The glucosinolates market will observe appreciable gains driven by the surging health awareness and the higher acceptance of dietary supplements. The changing lifestyles of consumers has prompted the growing prevalence of chronic diseases. The demand for glucosinolates is also growing with the ongoing technological innovations in the product spectrum. The rising focus of product suppliers on marketing strategies, such as mergers, partnerships, and acquisitions to reinforce their customer base and global presence will favor the market dynamics.
For instance, in September 2020, Jarrow Formulas, Inc., a leading glucosinolate supplier, joined forces with New Mountain Capital, a leading investment firm. This collaboration helped the former firm in expanding its financial and strategic resources to strengthen the future growth of its organic and M&A initiatives. Wincobel, Nutra Canada, Interherb, and Kirkman Group are some of the other product providers in the business.
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Considering these advancements, estimates from Global Market Insight, Inc., have suggested that the global Glucosinolates Market size surpassed USD 160 million in 2020 and is likely to record around 6.5% CAGR between 2021 and 2027.
Driven by its higher abilities to protect the cells from oxidative stress, the industry share of broccoli glucosinolates is expected to record around USD 105 million during the analysis timeframe. Other than acting as an ideal ingredient in dietary supplements, this glucosinolate extract plays a key role in the maintenance of active and healthy immune systems.
Higher application scope in dietary supplements and cosmetics to boost market share growth
Demand for glucosinolates in the dietary supplement sector is set to capture a considerable revenue share. The paradigm shift towards hectic lifestyles has made way for the rising intake of daily nutrients. This has surged the awareness of consumers on personal health & wellbeing. In addition, the product is believed to aid in the treatment of hormone-resistant cancers. Furthermore, sulfur-containing glucosinolate breakdown components found in crucifers are also beneficial in reducing the proliferation of prostate cancer.
The glucosinolates industry size from the cosmetic applications will reach a significant value through 2027 owing to the higher levels of online consumer shopping and spending on beauty products. The increasing concerns over skin protection from aging given the rising exposure to ultraviolet B radiation and skin have surged the effectiveness of glucosinolate derivatives, including sulforaphane and isothiocyanate. Rapid urbanization across various parts of the world has also made way for the higher consumption of novel & premium products, propelling the demand for mustard seed glucosinolates in cosmetics applications.
North America glucosinolates market to witness considerable growth
The glucosinolates market share in North America was valued at more than USD 42.5 million in 2020 and will show notable proceeds through 2027 driven by the booming population base. The depleting rate and size of the total available land and the escalating concerns over food security have triggered the higher acceptance of insecticides and pesticides to offer high crop yields. Optimum effectiveness of glucosinolate breakdown products in terms of fumigation toxicity in comparison to conventional insect fumigants will further drive the demand for glucosinolate in the region.
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