Sodium Phytate Market Analysis By Type (75% Content, Other Content), By Application (Food Industry, Personal Care, Chemical Industry) and Regional Forecast to 2032

SODIUM PHYTATE MARKET REPORT OVERVIEW

The global sodium phytate market size was valued at USD 92 million in 2023 and is projected to reach USD 165.3 million by 2032, exhibiting a CAGR of 6.1% during the forecast period.

Sodium phytate is known to be extensively required for usage in the food, personal care, and chemical industries due to its chelating properties. It serves as both a stabiliser as well as a preservative when it is added to any chemical formulation, thanks to the natural antioxidant properties it possesses. The growing demand for such natural additives in personal care products and the popularity of clean-label food ingredients is therefore experiencing significant expansion, and that is why the sodium phytate market growth is being fuelled rapidly on a global scale.

Since this substance has the ability to prevent oils and fats from oxidising, it has actually become a most essential component of many skincare formulas in recent times, as people become more and more aware about the importance of purchasing and using products with natural ingredients. The demand of the food industry has also seen growth, as using sodium phytate in products prolongs their shelf life as well as their overall quality.

GLOBAL CRISES IMPACTING THE SODIUM PHYTATE MARKETCOVID-19 IMPACT

How the Industry Faced Supply Chain Disruptions During the COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The entire chemical or substance producing sector of the world was affected negatively during the pandemic, and the sodium phytate industry also faced many issues such as delay in production, disrupted manufacturing and supply, which was also due to demand going down, and raw materials for production becoming scarce and very difficult to procure with government restrictions within the lockdown on their peak. However, it is projected that businesses related to the sodium phytate industry will benefit from focused companies who are making continued efforts towards expanding their production and improving supply chain management post the pandemic, in order to prevent more disruptions as the chemical industry gradually returns to normal.

LATEST TREND

"Increase in Awareness and Demand for Sustainable Products to Drive Market Growth Further"

The need for sustainable, all natural as well as clean-label products in industries such as personal care, cosmetics and food sectors are the major factors which are influencing the global sodium phytate market share. A growing number of world renowned companies are now increasingly opting to adopt and use functional additives such as sodium phytate in their product manufacturing, which offers significant advantages over the traditionally used artificial preservatives, with the added benefit of providing health benefits to the users as well, which in in keeping with the trend consumers are increasingly following, of seeking natural ingredients in the products that they use.

SODIUM PHYTATE MARKET SEGMENTATION

BY TYPE

Based on type, the global market can be segmented into 75% content and other content.

• 75% Content: Because sodium phytate works so well as a stabilising and chelating agent, it is used extensively in the food and personal care industries. Its demand is being driven, especially in Asia-Pacific and Europe, by its use in anti-aging creams, lotions, and food preservation.
• Other Content: Industrial applications or situations where a higher concentration is not required are the typical uses for other content types of sodium phytate, such as 85% or lower purity. Even though this market is smaller, it is nevertheless very important to the chemical industry, particularly when creating different kinds of compounds.

BY APPLICATION

Based on application, the global market is segmented into the food industry, personal care and the chemical industry.

• Food Industry: By halting oxidation and rancidity, sodium phytate prolongs product shelf life in the food industry. It serves as a preservative, particularly in baked goods, snack foods, and processed foods. .
• Personal Care: Sodium phytate is an important component of skincare and personal care products because of its capacity to bind to metals and inhibit oxidation. It assists in preserving the integrity of the active ingredients in formulations of natural and clean beauty products.
• Chemical Industry: Sodium phytate is used in a number of chemical industry processes as a chelating agent. The segment is growing because of its use in metal treatment, cleaning products, and formulations that need to bind metal ions.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Increased Awareness About Natural Ingredient Products Driving Customer Demand"

The trend of using this substance for production across various industries is most prominent in nations of North America as well as Europe, since the consumers here are ready to pay an extra amount of money also if it means that the goods they are procuring are of better quality and use natural ingredients which are listed on the label. It is projected that this trend of shifting towards sustainability and health consciousness encourages the market to buy alternative products, which will ultimately hasten the market's expansion for sodium phytate.

