Heat Treated Steel Plates Market Size Worth $7.9 Billion By 2027

The global heat treated steel plates market size is expected to exceed USD 7.9 billion by 2027, expanding at a CAGR of 3.9% over the forecast period, according to a new report by Grand View Research, Inc. Growing industrial output in China’s automotive, construction, and industrial machinery industries is projected to remain one of the key factors driving the market for heat treated steel plates.

Despite economic uncertainty, China’s investments in the manufacturing sector are growing at a healthy rate. As per China’s leading industry regulators, it has grown by 8.7% y-o-y basis in the first 3 quarters of 2018. Strong government policies on encouragement of private investment are likely to fuel market growth. Moreover, China’s industrial output observed 6.2% y-o-y in 2018, wherein the automotive, railway, and equipment and machinery sectors were the major contributors.

Rapid growth in urbanization is projected to increase the investments in highways, railways, energy, and other infrastructure. The network of highways and railways is still low in China as compared to the developed countries, and hence the country is set to boost its economy by numerous infrastructure projects. For instance, the country gave approval to 26 infrastructure projects in 2019, including the rail projects in Kunming, Chongqing, Chengdu, Zhengzhou, and Xian. The 26 projects are worth an investment of around USD 142 billion. Growth in infrastructure is projected to contribute to the demand for construction machinery and equipment, thereby boosting the demand for heat treated steel plates.

Growing aerospace and defense budgets in various countries are likely to push the demand for heat treated steel plates as these steel plates find application in helicopters, tanks, aircraft, and ships. The defense budget in U.S. is the highest in the world and has a strong impact on the manufacturing sector. The budget in the country increased from USD 606 billion in 2018 to USD 681 billion in 2019, which was more than the combined budget of Russia, China, Germany, France, U.K., and Japan.

On the basis of end use, the automotive and transportation segment is projected to witness the fastest growth from 2020 to 2027. Steel is one of the sustainable materials and has high penetration in automotive components and assemblies. Heat treatment is a vital attribute of automotive and transportation components manufacturing. If the components are not heat treated, they are unable to withstand stress and may observe crack development or failure. Processes including normalizing, annealing, stress relieving, hardening, and tempering are likely to witness continuous demand on account of incessant automotive production and rising demand for new aircraft, thus driving the growth of heat treated steel plates market.

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Further key findings from the report suggest:

Based on process, hardening and tempering accounted for a share of 25.2% in 2019 and is projected to witness continuous growth owing to increasing need among the end-use industries for improved hardness, toughness, and strength in various parts
Case hardening is projected to expand at the fastest CAGR of 4.8% over the forecast period on account of durability and surface hardness provided by this process
By end use, the automotive and transportation segment accounted for the largest share of 49% and is likely to maintain its position over the next few years. Growing aircraft demand due to increase in air passenger traffic and rapidly evolving electric vehicles sector are the primary factors responsible for the segment growth
The construction application segment was valued at USD 702.3 million in 2019. Positive outlook of the construction industry in emerging economies and increasing investment in highways, railways, and bridges are projected to fuel the demand for heat treated steel plates
Asia Pacific held the largest share in the market for heat treated steel plates in 2019. The region is anticipated to witness lucrative growth from 2020 to 2027 due to expansion of the construction, automotive, and industrial machinery industries in China and India
Key vendors in the market for heat treated steel plates include Nippon Steel Corporation, Baosteel, Tata Steel, ArcelorMittal, POSCO, and Outokumpu

Healthcare Personal Protective Equipment Market Worth $38.71 Billion By 2027

The global healthcare personal protective equipment market size is expected to reach USD 38.71 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 21.3% from 2020 to 2027. The outbreak of COVID-19, coupled with the possibility of a second wave of the pandemic across the globe, is expected to augment the demand for healthcare personal protective equipment (PPE).

Manufacturers have been investing in various R&D initiatives to create PPE with low external limitations and adhere to regulatory standards. Moreover, due to the shortage of PPE, manufacturers are increasingly using 3D printing technology to manufacture masks and other PPE for healthcare professionals during the COVID-19 pandemic.

