Inositol Market: Overview
The market size for inositol was USD 114.2 million in 2021, and it is projected to grow at a CAGR of 7.5 percent during the forecast period. An increase in diabetics, depression, and obesity disease drives the growth of the global inositol market during the forecast period. An increase in the utilization of inositol in medicines for women suffering from polycystic ovarian syndrome fuels the growth of the global inositol market. However, the side effects of inositol can generate a threat to the growth of the global inositol market. Even so, the growth of inositol in cancer medicines can be a factor expected to contribute to the growth of the global inositol market. Also, an increase in purchasing power and living standard support the growth of the global market.
The companies are investing in R&D activities that will assist in growing the demand for supplements owing to increased awareness about health issues. The companies are aiming at the packaging and quality of the product. They are utilizing new technology to refine the product and grow its quality. The companies are also utilizing online sources to sell products. The online websites allow full detail of the products for transparency. The government is also taking the initiative to secure the quality of the products. The companies are following rules and regulations released by the government to attract customers.
The growth in demand for healthy products has generated an increase in demand for healthy products. The growth in population size of people suffering from diseases like PCOS, diabetes, insomnia, and others caused by growing consumption of junk, and unhealthy lifestyle, has generated a growth in demand for drugs and supplements with inositol. Furthermore, Inositol has various health benefits as it is a member of the vitamin B complex. Health practitioners often recommend utilizing inositol-containing products for patients with mental disorders like depression, panic disorder, and others, owing to their ability to balance certain chemicals in the central nervous system. Inositol is a naturally happening nutrient that is usually classified as a carbocyclic polyol. The most ordinary form is sometimes referred to as myo-inositol. In the human body, it plays a huge role in preventing the collection of fats in the liver and encouraging healthy hair growth.
Inositol Market: COVID-19 Impact
The COVID-19 pandemic harms the market owing to a reduction in manufacturing and supply of inositol products. On the other hand, the demand for healthy food enhanced after the COVID-19 pandemic. The sales of vitamin and dietary supplements had been raised with a focus on immunity, prevention, and inositol. During the covid-19 pandemic, consumers were more concerned about their health and immunity. The growing demand for inositol products and their supplements among consumers during the pandemic. This is anticipated to the consumers looking forward to simplifying their routine and moving to products that can provide them multidimensional support.
Inositol Market: Drivers
Increase in Number of People Suffering from Diabetes Drive Market Growth
An increasing number of people are affected by diseases like diabetes and others; as per the National Institutes of Health in the US, it is anticipated that 34.2 million people have diabetes, of which 26.9 million people of all ages have been diagnosed with diabetes. Of the people diagnosed with diabetes, 210,000 are children and adolescents younger than 20 years, including 187,000 with type 1 diabetes and approximately 7.3 million adults ages 18 years or older have diabetes but are undiagnosed. Moreover, adopting a poor lifestyle and growing consumption of junk food is leading to a growth in the demand for drugs and supplements containing inositol due to its many curing properties, as it is a member of the vitamin B complex.
Growing Demand for Inositol Products Among Women Drives Market Growth
The market for inositol is primarily driven by its raised application as an important ingredient in making energy drinks, as it efficiently converts nutrients into energy. Furthermore, the prevalence of diseases like PCOS in women has also led to extensive utilization of inositol in the manufacture of medicines to treat PCOS, as it aids in growing progesterone, lowering testosterone levels, reducing luteinizing hormone, and inducing weight loss, among others. The increasing demand for inositol products among women suffering from diseases such as polycystic ovarian syndrome and cancer in developing and developed countries is a strong force expected to drive the growth of the inositol market globally. Moreover, the demand for inositol is also growing, as it assists in curing hair fall, depression, and other health problems the current generation faces, owing to the prominence of unhealthy eating habits and lifestyles.
Inositol Market: Restraints
Expensive Installation and Additional Costs to Hamper Market Growth
The global inositol market is anticipated to receive a big blow that might cause a reduction in demand for its products owing to its side effect of excessive consumption. High consumption of inositol or inositol products causes nausea, headaches, fatigue, dizziness, and mild gastrointestinal distress. All these health issues are significant factors projected to restrain the industry's growth over the forecast period.
