TOCOPHEROLS MARKET ANALYSIS

The global tocopherols market size was valued at US$ 1069.7 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 5.58% from 2022 to 2030. There is a growing demand for tocopherol in the animal feed sector. In addition, it is a key component of supplemented foods, and is used for a wide range of applications. For instance, it is used in pharmaceutical, personal care, and cosmetic products. The market is predicted to experience substantial growth over the forecast period, due to the rising demand for dietary supplements. The growing cosmetics industry is further expected to propel the growth of the tocopherols market. Increasing demand for fortified foods, energy drinks, and dietary supplements is also expected to drive growth of the market.

Global Tocopherols Market: Regional Insights

Currently, the market is dominated by Asia Pacific, which is expected to continue its lead throughout the forecast period. China dominates the tocopherols market. Several factors such as increased consumer consciousness, high demands from the feed and pharmaceutical industries, and increasing production of poultry are driving regional market growth.

At the same time North America is also expected to witness fastest growth over the forecast period owing to the increasing consumer awareness regarding health is likely to drive the tocopherols market in the U.S. Besides, the increase in the production of soybean oil is leading to a strong demand for tocopherols. Thereby, propelling regional market growth.

Figure 1. Global Tocopherols Market Share (%), By Region, 2021

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Global Tocopherols Market Drivers:

Rising demand for tocopherol in animal feed to accelerate market growth

These antioxidants are highly beneficial for immune defense and health of animals. Vitamin E is very important compound for livestock diets. It is also used to improve the oxidative stability of meat. This helps to increase quality of eggs and meat. Hence, growing demand for high quality meat products will favor the market growth.

Ongoing research &development in the field of tocopherol extraction

To explore the properties of tocopherol key players are increasing their spending on research &development activities. For instance, Chinese pharmaceutical company Zhejiang Worldbestve Biotechnology Co. Ltd developed various production technologies that achieved national invention patent.  The company, in collaboration with Zhejiang University, China, underwent high purity alpha type natural vitamin E - technology development industrialization projects.

Global Tocopherols Market Opportunities:

New FDA regulations for fats-soluble vitamins is expected to provide significant growth over the forecast period. For instance, the new regulation for the nutrition facts label, FDA is replacing the unit “IU” for vitamin A, vitamin D, and vitamin E with the metric unit. The unit for vitamin E will be changed to milligram of alpha-tocopherol (mg). This regulation came into effect on January 1, 2020, for companies with US$ 10 million or more in annual sales; and January 1, 2021 for companies with less than US$ 10 million in annual sales. It is projected that all countries will follow this new regulation as well to standardize the labeling system.

Global Tocopherols Market Trends:

Supplementary Gums Are Gaining Popularity

Recent study by the Pennsylvania State University found that by chewing gum containing pyridoxine, retinol, ascorbic acid, and alpha- tocopherol, helps in improve the levels of these vitamins in the blood plasma. The study was financed by Vitaball, which provide SmartGum nutritional chewing gums. Other brands have explored the format too, including Get More Vitamins, which launched Multivitamin Chewing Gum, and confectionery manufacturer Pissa, which released Breathfusion vitamin chewing gums, with a collagen variety focusing on beauty claims.

Growing trend of 100% Vegetarian Flaxseed with Tocopherol

In July 2019, BestSource Nutrition announced the launch of 100% vegetarian Flaxseed with Tocopherol Capsules. Flaxseed Oil is a high source of Omega 3 fatty acids. BestSource Nutrition’s Flaxseed oil capsules comes along with natural vitamin E (tocopherol), which makes it even more suitable to manage heart, skin, and hair health.

Global Tocopherols Market Restraints:

Easy availability of antioxidants alternatives to restraint market growth

For instance, spices and herbs contain high concentrations of phenolic compounds that offer antioxidant protection via hydrogen donation mechanism similar to tocopherols, thus, these spices and herbs can be used as alternatives to tocopherols in preparation of food products.

