Ketones Market Size ($7,106.5Mn by 2028) Driven by Ketone Supplements (6.5% CAGR) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com
November 25, 2021
The ketones market size to reach $7,106.5 million by 2028 from $4,286.5 million in 2020 to grow at a CAGR of 6.5% from 2021 to 2028.
/EIN News/ -- New York, Nov. 25, 2021 (GLOBE NEWSWIRE) -- According to our new research study on Ketones Market Size, Share, Revenue, Growth, Trends, Forecast to 2028 - COVID-19 Impact and Global Analysis By Form (Solid and Liquid) and Application (Food & Beverage, Dietary Supplements, Personal Care & Cosmetics, and Others)with COVID-19 Impact and Global Analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00008148
|Market Size Value in||US$ 4,286.5 million in 2020|
|Market Size Value by||US$ 7,106.5 million by 2028|
|Growth Rate||CAGR of 6.5% from 2021 to 2028|
|No. of Pages||130|
|No. of Charts & Figures||67|
|Historical Data Available||Yes|
|Segments Covered||Form, and Application|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country Scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Ketones Market: Competition Landscape and Key Developments
A few key players operating in the ketones market are Compound Solutions Inc., Aurochemicals, Taj Pharmaceuticals Chemicals, Orchid Chemical Supplies Ltd, Hunan NutraMax Inc., HEALTH SOURCES NUTRITION CO., LTD., Advanced Biotech, Eastman Chemical Company, Royal Dutch Shell plc. and SABIC. Major market players are adopting strategies, such as mergers and acquisitions, to expand geographical presence and consumer base globally.
Ketones are defined as the organic chemical compound that contains functional carbonyl group. Acetone, methyl ethyl ketone, methyl isobutyl ketone, and diisobutyl ketone are among the important ketones that are commonly used for chemical and industrial applications. These ketones are widely used as industrial solvents and chemical intermediates in various end use industries. Ketones are also used in dietary supplements. Such ketones are known as exogenous ketones. Exogenous ketones commonly consist of ketone salts also known as Beta-hydroxybutyrate or BHB and ketone esters. The global ketones market is expected to grow significantly in the coming years owing to rising popularity of ketone supplements. Ketone supplements help in weight reduction process, cognitive improvement, athletic performance enhancement etc. Rising demand for ketone supplements such as pills, capsules and protein powders, etc. owing the increasing adoption of keto products with growing awareness for the same is potentially driving the market’s growth.
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In 2020, North America held the significant revenue share of the global ketones market. The rising prevalence of obesity in North America is expected to boost the adoption of ketone supplements and ketone-based food items for weight loss. In the food and beverage industry, a growing consumer focus on improving their nutrition habits has become a significant trend. Because of the ongoing COVID-19 pandemic, a growing number of people are choosing healthier foods. The ketones market is expected to be driven by a significant obese population in the region, as well as demand for low-carb and high-protein dietary items and supplements made with natural components. Another key factor expected to boost the growth of the ketone market in the region is the rise in the usage of ketone supplements among athletes and sportspersons. Ketone supplements are highly preferred by majority of the people in North America as a pre-workout in a fasted condition to speed up the usage of fat storage and avoid "keto flu" after a clean transition to the keto diet. Moreover, ketones are being widely used in energy drinks, meal replacements, morning beverages, coffee creamers, and endurance formulae.
Ketone supplements are a part of weight-loss medication that encourages human body to derive energy by burning body fats instead of carbohydrates, mainly triggered by the unavailability of the later for catabolism. Exogenous ketones are included in KETO diet supplements and can help in losing weight faster, gain energy, and enhance mental clarity. Exogenous ketone supplements benefit consumers by facilitating athletic performance improvement, efficient weight reduction, cancer prevention, cognitive improvement, and anti-inflammatory characteristics and skin health enhancement. Exogenous ketone supplements are of three types: ketone salts, ketone esters, and medium chain triglycerides (MCTs). These supplements are available in the form of pills, tablets, and powders. Ketone-based supplements, such as ketone salts, are added to RTD shakes, shake powders, and energy drinks. These supplements also prevent the KETO flu, which is generally caused by following ketogenic diet. This factor is also driving the popularity of ketone supplements among the fitness and sports enthusiast. Thus, the increasing popularity of ketone supplements is significantly driving the growth of ketones market.
