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
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
Interested in this report?
Get a FREE Brochure now!