Healthcare facilities follow the “just in time” approach to procure PPE kits due to efficiency and budgetary reasons. However, due to the unprecedented demand for PPE during the COVID-19 outbreak, this policy resulted in a drastic shortage of PPE kits for the healthcare workers, wherein few placed orders were supplied to respective facilities and others had to search for alternatives.

The prices of healthcare PPE witnessed an exponential rise since the outbreak of the COVID-19 pandemic due to the shortage of PPE. For instance, according to the World Health Organization (WHO), buyers have observed a six-fold, threefold, and twofold price increase in surgical masks, respirators, and gowns, respectively.

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https://www.grandviewresearch.com/industry-analysis/healthcare-personal-protective-equipment-ppe-market

Further key findings from the report suggest:

The respiratory protection product segment is estimated to expand at the fastest CAGR of 49.8% from 2020 to 2027 on account of the increasing use of N95 respirators and surgical masks by healthcare workers actively combating the COVID-19 pandemic
The hospital end-use segment accounted for a revenue share of 55.7% in 2019 on account of the predominant use of PPE in hospitals by the staff, coupled with improving healthcare infrastructure, especially in the emerging economies
Europe held the largest revenue share of 35.8% in 2019 owing to the possibility of a second wave of COVID-19, coupled with the rising number of qualified nurses, midwives, and other care professionals in the region
The market in India is expected to expand at the fastest CAGR of 39.4% from 2020 to 2027 on account of increasing domestic production of PPE, coupled with rising healthcare spending and improving healthcare infrastructure in the country
In August 2020, Ansell joined the #TyvekTogether program launched by DuPont and through this collaboration, it will be producing 600,000 isolation gowns made using the Tyvek fabric, which will be further distributed by Henry Schein to frontline healthcare workers

Argan Oil Market Size Worth $507.2 Million By 2027

The global argan oil market size is anticipated to reach USD 507.2 million by 2027, expanding at a revenue-based CAGR of 10.8% over the forecast period, according to a new report by Grand View Research, Inc. Argan oil is gaining popularity in the global market as it cotains omega-3 and omega-6 fatty acids, lupeol, beta amyrin, antioxidant tocopherols, triterpenoids, and butyrospermol, which play a significant role in improving skin and hair quality. This has encouraged manufacturers from industries such as aromatherapy, medical, and cosmetics products to integrate argan oil in their final products.

Key players in the market are focusing on improving the quality of product in their personal care and cosmetic products to promote healthy hair and skin. Such initiatives are anticipated to fuel the overall demand in the cosmetics application segment. Furthermore, the global demand is also witnessing a surge on account of shifting consumer preference toward organic products.

Players in the argan oil market are involved in R&D activities for improving the extraction method as it is a key step in the production process. Recently, researchers obtained argan oil using super critical fluid extraction and concluded no changes in the quality and physicochemical parameters of the product. However, the method is still in the nascent stage and is likely to play a significant role in increasing the production over the coming years.

Health consciousness coupled with a fat-free lifestyle accelerates the demand for healthy vegetable oil including argan oil. Food industry is also witnessing a surge in demand on account of increasing importance given to maintaining a healthy diet. Argan oil helps control cholesterol levels while boosting energy levels in the human body. Technological advancements are also contributing significantly to the enhancement of both chemical and microbiological qualities, thus positively influencing the overall product demand.

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https://www.grandviewresearch.com/industry-analysis/argan-oil-market

Further key findings from the report suggest:

In 2019, conventional emerged as the largest type segment in the argan oil market owing to high crop yield obtained by using this cultivation method as it involves using synthetic pesticides and fertilizers
In 2019, Business to Business (B2B) dominated the distribution channel segment in the market owing to increasing direct sales of the product in the international market, especially by the manufacturers of cosmetic products
Sivan, an Israeli company is developing a super strain, called as Argan 100, which is capable of tolerating the Mediterranean climate and can manufacture 10 times more nuts as compared to the average trees of Morocco, thus contributing to the production
Some of the key players in the market are OLVEA, ARGANisme, Zineglob, PURUS (Purus International), Malakbio, Argane Aouzac, Organica Group LTD, Arganfarm, Kamakhya Bottlers, Zidrop Argan Oil, and ARGANBULK.

