Assessing the Coronavirus Impact: Proanthocyanidins Encounter Strong Headwinds Due to Production and Supply Chain Disruptions - Future Market Insights
Thursday, May 28, 2020 10:30 AM
The pandemic has created multiple challenges facing producers of proanthocyanidins; disturbed transport, logistics, and supply chain account for a considerable wastage.
DUBAI, UAE / ACCESSWIRE / May 28, 2020 / Consumer inclination towards preventive healthcare and rising preference for functional dietary supplements continue to drive the revenue pool of proanthocyanidins market. One of the abundantly available natural phytochemicals, proanthocyanidins continue to gain traction on the back of their multiple health benefits, particularly in enhancing metabolism and improving hair and skincare.
A new Future Market Insights (FMI) study has projected a healthy 6.4% CAGR for the market over 2020 - 2030. However, COVID-19 pandemic has brought along some serious challenges to market growth through 2020. While consumers are refraining from purchasing non-essential products amid the pandemic, it is directly posing a harsh impact on sales of proanthocyanidins-based nutritional supplements. Manufacturing, logistics, and supply chain obstacles are primarily hindering the growth of proanthocyanidins market amid pandemic.
"The spread of COVID-19 is likely to have a notable impact on demand. The anti-cancer properties of these flavonoids will however play an important role in the recovery of market soon after the pandemic subsides, and production facilities get back to normal," says the FMI analyst.
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Key Takeaways of Proanthocyanidins Market Report
- Type A proanthocyanidins will continue to hold the lead during the pandemic, and a strong growth rate through the forecast period.
- With the high demand from functional food and beverage applications, proanthocyanidins are also playing key roles in dietary supplements.
- Grape seed based proanthocyanidins are hold a primary market position while cranberry variants are playing catch up.
- North America holds a major share of the global proanthocyanidins market, with most demand arising from the United States in food and pharma applications.
Proanthocyanidins Market - Key Growth Factors
- Rising consumer bias for natural ingredients and functional foods and beverages is one of the primary factors sustaining adoption of proanthocyanidins.
- Extensive demand for proanthocyanidins in skin and hair care applications, particularly aimed towards anti-aging formulations support the market.
- The prevalent trend preventive healthcare management in pharmaceutical applications is pushing the adoption of proanthocyanidins.
- Frequent developments in dietary supplement formulations, particularly in developing countries will support the market growth.
Proanthocyanidins Market - Key Restraints
- Side effects associated with proanthocyanidins such as indigestion, dry mouth and sore throat are impacting adoption, hindering market growth.
- Low consumer awareness about proanthocyanidins and their health benefits is also a factor hampering growth in the industry.
Impact of COVID-19 on Proanthocyanidins Market
The global proanthocyanidins market is expected to greatly impacted by the coronavirus pandemic. Transport, trade, and production restrictions, imposed by governments has resulted in major changes in consumer patterns, which generate short term sales opportunities, to leverage panic buying behaviors. On the other hand, consumers are less likely to make visits to stores, affecting proanthocyanidins consumption. Further, disruptions to supply chains and transport is expected to result in greater levels of losses and wastage till the end of the pandemic.
Explore the full proanthocyanidins market report with 112 illustrative figures, 128 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/askus/rep-gb-11423
Competitive Landscape of Proanthocyanidins Market
Some of the major companies profiled in this FMI report include, but are not limited to, Skin Actives Scientific, NOW Health Group Inc., Bio Botanica Inc., Atrium Innovations Inc., Ocean Spray Cranberries Inc., Swanson Health Products Inc., and IL Health & Beauty Natural Oils Co. Inc. Players in proanthocyanidins market are largely focused on product development for multiple applications, investments in research to back nutrition claims, which will remain key in boosting demand for proanthocyanidins in the near future.
More About the Report
This FMI study of 250 pages provides all-inclusive insights on the global Proanthocyanidins market. The market analysis is based on application (food & beverages, dietary supplements, and personal care & cosmetics), source (pine bark, grape seed, and berries), and distribution channel (drug and pharmacy store, convenience stores, modern trade, and online retail), across six regions (North America, Latin America, Europe, Asia, Oceania, Middle East & Africa).
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SOURCE: Future Market Insights