Policosanol Market Expected to Reach $586.5 Million by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Policosanol Market," The policosanol market was valued at $301.0 million in 2022, and is estimated to reach $586.5 million by 2032, growing at a CAGR of 6.9% from 2023 to 2032.

Policosanol was originally derived from sugarcane, but the chemicals are isolated from beeswax, cereal grains, grasses, leaves, fruits, nuts, and seeds of many food. Plant waxes consist of long-chain alkanes and their derivatives, including long chain fatty acids and alcohols. Policosanols are exceptionally long chain alcohols with carbon backbones ranging from 24 to 34 carbons.

The availability and accessibility of policosanol products drive the growth of the market. Consumers have easier access to the product, further driving its market growth as more manufacturers and distributors offer policosanol supplements in various forms (such as capsules or tablets).

Rise in demand for various cosmetics and skin care products in the developing regions, such as Asia-Pacific and LAMEA, drives the growth of the policosanol market. In addition, steady rise in consumption of pharmaceutical products such as tablets and policosanol-based capsule supplements have enhanced the overall market performance during the forecast period.

However, price can be a significant factor influencing consumer purchasing decisions. Policosanol, as a niche ingredient and specialized supplement, due to which it is priced higher than other dietary supplements. Price sensitivity among consumers, particularly in price-conscious markets, can impact the market demand.

The policosanol market is highly competitive, with numerous products available for cholesterol management. Policosanol faces competition from other natural and synthetic cholesterol-lowering agents, including other plant-based supplements, prescription medications, and lifestyle modifications. Differentiating polycosanol and establishing a competitive edge is challenging.

There is a growth in consumer preference for natural and plant-based products, including dietary supplements. Policosanol, derived from sugarcane wax, is a natural ingredient that aligns with this trend. The opportunity lies in positioning policosanol as a natural and sustainable solution for cholesterol management.

In addition, extensive use of policosanol product in the research and development filed and formulation of various pharmaceutical drug, vitamins, and others are expected to boost the market. These factors together are projected to create remunerative opportunities for the expansion of the policosanol market during the forecast period.

The policosanol market is segmented on the basis of source, application, and region. On the basis of source, the market is segregated into sugarcane, wheat germ, beeswax, and others. The sugarcane segment dominated the global market in terms of revenue in 2021, with 43% of the total share. This is attributed to the fact that, the demand for sugarcane is driven by factors such as population growth, change in consumer preferences, industrial uses, economic development, bio-based products, and the ongoing need for sugar as a food ingredient has enhanced the overall potential sales of policosanol market during the forecast period.

Furthermore, policosanol, derived from sugarcane, has been studied for its potential health benefits. Sugarcane-derived policosanol is used to support overall cardiovascular health due to its cholesterol-modulating effects. It helps to reduce the risk of heart disease, stroke, and other cardiovascular conditions. This factor is expected to drive the demand for sugarcane derived policosanol in the medicinal sector.

On the basis of application, the global policosanol market is segmented into, dietary supplements, pharmaceutical drugs, personal care and cosmetics, and animal feed. The dietary supplements application dominated the global market in terms of revenue in 2022, with 39% of the total share.

There is a growth in pharmaceutical sector at a rapid pace owing to the rise in population, increase in R&D activities, advancement in technology, and increased focus on this sector has spurred the pharmaceutical industry. For instance, according to a report published by India Brand Equity Foundation in the year May 2022, domestic pharmaceutical market of India is at $42 billion in 2021 and is expected to reach $65 billion by 2024 and further expand to reach $120-130 billion by 2030. Policosanol acts as a lipid lowering agent and it is perceived as benefits for cardiovascular health.

Moreover, the availability of scientific studies conducted primarily in Cuba, where policosanol has been extensively researched and used as a pharmaceutical drug, and also influenced its adoption in the industry. The positive outcomes have shown efficacy and safety which has driven interest in exploring the potential of policosanol as a pharmaceutical intervention.

On the basis of region, the policosanol market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific-policosanol market is projected to grow at the highest CAGR during the forecast period. This is attributed to the fact that The Asia-Pacific policosanol market is anticipated to expand during the forecast period.

India, China, and Japan are anticipated to contribute to the Asia-Pacific policosanol market. The region highlights high potential growth for policosanol, owing to the increase in the pharmaceutical sector where policosanol is used predominantly. It is used as antioxidant and anticoagulant agent in the formulation of drugs. This factor acts as one of the key drivers responsible for the growth of policosanol in the region.

The pharmaceutical market in India and Japan has been experiencing significant growth for several reasons such as, large domestic market, increasing healthcare expenditure, government initiatives, R&D innovation, and other factors that have spurred the policosanol market. Policosanol has been widely used to treat patients with (CVD) cardiovascular disease. This factor is projected to drive the policosanol market In the Asia-Pacific region.

Key players operating in the global policosanol market include Manus Aktteva Biopharma LLP, Zxchem Group, Ambe Phytoextracts Pvt. Ltd., BOC Sciences, Huzhou Shengtao Biotech LLC, Botanic Healthcare, Bioriginal Food & Science Corp, Sabinsa, Sunpure Extracts Pvt Ltd., and Shreeji Pharma Internationa.

Key findings

• On the basis of source, the sugarcane segment is expected to grow at a CAGR of 7.2%, in terms of revenue, during the forecast period.
• On the basis of application, the pharmaceutical drugs segment is expected to grow at a CAGR of 6.6%, in terms of revenue, during the forecast period.
• On the basis of region, Asia-Pacific garnered a dominant share in 2022, in terms of revenue.