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Ketones Market: Segment Overview
Based on form, the ketones market is bifurcated into solid and liquid. The liquid segment accounted for a larger market share in 2020 and the solid segment is expected to register a higher CAGR in the market during the forecast period. Liquid ketones are used as solvents and catalysts for manufacturing multiple products such as coatings, adhesives, printing inks, chemical intermediaries, perfumes, lacquers, paint removers, lubricating agents, plastics and resins, among others. The most common liquid ketones include acetone, diisobutyl ketone, methyl ethyl ketone, and methyl isobutylene ketone, among others. Moreover, liquid ketones are known for their distinctive pleasant odor. The growing demand for liquid ketones from chemical manufacturers is primarily driving the market growth.
Based on application, the global ketones market is segmented into food and beverage, dietary supplements, personal care and cosmetics, and others. In 2020, the other application segment which comprises chemical and other industrial application accounted for highest market share and dietary supplements segment is expected to growth at the fastest CAGR from 2021 to 2028. Ketones are used as industrial solvents for manufacturing various products such as paints and coatings, automotive finishes, rubber, plastics and polymers, resins, paint removers, among others. Additionally, ketones are used as chemical intermediate, fractionating agent in the extraction of oils and fats, and sterilizing agent for medical equipment and tools. Thus, rising demand for ketones from various end use industries such as automotive, paints and coatings, pharmaceuticals, chemicals, personal care and cosmetics, among others is expected to propel the market growth over the forecast period.
Impact of COVID-19 Pandemic on Ketones Market:
The COVID-19 pandemic has drastically affected various industries in terms of sales and operations owing to extended lockdowns across different regions, restrictions imposed on international trades, shutdown of manufacturing units, travel bans, supply chain disintegration, shortage in the supply of raw materials, and many other factors. The food & beverage and chemical industry are among the significant sectors which suffered from severe disruptions such as supply chain breaks, shutdown of production plants, etc., because of this outbreak. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia-Pacific has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and sales of various products. All these factors affected the both the chemical and food & beverage industry in a negative manner. Ketones are often utilized as solvents, chemical intermediates and as catalyst in chemical industry. They have great demand from paints & coating, adhesives, printing inks and similar industries. Also, these are utilized in the electroplating industry as cold-cleaning solvents, vapor degreasing solvents, and laboratory chemicals.
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Ketones are also used in production of dietary supplements, protein shakes & powders and pharmaceuticals. Disruptions in terms of sourcing of raw materials from suppliers and temporarily closures of manufacturing bases due to indefinite lockdowns and temporary quarantines have impacted the growth of the market during the pandemic. However, as much as the pandemic have affected the supply chain operations, the pandemic has generated the need for healthy living among the consumers, due to which, the consumers have shifted their attention toward nutritional food products. Most of the consumers have shift their focus towards personal health and diet. Thus, the demand for weight-management products and ketone supplements have experienced a gain during the pandemic directly impacting the ketones market. Sales have been slow in the first quarter, as many stores have closed. However, businesses are gaining ground as previously imposed limitations are being eased across various locations. Moreover, the introduction of COVID-19 vaccines by governments of different countries has further eased out the situation leading to rise in business activities across the globe. Food & beverage processing industries are recovering their losses by opening their production units and starting the operations with half of the capacities. These factors are expected to propel the market growth over the forecast period.
Key Questions to Request for Ketones Market:
- Can you list some of the major players operating in the global ketones market?
- During the forecast period, which region is anticipated to account for the largest share of the global ketones market?
- On the basis of form, why liquid segment accounted for the largest share in the global ketones market?
- Which application segment led the global ketones market in 2020?
- Which region is anticipated to hold the second largest share for the ketones market during the projection period?
- What is the key driver for the growth of the global ketones market?
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