Figure 2. Global Tocopherols Market Share (%), By Source, 2021

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High Capital Investment Limit Growth

Synthesis of tocopherol require high capital investment. The process is very lengthy and expensive, this hinder the new key players entry into the market. Thus, hampering market growth.

Global Tocopherols Market Segmentation:

The global tocopherol market report is segmented into source, application, and geography

Based on source, the market is segmented into Soybean Oil, Rapeseed/Canola Oil, Corn Oil, Sunflower Oil, and Other Sources. Out of which, Soybean Oil is expected to dominate the global market over the forecast period and this is attributed to their usage in various industrial applications for extraction of tocophereols. The soybean oil segment of the market was valued at US$ 624.9 million in 2019 and is projected to reach US$ 844.3 million by 2025, registering a CAGR of 5.22% during the forecast period (2020-2025).

Rapeseed/Canola Oil segment is also expected to witness significant growth in the near future and this is owing to their numerous health benefits to heart and skin, control diabetes, and help in weight management. The rapeseed/canola oil segment of the market was valued at US$ 71.2 million in 2019 and is projected to reach US$ 105.3 million by 2025, registering a CAGR of 6.83% during the forecast period (2020-2025).

Based on application, the market is segmented into Food and Beverage, Feed, Pharmaceuticals, Dietary Supplements, and Cosmetics/Personal Care. Out of which, Food and Beverage is expected to dominate the global market over the forecast period and this is attributed to their usage as antioxidants, flavor protectants, preservatives, and nutrients stabilizers in food preparation. The food and beverage segment of the market was valued at US$ 295.3 million in 2019 and is projected to reach US$ 418.6 million by 2025, registering a CAGR of 6.06% during the forecast period (2020-2025).

Feed segment is also expected to witness significant growth in the near future. Vitamin E is the most common form of tocopherols in animal feed. The feed segment of the market was valued at US$ 34 million in 2019 and is projected to reach US$ 48.5 million by 2025, registering a CAGR of 6.17% during the forecast period (2020-2025)

Global Tocopherols Market: Key Developments

In September 2019, The DUPONT launched New GUARDIAN® TOCO 30P antioxidant from naturally sourced mixed tocopherols. The product is claimed to facilitate manufacturers of cereal and granola, owing to its convenient, easy-to-use formula, and powder state.

In September 2019, Merck Completed the acquisition of Sigma-Aldrich with US$17 billion, which helped the company to enhance its product range, capabilities, and geographic reach. With the acquisition of Sigma-Aldrich, Merck likely is to be able to serve life science customers, around the world, with brands, such as SAFC and BioReliance, in addition to Millipore and Milli-Q. The company is offering over 300,000-product with highly- respected brands distributed through leading life science e-commerce and distribution platform.

In September 2019, Koninklijke DSM NV has created a joint venture with Nenter in China, which will include company’s production and related assets for vitamin E. The joint venture will acquire and operate the vitamin E production facilities in Jingzhou, Hubei, China and have a minority shareholding in Nenter’s Shishou facility, also in Hubei, China.

In August 2019, KLK Oleo featured its new product - DavosLife E3 DVL 30 WD, at Supply Side West 2019, in the United States. The company also shared samples of beauty drinks formulated with the ingredient and collagen.

In January 2019, The KLK upgraded DavosLife E3 Store, in order to ease consumers with the interface. The website also aims to be user- friendly so that it can be operated through mobile devices.

Global Tocopherols Market: Key Companies Insights

The global tocopherols market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global tocopherols market are Archer Daniels Midland, Cargill Inc., DuPont, MERCK KGaA, BASF SE, Koninklijke DSM NV, Davos Life Science PTE Ltd, Vitae Caps SA, Advanced Organic Materials SA, BTSA, Zhejiang Worldbestve Biotechnology Co. Ltd, and Zhejiang Xinhecheng Co. Ltd

*Definition: Tocopherols are organic chemical compounds with natural availability. They are a primary source of vitamin E in humans and animals.