Inositol Market: Segment Overview
Pharmaceutical Segment to Dominate Market due to an Increase in Number of Diseases
Growing demand for products with inositol content among women suffering from polycystic ovarian syndrome is a major factor anticipated to drive the growth of the global inositol market. Moreover, growing demand from the pharmaceutical sector for medicine preparation that aids in treating neonatal respiratory distress syndrome in infants is another factor anticipated to witness significant growth in the market during the forecast period. Furthermore, manufacturers' and researchers' approach toward growing the usage of inositol in cancer medicine preparation is another factor anticipated to further support the market's growth during the forecast period.
Increased Demand for Online Platforms in Pharmaceutical Dominated Market Growth
The online segment is anticipated to enhance the market during the forecast period. The growing demand for customized trading platforms from pharmaceutical companies is expected to drive the demand for these solutions. Technological advancements and integrating smartphone trading platforms are a few factors anticipated to create several market opportunities for key players. Also, companies in the market are focused on enhancing their business units across the globe. For instance, in June 2022, mPharma, a Ghanaian health startup, raised $35 million in a Series D round led by Citigroup Inc. to permit all-rounded services; mPharma rolled out an eCommerce platform. Mutti Online Pharmacy permits its members to shop for pharmaceutical products easily. Starting in Ghana, they originally only dispensed over-the-counter medication but have plans to incorporate prescription drugs during the forecast period. mPharma's Mutti Online Pharmacy is now among the handful of simply digital pharmacies, including Kenya's MyDawa, woring in Africa.
Inositol Market: Regional Landscape
North America to Dominate Market due to Presence of Various Key Players in this Region
North America is anticipated to continue registering significant demand for inositol during the forecast period. The increase in demand for healthy food products and the presence of key players within the countries located in North America are factors anticipated to facilitate the region's dominance. Furthermore, the excessive prevalence of polycystic ovary syndrome, digestive disorders, and lifestyle-related diseases due to poor eating habits and high utilization of processed food is anticipated to drive the demand for inositol supplements. Additionally, inositol is also regarded as secure by the US Food and Drug Administration, thus giving drugs, beverages, and other companies the leverage to utilize inositol in their products without any constraint.
The market in the Asia Pacific is anticipated to witness significant growth due to the growing pharmaceutical sector and growing government spending on the healthcare sector. Also, the presence of regional players in the countries providing innovative products is anticipated further to boost the market's growth in this region.
Global Inositol Market: Competitive Landscape
In February 2022, Zhucheng Haotian Pharma Co., Ltd (ZCHT), SoPure Stevia and inositol Manufacturer announced a new corporate brand HOWTIAN. The HOWTIAN identity also represents a continuation of its mission to sustainably produce and provide premium natural ingredients at virtually any scale for business across the globe. The new corporate logo comprises three leaves in the shape of an "H" in green and yellow, representing HOWTIAN's flourishing, naturally farmed crops. Its design signifies the company's commitment to natural products, ethical farming, and sustainability. Furthermore, in May 2018, Taiho Pharmaceutical Co., Ltd introduced Tiovita Drink Aibitasu Zero ( third-class OTC drug), the first caffeine-free, sugar-free product in the Tiovita series, all over Japan. The new product hampers the features of the original Tiovita Drink Aibitasu but without the caffeine and sugar, resulting in a low-calorie product at only 7 kcal per bottle. The product contains Inositol 50 mg.
Few of the players in the Inositol Market include Zhucheng Haotian Pharm Co. Ltd., Biological Engineering Technology Co.Ltd., T. J. Clark & Company, Ronas chemicals ind. Co. Ltd., Holland & Barrett, Charles Bowman & Company, Mr. Bill’s Pipe & Tobacco Company, Changzhou Zhonglian Inositol Co. Ltd., Phoenix Herb Company, Shandong Runde Biotechnology Co.Ltd.,
Global Inositol Market is Segmented as Below:
By By Source
By Sales Channel
Key Elements Included In The Study: Global Inositol Market
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