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.
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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.
“Increasing demand for ingredients derived from organic sources and transparency of ingredients list in food products will continue fueling sales of galactose over the forecast period,” says the FMI analyst.
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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.
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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.