Maltobionic Acid Market Size, Share, Growth, and Industry Growth by Type (Cosmetic Grade and Industrial Grade), By Application (Facial and Neck Care, Body Care, and Others) Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global maltobionic acid market size is estimated to be USD 6 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with maltobionic 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 8 million by 2028, exhibiting a CAGR of 4.3% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Maltobionic acid is a new type of multiple hydroxyl group. This acid is the fourth generation of fruit acid and derived from natural maltose fermentation. The chemical structure of the acid is helpful and friendly to skin care routine. It can also improve toughness and translucency of the skin. The molecular structure of the acid helps to strengthen skin compactness and elasticity.

Continuous development in the cosmetic industry is estimated to drive market growth. Increasing industrialization and growing demand from food preservatives sector are predicted to boost product adoption. Rising demand for online shopping for cosmetic products among consumers is estimated to propel market growth. Growing need of maltobionic acid in multiple skincare products such as facial, neck, and body care is estimated to drive market growth during the forecast period. Also, growing demand from pharmaceutical and textile industries are projected to accelerate product adoption.

COVID 19 Impact: Impeding of Cosmetic Industry to Restrict Market Expansion 

An outbreak of COVID-19 pandemic impacted the demand for cosmetic products. The market witnessed halt in production activities. Shutdown of cosmetic industry declined product demand. Also, imposition of lockdown reduced sale and economic growth of the market. Shortage of labor and social distancing norms declined market growth. Lack of influence regarding cosmetic products during the pandemic reduced market growth.

The COVID-19 pandemic impacted the global maltobionic acid market in three major directions by creating supply chain and market interruption, openly affecting manufacturing and demand, and by its economic influence on firms and financial markets.

On the contrary, post pandemic market witnessed fast recovery due to market players adopted new strategies. Growing requirements for beauty and cosmetic products are projected to drive market growth.

LATEST TRENDS

"Growth in Cosmetic Industry to Drive Market Growth "

Increasing need for cosmetic products among consumers is expected to fuel market growth. Rising demand to improve fine lines and texture of skin is projected to drive market growth. Also, continuous development in the cosmetic industry is predicted to upsurge product demand. Increasing demand to reduce dark spot, dead skin, irregular pigmentation, enlarged pores, and improving overall skin health. Such benefits are predicted to boost maltobionic acid adoption in the cosmetic industry. Increasing demand for online shopping for cosmetic products is estimated to boost maltobionic acid market growth during the forecast period. In addition, growing trend for healthy lifestyle and glass clear skin is estimated to fuel market growth. Today’s generation is investing high in skin care routine and body care which is projected to stimulate market growth. 

SEGMENTATION

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• By Type

Based on type, the market is divided into cosmetic grade and industrial grade.

Cosmetic grade is the leading part of the type segmentation.

• By Application

Based on the application, the market is divided into facial and neck care, body care, and others.

Facial and neck care is the leading part of the application segmentation.

DRIVING FACTORS

"Rising Demand in Oil & Refining Industries to Favor Market Growth"

Increasing demand from oil & refining industries is expected to drive market growth. Growing need to ensure cleaning and scraping process in oil & refining sectors is projected to drive product demand. Also, increasing demand for formulated products is predicted to drive maltobionic acid market growth. It also works as a significant component in household cleaning products. Also, the molecular formula is used in ceramic tiles, shower doors, and toilet bowls and sinks. Such demand from broad application usage is projected to boost product adoption.

"Growth in Healthcare and  Textile Industries to Incite Market Growth "

Growing demand to preserve organ transplantation in healthcare sector is expected to fuel market growth. Increasing use of organic compound in hydroxyl preservation solutions is predicted to drive product adoption. Growing need to stimulate hormones by adding the product in medicines is expected to fuel market growth. Also, in textile industry the market is anticipated to show positive growth due to growing need to dye clothes and tanning agents. Increasing change of lifestyle is projected to drive maltobionic acid market growth during the forecast period. Growing demand for colorful and printed cloth material are projected to drive market growth.

RESTRAINING FACTORS

"High Cost of the Product to Restrict Market Expansion "

Increasing fluctuating price of the product is estimated to reduced market growth. Lack of awareness about the product is predicted to restrict market growth.  Further, multiple industries use alternative products is projected to reduce market growth during the forecast period.

REGIONAL INSIGHTS

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"Growth in Cosmetic industry in North America to Drive Market Share "

North America is expected to hold largest maltobionic acid market share due to increasing demand for beauty products. Increasing industrialization and urbanization in the region is estimated to fuel market growth. Changing lifestyles and growing population inclination towards beauty and wellness products are projected to drive market growth during the forecast period. Increasing demand to meet consumer needs are predicted to accelerate market growth. Further, presence of major market players in the region is estimated to propel market growth.

Europe is expected to witness significant growth due to high demand from the textile industry. Increasing consumer awareness towards packed foods and beverages are projected to accelerate market growth. Rising preference for food preservation in restaurants and cafes are estimated to accelerate maltobionic acid market growth.

Asia Pacific is estimated to show considerable market growth due to increasing use of the product in the numerous applications such as cosmetics, household cleaning and textile. Further, growing technological advancements in medical field is projected to drive market growth. In addition, China is a major consumer of the product due to huge presence of the cosmetic industry is project to boost product adoption.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Evonik (Germany)
• Reliable Biopharmaceutical (U.S.)
• Bio-Sugars Technology (China)
• Global Calcium (India)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.