Transparency Market Research states that the global mixed tocopherol market held an opportunity worth US$2.03 bn in 2015. The market is expected to expand at a healthy 4.6% CAGR over the period between 2016 and 2024. As a result, the market will rise to a valuation of US$3.04 bn by 2024. A wide gap between the global demand and supply of mixed tocopherols and fluctuating raw material prices will hinder the market’s growth to a certain extent.
Rising health consciousness among the global population, a rapidly graying population, and increased adoption across the pharmaceutical and animal feed industries are collectively boosting the global consumption of mixed tocopherols. In the past few years, the demand for mixed tocopherols for conditions such as Parkinson’s disease, restless leg syndrome, neurogenic problems, Huntington’s chorea, and a variety of cancers, and general wellbeing has seen a positive upward trend.
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Asia Pacific Surges Ahead in Mixed Tocopherol Consumption
Europe and North America are presently at the forefront of the global tocopherol market, collectively accounting for a share of nearly 60% in 2015. In Europe, which was the largest regional market for mixed tocopherols with over 32% in 2015, the rapid growth of the pharmaceutical and food industries has aided the high consumption of mixed tocopherols.
However, the market for mixed tocopherols is expected to expand in Asia Pacific at the fastest pace among other key regional markets over the said period. The region will surge ahead in the global mixed tocopherol market owing to the rising consumption of a variety of tocopherols in the animal feed, cosmetics, and pharmaceutical industries. The mixed tocopherol market in the region will also benefit from the vast and easy availability of cheap raw material sources such as palm and coconut oil.
Increased Adoption in Animal Feed Industry Boost Global Demand for Mixed Tocopherols
Of the several principle applications of mixed tocopherols, the segment of animal feed is presently observing development on the most promising scale. Usage of mixed tocopherols in animal feeds accounted for the largest share of over 39% in the overall market in 2015. The animal feed application segment had a valuation of $799.0 million in 2015 and is slated to rise at a healthy 4.5% CAGR over the period between 2016 and 2024. The rising global demand for high quality meat and pork is expected to expedite the consumption of mixed tocopherols in the animal feed market in the next few years.
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The global consumption of mixed tocopherols is also expected to expand at a sustainable pace across applications such as pharmaceutical, dietary supplement, vitamin fortified foods, and cosmetics. Applications of mixed tocopherols in the sector of cosmetics and vitamin fortified foods and beverages is expected to expand at a 4.8% CAGR from 2016 and 2024.