Aerospace Parts Manufacturing Market Worth $1.25 Trillion By 2027

The global aerospace parts manufacturing market size is expected to reach USD 1.25 trillion by 2027, exhibiting a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing passenger and freight traffic in emerging economies is driving the demand for next-generation aircraft, which in turn is expected to boost the market growth.

A majority of the aircraft manufacturing companies are integrated across the value chain and are highly active in the parts manufacturing process. These companies have in-house production facilities as well as supplier contracts for the procurement of these parts. The manufacturers are also involved in raw material procurement and designing and quality control of the parts offered by third party suppliers.

The market for aerospace part manufacturing is primarily concentrated in North America and Europe, owing to the presence of major aircraft manufacturers. China and India are expected to emerge as the leading markets in the forthcoming years, owing to the rapid growth of aircraft part manufacturing and export activities. The global trade in components and sub-assemblies has increased by approximately 25% during the past decade. However, the sector still remains consolidated with the top 3 countries including the U.S., Germany, and France, accounting for over 60% of the total aircraft manufacturing.

The market has observed a trend of a collaboration of the major companies entering into a joint venture. This helps the companies to sustain in the highly competitive market in terms of geographical expansion, technological advancements, and lowering the risk of failure. This also aids the companies to easily access the market for gaining long term contracts.

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https://www.grandviewresearch.com/industry-analysis/aerospace-parts-manufacturing-market

Further key findings from the report suggest:

In 2019, aerostructure dominated the product segment, with 52.2% of revenue share on account of the strong replacement rate of aluminum with high-cost composites in fuselage and airframe structures
The commercial aircraft segment is estimated to expand at the fastest CAGR of 4.6% over the forecast period, as significant changes are being incorporated into the aircraft structure to reduce carbon emissions by replacing existing parts with lightweight materials
The market in the Asia Pacific was valued at USD 149.6 billion in 2019 and is expected to expand at the highest CAGR owing to the rapid growth of the aviation industry, augmenting the growth of MRO services thereby impacting the aerospace parts manufacturing industry on a positive note
The aerospace parts manufacturing market has stringent manufacturing norms, safety regulations, and certifications, which restricts the entry of new entrants
Emerging players in Asia offering low-cost innovative solutions to the end-users are expected to challenge the established players in North America and Europe, leading to competition disruption in the market

Chitosan Market Size Worth $28.93 Billion By 2027

The global chitosan market size is projected to reach USD 28.93 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a revenue-based CAGR of 24.7% during the forecast period. Increasing consumption of bio-derived products in water treatment, cosmetics, food and beverage, and pharmaceutical industries is likely to derive the growth.

Chitosan is marketed under various grades, such as industrial, pharmaceutical, and food depending upon the purity of the product. In the pharmaceutical industry, it is used as diluents for tablets, a binder in wet granulations, dis-integrant, drug carrier, and absorption enhancer. In addition, chitosan and its derivatives can easily penetrate the plasmatic membrane of microorganisms and kill bacteria, fungi, and other parasites. Hence, is used for treating infections in orthopedic, neurological, gynecological, and cardiovascular surgical procedures.

North America is expected to emerge as one of the major markets for chitosan during the forecasted period, registering a CAGR of 19.2% in terms of volume, between 2020 to 2027. The region has experienced a growing demand for chitosan products owing to increasing biobased industries. Manufacturers are heavily investing in R&D activities to develop the pure grade of chitosan. However, high production cost owing to the irregular supply of the raw material is anticipated to hamper market growth over the forecast period.

