As per a recent market analysis by Future Market Insights (FMI), demand for galactose is expected to rise at a 5.6% CAGR, with the market valuation projected to reach of US$ 45,112.9 Mn in 2031.
Changes in consumers’ eating habits, along with increasing consumption of ready-to-eat meals due to hectic lifestyle and busy schedules are some trends driving sales of galactose in the food and beverage industry.
Owing to high demand, manufactures operating in the packaged food sector are incorporating galactose as an alternative to chemically processed sugar. In addition to this, expansion of the vegan population, and high focus on wellness-based products will continue fueling sales of galactose over the forecast period.
Rising awareness regarding usage of artificial and synthetic sugar in food and beverages spurring demand for galactose. Consumption of synthetic sugar results in health disorders such as high blood pressure, excessive weight gain, and increased risk of heart related disorders. In response to this, manufacturers are investing in research and development activities to launch plant-derived galactose in the market.
In addition to this, increasing demand for galactose from the personal care industry is anticipated to bode well for the market. Galactose is an exfoliant, which removed dead cells, minimizes pores, and doesn’t increase sun exposure, making it a vital ingredient in skincare products. This trend is anticipated to continue over the forecast period, resulting in high demand for galactose.
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Key Takeaways:
- Crystal type of galactose is estimated to hold over half of the market in 2031.
- Based on product type, D-Galactose is expected to account for lion’s share of the total galactose sales in 2021.
- In terms of source, plant-derived sugar is anticipated to command the galactose market share.
- Sales of galactose in India are projected to rise at a robust 8.1% CAGR over the forecast period.
- The U.S. is estimated to account for more than 81% of the North America market in 2021.
The U.K. is projected to dominate the Europe galactose market with a market share of 14.8% in 2021.
Galactose Application in Personal Care Industry Creating Opportunities for Market Growth
Galactose has many anti-inflammatory and probiotic properties. These properties make it ideal for inclusion in exfoliating and nourishing skincare products. Galactose belongs to the PHA family of chemical exfoliants, which is a new generation of well-known AHAs and BHAs.
PHAs mildly exfoliate the skin, making them suitable for usage on all skin types.
It can help minimise the appearance of dark spots and hyperpigmentation, and unlike other chemical acids like AHAs, it doesn’t increase sun exposure. All these factors are leading to a higher application of galactose in the personal care industry.
Competitive Landscape
Some of the leading companies offering galactose are Thermo Fisher Scientific Inc., Merck KGaA, Kyowa Hakko Kirin Co., Ltd., Kyowa Hakko Kirin Co., Ltd., Suven Life Sciences Ltd., Nacalai Tesque Inc., Cayman Chemical Company, Inc., Anhui HeGeng Biotech Engineering Co., LTD., Tereos Starch & Sweeteners s.a.s, Cambridge Isotope Laboratories, Inc., and others.
Key players operating in the global galactose market are focusing on reaching a large consumer base by targeting emerging countries such as China, India, and Brazil. As a part of their growth strategies, players are investing in research and development to launch innovative plant-derived galactose products. Besides this, mergers, acquisitions, and strategic collaborations are expected to aid market players in expanding their global footprint over the forecast period. For instance:
- In March 2018, Kyowa Kirin Asia Pacific Pte. Ltd. announced the establishment of its Australian subsidiary, known as Kyowa Kirin Australia Pty. Ltd. With this establishment, the company aims to launch Kyowa Hakko Kirin’s products in the country.
Market Segments Covered in Galactose Industry Analysis
By Source:
- Plant Derived Sugar
- Synthetic Sugar
By Product Type:
- D-Galactose
- L-Galactose
By Form:
- Powder
- Liquid
- Crystal
By End-Use:
- Food
- Bakery Goods
- Sweet Spreads
- Confectionary
- Dairy Products
- Canned Food
- Beverage
- Carbonated Drinks
- Fruit Drink and Juice
- Powdered Drinks and Mixers
- Alcoholic Beverages
- Pharmaceuticals
- Personal Care
- Biofuel Industry
- Animal Feed Industry
Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Oceania
- Japan
- Middle East & Africa
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FAQs the Study Answers
- What is the current value of the global galactose market?
The global galactose market is anticipated to reach US$ 26.1 Bn in 2021.
- At what rate did the global galactose market grow between 2016 and 2020?
The global galactose market expanded at a 4.6% CAGR between 2016 and 2020.
- What are the key trends boosting galactose sales?
Increasing demand for RTD/RTE products, along with increasing preference towards product transparency are driving sales of galactose.
- Which are the major countries driving demand for galactose?
The U.S., the U.K., China, Japan and Canada are the major countries driving demand for galactose.
- What will be the demand outlook for North America galactose market?
The North America galactose market is projected to grow at a 4.1% CAGR through 2031.
- What will be the galactose market share in Europe?
The galactose market in Europe is anticipated to expand at a 4.9% CAGR over the forecast period.
- What is Japan’s contribution towards global galactose market?
Japan is expected to account for over 5% of sales in the global market.
About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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