Kojic Acid Market: Introduction
- Kojic acid with the chemical name 5-hydroxy-2-hydroxymethyl-4-pyrone is produced by several species of fungi, especially Aspergillus oryzae, which has the Japanese common name koji
- It is a by-product in the fermentation process of malting rice. It is used in the manufacture of sake, the Japanese rice wine. In the usual route, dehydratase enzymes convert glucose to kojic acid. Pentoses are also viable precursors, wherein dihydroxyacetone is invoked as an intermediate.
- Kojic acid inhibits and prevents the formation of tyrosine, which is an amino acid that is needed to produce melanin
- Kojic acid is a mild inhibitor of the formation of pigment in plant and animal tissues, and is used in food and cosmetics to preserve or change colors of substances
Key Drivers and Restraints of Kojic Acid Market
- Demand for kojic acid is expected to increase at a significant pace during the forecast period due to the growth in usage of Kojic acid in various industries such as cosmetics, food additive, and medicine materials. Rise in demand for skin-whitening and anti-aging products in developing countries such as India and China is expected to drive the market during the forecast period. However, high cost of kojic acid is negatively affecting the market.
Kojic Acid Market: Application Segment
- Based on application, the kojic acid market can be divided into cosmetics, food additive, medicine material, and others
- The cosmetics application segment dominates the kojic acid market
- Cosmetics is one of the largest application of kojic acid due to its property of skin lightening. Kojic acid is also used in the beauty industry. It is used in shampoos, facial creams, and color cosmetics. It is derived from fermented rice and soybeans. Cosmetic contains up to 40% kojic acid and less than 20 ppm arsenic, mercury, or lead per gram (ppm). Kojic acid is used in skin lightening product formulations such as bleaching creams, lotions, and powders.
COVID-19 Impact on Global Kojic Acid Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- The outbreak of the COVID-19 pandemic has led to disturbance in the supply chain due to the global lockdown in several countries. The spread of coronavirus has led to a decrease in demand for chemical intermediates due to uncertainty in the global economy and capital markets. Therefore, many major chemicals-producing & consuming countries have been experiencing significant variation in demand of kojic acid in end-use industries such as automobiles and construction due to the pandemic.
Asia Pacific to Hold Leading Share of Global Kojic Acid Market
- In terms of region, the kojic acid market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is expected to hold major share of the global kojic acid market, followed by North America and Europe, during the forecast period
- The kojic acid market in Asia Pacific is expected to expand at a faster CAGR than that in Europe and Latin America during the forecast period owing to the increase in awareness about the health benefits of kojic acid in China, India, Japan, and the Rest of Asia Pacific. The major base of manufacturers of kojic acid is situated in China, which has been holding the key share since the last years.
Key Manufacturers Operating in Global Kojic Acid Market
The kojic acid market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the kojic acid market include:
- Hubei Hongjing
- Hubei Xiangxi Chemical
- Sichuan Huamai Technology
- Triveni Interchem
- Chengdu Jinkai
- Hubei Artec Biotechnology Co
- Hubei Xinxinjiali Bio-tech
- Sansho Seiyaku
- Xi'an Hao-xuan Bio-tech Co
Kojic Acid Market: Research Scope
Kojic Acid Market, by Product Type
- Ultra-high Pure
Kojic Acid Market, by Application
- Food Additive
- Medicine Material
Global Kojic Acid Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.