The market is highly fragmented in nature owing to the presence of a large number of small-scale players, especially in countries including Japan, China, Thailand, and South Korea. These countries have favorable government regulations to promote growth of their fishery industry. Hence, several companies such as Qingdao Yunzhou Biochemistry Co., Kyowa Technos Co., Ltd., Dainichiseika Color & Chemicals Mfg. Co. Ltd., and KIMICA Corporation have manufacturing as well as distribution channels present in the region.

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https://www.grandviewresearch.com/industry-analysis/global-chitosan-market

Further key findings from the report suggest:

In terms of revenue, chitosan is anticipated to expand at a CAGR of 24.7% from 2020 to 2027, since they are used in large quantities in the production of antiseptics, food items, cosmeticts, medicines, textiles, and other consumer products
The U.S. chitosan market is anticipated to exceed 36.98 kilo tons by 2025, owing to the abundant availability of raw material, which has further flourished the industrialization in the country
Some of the key market participants are Panvo Organics Pvt. Ltd.; Qingdao Yunzhou Biochemistry Co.; Meron Biopolymers; Advanced Biopolymers AS; Biophrame Technologies; Heppe Medical Chitosan GmbH; United Chitotechnologies Inc.; Foodchem International Corporation; KitoZyme S.A.; and Chitosanlab

Cellulose Esters And Ethers Market Size Worth $7.8 Billion By 2027

The global cellulose esters and ethers market size is anticipated to reach USD 7.8 billion by 2027, expanding at a revenue-based CAGR of 4.9%, according to a new report by Grand View Research, Inc. The market is expected to be driven by growing demand for products in the cigarette filters, textiles and apparel, photographic films, and food and beverage industries, specifically in emerging economies of Asia Pacific.

Developed economies such as North America and Europe are projected to emerge as prominent markets. Lack of time and rising consumer purchasing power in these regions have resulted in an increased demand for baked food products and convenience foods. In addition, the growing number of product-specific bakeries is expected to foster emulsifier manufacturers to incorporate cellulose-based esters and ethers in their product line.

Cellulose esters and ethers are primarily employed in personal care products such as body lotions, shampoos, face creams, and cold creams owing to their excellent binding, thickening, stabilizing, and moisturizing properties. In addition, increasing product consumption in toothpaste for imparting a smooth texture, improving salt tolerance, and enhancing acid resistance is projected to drive the market.

Cellulose acetate is widely utilized in manufacturing cigarette filters. Key players are concentrating on flavored tobacco products, including flavored smokeless tobacco, e-cigarettes, cigarillos, and hookah, due to their growing popularity across the globe. It also finds applications in numerous printing platforms, including rotogravure, offset, inkjet, and flexographic. Increasing demand for inks for packaging and printing products like newspapers, magazines, and books in China, India, and Vietnam is projected to bolster market growth.

Methylcellulose acts as a binder, film former, preservative, thickener, and retarder in addition to promoting air entrainment in various applications of the construction sector. It is used in building materials such as cement-based tile grouts, cement-based plasters, tile adhesives, and mortars for the skim coat. Rising infrastructural activity in economies such as Saudi Arabia, China, India, and Brazil is anticipated to drive product demand in the construction sector over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/cellulose-ester-market

Further key findings from the report suggest:

Kraft process is projected to sustain the largest market share throughout the forecast period and accounted for over 83.0% of the revenue in 2019
Cellulose acetate is anticipated to emerge as the largest product segment owing to the growing production of cigarettes
The cellulose nitrate segment was valued at USD 778.4 million in 2019, and it is expected to emerge as the fastest-growing product from 2020 to 2027
Cigarette filters application is predicted to dominate the cellulose esters and ethers market while the valuation of cigarette filters application is projected to exhibit a CAGR of 4.4% from 2020 to 2027
Asia Pacific is expected to emerge at the highest CAGR on account of increasing end-use industries in the region.