"Growing Personal Care and Cosmetics Sector Leading to an Increase in Market Share"

The current trend in emerging and developing market sectors located in regions such as Asia-Pacific is driving heavy expansion of the sodium phytate market growth. The shift in customer preference, and the demand for non-toxic and eco-friendly products is therefore supposed to ensure a larger market share for the sodium phytate market.

RESTRAINING FACTOR

"High Production Costs Limiting Procurement of Raw Material by Industries"

The scarcity of resources results in volatile pricing, which becomes a huge challenge for small and medium-sized enterprises trying to compete with major players in the international market. Additionally, raw material price volatility may have an effect on market dynamics overall.

OPPORTUNITY

"Innovative Formulations to Develop by Leveraging Technological Advancements"

For producers of sodium phytate, technological developments in the food and personal care sectors offer a sizable opportunity. The creation of novel formulations utilising sodium phytate is anticipated to increase as businesses search for methods to enhance the effectiveness and functionality of their goods. This creates the possibility of growing into specialised markets such as fortified foods and organic beauty products.

CHALLENGE

"Strict Restrictions Making the Situation Difficult for Manufacturers"

Since each country or region has its own set of government imposed rules and regulations that apply to the sodium phytate production industry, it becomes difficult for manufacturers to meet the standards of each area where they are based or located. Even though most countries find the substance of sodium phytate to be safe when used in personal care, food or chemical products, there are still places where it is prohibited or strictly regulated, and a close eye is kept on the usage of this substance especially in food or cosmetics. Each manufacturer who enters the market has to take great care that they are in keeping with government compliance and quality standards, by investing heavily in the same in terms of both time and money.

SODIUM PHYTATE MARKET REGIONAL INSIGHTS

The market is primarily divided into Europe, North America, Asia-Pacific, Latin America, the Middle East & Africa.

• North America

Products such as food and personal care are required to use natural preservatives and ingredients such as sodium phytate while producing, which leads to the industry expanding heavily in countries such as North America. More and more countries, especially in the United States and Canada are adopting the regular use of sodium phytate in all their clean-label products. Personal care companies are one such segment which uses the substance in their formulations, in order to satisfy rapidly increasing consumer demand for natural, safe ingredients in the United States sodium phytate market.

• Asia-Pacific

The majority of the market share in this region is taken up by the personal care and chemical industries, which can be observed in nations such as China, Japan, and South Korea. The consumption of these products which are made using all natural ingredients which are safe for use in cosmetics is on the rise, as the middle class people have more money to spend with increasing spending capacity, which is expected to fuel the sodium phytate market growth further.

• Europe

The food industry has a heavy demand for organic food products that are a part of the clean-label goods which are produced in European countries. The companies in this region play a major role in shaping the market dynamics in countries such as Germany, France and the U.K., where sodium phytate is a must-add ingredient for food product manufacturers.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Global Expansion"

The sodium phytate market share is shaped by important players such as Zhejiang Orient Phytic Acid, Hebei Yuwei Biotechnology, Yichang Refine Bio-Chem, and Evonik Dr. Straetmans GmbH, among others. Their goal is to achieve the highest possible market share by expanding manufacturing plants across the world, wherever the region shows promise of high product demand and the added benefit of low production costs.

LIST OF KEY SODIUM PHYTATE MARKET COMPANIES

• Evonik Dr. Straetmans GmbH (Germany)
• Zhejiang Orient Phytic Acid (China)
• Hebei Yuwei Biotechnology (China)
• Yichang Refine Bio-Chem (China)
• Jingjiang Shengjin Tech (China)

KEY INDUSTRY DEVELOPMENT

April, 2023: A new line of personal care products which contain sodium phytate, serving the role of a natural added component was released, with a large amount of investment to fulfil the growing demand of customers who are looking for such products. The main aim was to provide cosmetics which use only safe and environmentally friendly ingredients in its formulations.

REPORT COVERAGE

This report provides a detailed analysis of the sodium phytate market growth, containing information that is both qualitative and quantitative. It assesses the market from 2019 to 2032 by looking at important factors such as the revenue growth and output/shipments of this industry in important regions of the world. The study also aims at providing a thorough analysis of current as well as forecasted trends, along with obstacles and opportunities in the market, along with a detailed segmentation done on the basis of types and applications. This provides stakeholders with an overall view of the market and its future, so that maximum benefits from investments can be achieved during the forecast period.