The market for sterols is expected to grow at a CAGR of more than 6% globally during the forecast period.
- Rising needs in medical applications as well as growing usage in the food industry are driving the market growth.
- The impact of COVID-19 on the supply chain is likely to hinder the growth of the market.
- Research & development on sterols for its usage in emerging applications are expected to act as an opportunity for the market.
Key Market Trends
Growing Demand from Pharmaceuticals Application
- Sterols are used for a wide range of pharmaceutical applications.
- Sterols are an effective choice for reducing cholesterol levels and are safe for children as well as adults.
- Moreover, these high cholesterol levels can cause heart failure risk, and hence doctors prescribe consumers in need to consume plant sterols for lowering down the risk of heart disease.
- Additionally, people who consume a sufficient amount of sterols as a part of their diet seem to have a lower risk of gastric cancer.
- Plant sterols are also aid in the treatment of some stomach cancer, colon cancer, and rectal cancer. In addition to this, these plant sterols further aid in weight loss.
- The Pharmaceuticals industry is growing, owing to the rising number of diseases worldwide, which in turn is expected to drive the market for sterols in pharmeceutical industry.
Europe Region to Dominate the Market
- Europe region is the largest market for sterols, mainly driven by the rising aging population and increased awareness level regarding health as well as wellness.
- Moreover, a significant increase in the incidences of death caused due to various heart and cardiovascular diseases is also one of the factors contributing to the growing market for sterols in the region.
- Spain, Italy, France along with few others are among the major countries in the region that are involved in the manufacturing of sterols, owing to the abundance of raw materials availability including vegetable oils (corn oil, soybean oil, etc.).
- Finland and the Netherlands, followed by Belgium, Germany and the United Kingdom are among the largest producer of varied food products that involves sterols in production. Growing food & beverage production in these countries are thereby expected to drive the market for sterols in Europe.
- The pharmaceutical industry in European region too is rising, majorly driven by continuous focus on research and development, along with the need to bring new and safer medicines in the market.
- As per the 2019 data given by European Federation of Pharmaceutical Industries and Association (EFPIA), in 2018, the pharmaceutical industry had invested more than EUR 36,500 million in R&D, which further increased through 2019.
- Overall, such factors are expected to drive the market for sterols in the European region through the years to come.
The global sterols market is partially consolidated in nature with few players occupying a major share in the market. Some of the major players in sterols market includes BASF SE, Cargill Incorporated, The Lubrizol Corporation, ADM, Arboris, and ConnOils LLC among others.
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