Organic Personal Care Ingredients Market Worth $12.4 Billion By 2027

The global organic personal care ingredients market demand is estimated to reach USD 12.4 billion by 2027, exhibiting a volume-based CAGR of 5.4% over the forecast period, according to a new report published by Grand View Research, Inc. Rising awareness among consumers from Europe and North America regarding the harmful side effects of the conventional synthetic and chemical ingredients is expected to drive the growth.

Organic personal care ingredients are produced majorly from plant extracts without the introduction of any chemicals or agrochemicals. Skin care, hair care, oral care, and cosmetics are the major application areas for these products. They can be segmented on the basis of ingredient type such as natural surfactants, emollients, active ingredients, sugar polymers, and others.

The natural appeal of products manufactured using organic personal care ingredients is one of the major factors driving the growth of the market. North America and Europe are anticipated to witness significantly high demand owing to the presence of a large number of millennial population. However, significant concentration of the personal care and cosmetics industry in East Asian countries, such as India and China has significantly driven the product consumption in Asia Pacific.

Increasing R&D investments coupled with associated technological innovations in the area of plant extracts and optimization of the process of extraction has accelerated the production volume of organic personal care ingredients in the market. However, a significantly large entry barrier for the new players owing to the requirement for a high capital investments in bio-refinery set-up coupled with government regulation compliance poses as a significant threat to new entrants.

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https://www.grandviewresearch.com/industry-analysis/organic-personal-care-ingredients-market

Further key findings from the report suggest:

In North America, the natural surfactants product segment is poised to expand at a CAGR of 3.1% in terms of revenue over the forecast period
Demand from U.S. is anticipated to continue occupying a significant market share in near future. Growing inclination toward natural and user-friendly ingredients based products is a primary growth stimulant
The market for organic personal care ingredients is highly competitive in nature with the presence of a number of multinational companies with huge product portfolios
Some of the key companies present in the organic personal care ingredients market are AkzoNobel N.V.; Cargill, Inc.; BASF SE; The Lubrizol Corporation; Croda International Plc; Huntsman International LLC.; Ingredion Incorporated; Clariant International Ltd.; and Evonik Industries. The companies engage in mergers and acquisitions and portfolio expansions to gain greater market share

Dietary Supplements Market Worth $230.7 Billion By 2027

The global dietary supplements market size is projected to reach USD 230.73 billion by 2027, registering a CAGR of 8.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is backed by rising health awareness globally among consumers of all age groups coupled with a considerable rise in the number of fitness centers and gymnasiums.

The dietary supplements industry is driven by the hectic work schedules among working individuals coupled with fluctuations in diet intervals. Such factors have promoted the sale of dietary and nutritional supplements in the form of powder, liquids, and capsules across the globe. Rising importance of microencapsulation in the pharmaceutical industry to ensure color characteristics and the quality of finished ingredients is likely to force dietary supplements manufacturers to use capsule dosage forms over the forecast period.

Growing awareness towards calorie reduction and weight loss in major markets including the U.S., China, and Italy is expected to promote the application of health and wellness segment and thus, in turn, will have a substantial impact on the industry. Furthermore, increasing importance of protein intake in emerging markets of China and India on account of implementation of new advertising campaigns for brand promotions by companies including Amway and Pfizer is expected to remain a driving force over the forecast period.

Dietary supplement ingredients including vitamin, mineral blends, carotenoids, and omega-3 are also used for reducing the risk of malnutrition in adults and infants. High birth rate, rising geriatric population, and increased number of premature births and a surge in the number of patients getting treated for malnutrition is expected to promote the usage of clinical nutrition products over the forecast period.

North America emerged as the largest market for dietary supplements in 2019. On a macro level, rising awareness pertaining to nutritional enrichment in the region is expected to propel the demand for the product in the coming years. Moreover, rising demand of sports as an academic curriculum activity in education systems in major markets including the U.S., Russia, China and Japan is expected to promote the application of dietary supplements among children over the coming years.

Energy and weight management is expected to remain dominant throughout the forecast period owing to the rising awareness towards fat reduction and increasing focus on enhancing nutrition intake among adults.

