosolic acid market will thus see exponential growth in these regions. According to research, patients with no family history of diabetes have developed the disease as a post-recovery effect of COVID-19. Thus, the use of this acid will keep growing till the pandemic doesn’t reside entirely in all parts of the world.

LATEST TRENDS

"Corosolic to Reduce Cancer Progression Cells "

Liver cancer is known to be caused by diabetes and is closely associated with its progression. Corosolic acid inhibits the proliferation of those cells by increasing glucose uptake in the body. Furthermore, it can also reduce the incidence of tumors in patients. This is deemed highly beneficial for diabetes and those with liver cancer, which is caused by diabetes. This development will increase market growth due to the immense benefits of the acid in the pharma and medical industry. Investors should keep an eye on the recent developments as the pandemic recedes and drives market growth. 

SEGMENTATION

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• By Type Analysis

Based on type, the market is divided into 1% and 2%, 0.05, 0. 1, and 0.2 corosolic acid, and others.

1% and 2% are the top parts of the type segment.

• By Application Analysis

Based on application, the market is divided into pharma and healthcare, food additives, and others.

The Pharma and Healthcare Industry is the leading part of the application segment.

DRIVING FACTORS

"Rising Cases of Diabetes to Inflate Market Development"

Various experiments conducted over the last two years have proven that corosolic acid is effective in treating major diseases, such as diabetes, cancer, diarrhea, obesity, weight loss, or inflammation. The corosolic acid market growth will increase in the coming years as highly populated countries such as India and China exhibit high cases of these diseases. Its benefits are bound to increase consumption in various regions worldwide. Growing cases of diabetes in the world will augment market growth.

"Rising Consumption of the Acid Skin Treatments is Expected to Propel Market Growth"

According to research, the acid is effective in treating what is known as melanoma and non-melanoma cancer in the U.S. These types of cancers are primarily prevalent in North America. Thus, the consumption of the acid will increase in the region, given the high incidence of skin cancer apart from cervical, colon, and ovarian cancer. Hence, corosolic acid is a potential tool in cancer treatment, as it is used in chemotherapy. Thus, the market growth will increase in the pharma and medical sector.

RESTRAINING FACTORS

"Hypersensitivity May Impede Market Growth"

Patients with sensitive skin or hypersensitivity to plant-based medication may be affected by using corosolic acid. Given the large population of the target markets in various regions, doctors and consumers may be skeptical about its use in these regions. Thus, market growth may be affected considering the multiple factors involved. A thorough analysis of the region must be carried out before purchase, and investments must be made accordingly.

REGIONAL INSIGHTS

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"Asia Pacific to Lead the Global Market Owing to High Manufacturing in the Region "

Asia Pacific region will lead the market growth as most of the companies producing the acid are based in China and India. With these firms making the bulk stock, the production will be high in this region, thus reducing the selling price compared to their Western counterparts. Therefore, investors should keep an eye on the region as production grows, which will augment the market growth.

KEY INDUSTRY PLAYERS

The report highlights different market players in the industry. The information is published after proper research, analysis of trends, latest developments, the introduction of new industries, and technological developments. Other aspects of the report include a study on the companies, regions, automation, technological developments, and the impact of newly emerging industries.

List of Market Players Profiled

• Vital Herbs (India)
• Shaanxi Yi An Biological Technology (China)
• Shaanxi Herbchem Biological (China)
• Staherb Natural Ingredients (China)
• Vidya Herbs (India)
• Ambe Phytoextracts (India)
• Bio Actives Japan Corporation (Japan)
• Optimum Herbal Extracts (India)
• Sanat Products (India)
• SUNTREE (China)

REPORT COVERAGE

This research offers a report with extensive studies describing the firms in the market affecting the forecast period. The information includes segmentation factors, opportunities, industrial developments, growth, and restraints and offers a detailed study and comprehensive analysis of the corosolic acid market with a thorough SWOT analysis. The research is subject to alteration if the key players and probable analysis of market dynamics change. The report is an approximate estimate of the factors mentioned.