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https://www.grandviewresearch.com/industry-analysis/dietary-supplements-market

Further key findings from the report suggest:

In terms of revenue, proteins and amino acids segment is projected to ascend at a CAGR of 12.8% over the forecast period
Soft gels and capsules segment contributed approximately over 34.8% to the total market in 2019
Over the counter dietary supplements dominated the global market in 2019, constituting a revenue share of over 73% in 2019

In terms of ingredient, vitamins emerged as the largest segment in 2019, registering a revenue of USD 39.61 billion. The segment is expected to grow at a CAGR of 5.8% in the coming years.
In terms of product, tablets accounted for the largest share in 2019 and registered a revenue of USD 43.06 billion. The growth of the segment is attributable to the increasing popularity of tablets owing to their easy dosage patterns.
Asia Pacific is expected to witness the fastest growth over the forecast period. Expansion of the retail chain in countries such as India, Japan, and China has increased the rate of dietary supplements consumption in this region.
The dietary supplements market represents a highly competitive landscape. Key market players dominate the market space and have been focusing on various strategic initiatives including mergers & acquisitions, product innovation, and portfolio expansion.
The key market participants include Amway, Arkopharma Laboratoires Pharmaceutiques, Abbott Laboratories, Archer Daniels Midland, Bayer, and Glanbia, among others

Whey Protein Market Size Worth $18.4 Billion By 2027

The global whey protein market size is projected to reach USD 18.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.8% from 2020 to 2027. The demand for whey protein is projected to be driven by growing innovation in terms of manufacturing proteins that contain a broad range of amino acids and perform specific functions including weight loss, energy balance, satiety, and muscle repair by various manufacturers in the industry.

The Whey Protein Concentrate (WPC) segment is projected to exhibit steady growth owing to their superior characteristics, including a high rate of absorption by muscles and tissues as well as the ability to assist in fat loss, promote lean muscle growth, ensure a healthy metabolism, and provide cardiovascular support in comparison with the other protein ingredients.

In addition, the rising adoption of nutraceuticals as a result of growing health awareness among consumers is expected to fuel the demand for Whey Protein Isolate (WPI) as a functional ingredient. WPI-based nutritional and food supplements are known to boost and maintain the energy levels in the human body.

Growing consumer interest in weight management, especially in working professionals, owing to the increasing concerns regarding obesity, is expected to amplify market growth over the next few years. The rising consumer inclination toward slimming food products and supplements, especially sports enthusiasts, is projected to further augment the demand.

Additionally, increasing incidences of various diseases caused due to the fast-paced and unhealthy lifestyles are likely to encourage consumers across the globe to turn towards health supplements. Such factors are likely to impel the market in China in the coming years.

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https://www.grandviewresearch.com/industry-analysis/whey-protein-market

Further key findings from the report suggest:

The WPC segment is projected to witness a CAGR of 9.3% in terms of revenue share over the forecast period. The rising consumption of yogurt-based products such as drinkable yogurts, low-fat yogurts, and organic yogurts, to name a few, comprising natural components, is likely to spur the growth of the segment over the upcoming years
The nutritional supplements application segment accounted for more than 30.7% of the revenue share in 2019. Rising consumption of the product among consumers, such as weekend warriors, core strength and endurance athletes, professional athletes, and fitness enthusiasts is expected to drive the segment
In Europe, the market is expected to witness a reasonable growth over the forecast period owing to various factors such as increasing emphasis on healthy living, growing trend of preventive health care, and rising demand for protein supplements from countries including the U.K. and Germany
In Asia Pacific, China accounted for the largest revenue share in the market and is expected to witness considerable growth over the next few years on account of rising consumption of high fiber food and beverage products in the country
In April 2019, Saputo Inc. announced the acquisition of Dairy Crest Group Plc, which is based in the U.K. The latter produces cheese, butter, spreads, oils, and demineralized whey powder, and employed around 1,100 personnel as of 2019. The acquisition of Dairy Crest Group Plc has strengthened the position of Saputo Inc. in the U.K.

Human Milk Oligosaccharides Market Size Worth $101.5 Million By 2027

The global human milk oligosaccharides market size is anticipated to reach USD 101.5 million by 2027, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 23.0% over the forecast period. Increasing awareness regarding the functions and health benefits associated with Human Milk Oligosaccharides (HMO) is expected to fuel its demand over the forecast period.

Changing consumer lifestyles and their increasing concerns regarding health and wellness are some of the other prominent factors driving the demand for HMOs around the world. Human milk oligosaccharides in functional food and beverage products and food supplements can help the treatment of certain disorders and high-risk health conditions, which in turn is anticipated to boost the product demand. However, high costs associated with the product may challenge the market growth over the forecast period.

Human milk oligosaccharides are a major source of sialic acid, which is an essential part of the plasma membrane of nerve cells. Over 150 structurally diverse HMOs are available in nature. Moreover, scientists have been trying to develop various structures of HMOs synthetically, for use in the food industry-most particularly infant formulas and medical nutrition. These synthetically produced HMOs are safe for consumption by infants (who cannot be breastfed), as well as children and adults.

Human milk oligosaccharides find application in infant formula, functional food and beverages, and food supplements, among others. Increasing health awareness along with the rising consumption of infant formula is likely to boost the growth of the HMO market over the forecast period. The consumption of HMOs has contributed significantly to bring about a considerable reduction in the global infant mortality rate over the years. As per the United Nations International Children’s Education Fund (UNICEF), the under-five mortality rate was one per 11 children in 1990 which dropped to one per 26 children in 2018.

Infant formula is the largest and fastest-growing application segment for human milk oligosaccharides. High infant mortality rate and rising concerns regarding health and safety are the factors likely to boost the market growth over the forecast period. HMOs play a key role in the proper development of infants. They fight life-threatening infections and are also responsible for the proper development of the brain and gut.

Human milk oligosaccharides are also increasingly utilized in pharmaceutical applications. Furthermore, the prebiotic effects of HMOs make them suitable to be used in functional foods and beverages, and food supplements. Functional foods and beverages is the second-largest application segment of HMOs. The demand for HMOs in designing infant formulas is increasing because of the beneficial properties, such as prevention from infection, memory enhancement, brain development, prebiotic effects, and improvement of gut health.

Asia Pacific is expected to be a lucrative market for human milk oligosaccharides and is expected to account for a significant share of the global HMO market revenue by 2027. The increasing demand for infant formulas and functional food and beverages as well as the rapidly growing pharmaceutical industry is expected to positively influence the market growth over the forecast period.

Recent years have witnessed various developments in the infant formula space with prominent end-use companies launching new and innovative products. For instance, in April 2019, Nestlé S.A., a Switzerland-based food and beverage company, introduced three new products in the U.K., namely, SMA Advanced Follow-on Formula, SMA Advanced Growing up Milk, and SMA Advanced Infant Formula. These products contained artificial HMOs and were intended for infants who were not breastfed. Such developments within the infant formula sector are likely to drive the demand for human milk oligosaccharides in near future.

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https://www.grandviewresearch.com/industry-analysis/human-milk-oligosaccharides-market

Further key findings from the report suggest:

In terms of application, the infant formula segment is expected to expand at a CAGR of 23.4% over the forecast period. Challenges associated with breast-feeding, such as personal comfort, time, diet, and frequency of feedings have led to the increase in the consumption of infant formula, contributing to the segment growth
Incorporation of HMOs in functional food and beverages promotes the growth of good bacteria and eliminates harmful bacteria including salmonella, listeria, and campylobacter
Growing consumption of functional foods and beverages for improving gut health and overall immunity is expected to have significant impacts on the demand for human milk oligosaccharides over the forecast period
Distribution agreements, capacity expansions, and investments for the development of low-cost technologies are some of the major strategies adopted by the prominent market players to establish strong competitive positions in the HMO market