Shikimic Acid Market Research Report By Application (Pharmaceutical Intermediates, Food Additives, Cosmetics, Others), By Grade (Food Grade, Pharmaceutical Grade, Cosmetic Grade), By Extraction Method (Plant Extraction, Chemical Synthesis), By End-Use Industry (Pharmaceuticals, Food & Beverage, Cosmetics & Personal Care) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Shikimic Acid Market Overview

The Shikimic Acid Market Size was estimated at 7.0 (USD Billion) in 2022. The Shikimic Acid Industry is expected to grow from 7.33 (USD Billion) in 2023 to 11.11 (USD Billion) by 2032. The Shikimic Acid Market CAGR (growth rate) is expected to be around 4.73% during the forecast period (2024 - 2032).

Key Shikimic Acid Market Trends Highlighted

The Shikimic Acid Market is anticipated to capitalize on the increasing pharmaceutical demand, with applications in antiviral agents and other therapeutic molecules. The growing prevalence of infectious diseases, particularly influenza and HIV, is fueling the demand for antivirals, propelling the market's expansion. Moreover, the rising adoption of Shikimic acid as an intermediate in the production of agrochemicals and fragrances presents lucrative opportunities. The market is also poised to gain from the increasing focus on natural and sustainable ingredients, as shikimic acid is derived from plant sources. Key trends in the industry include the emergence of bio-based production methods, technological advancements in synthesis and purification, and the exploration of new applications in healthcare, food, and cosmetics.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Shikimic Acid Market Drivers

Growing Demand for Anti-Influenza Drugs

Shikimic acid is a key ingredient in the production of oseltamivir phosphate, which is the active pharmaceutical ingredient in Tamiflu, a widely used anti-influenza drug. The rising incidence of influenza infections worldwide is driving the demand for oseltamivir phosphate and, consequently, shikimic acid. Governments and healthcare organizations are actively stockpiling anti-influenza medications, further contributing to the growth of the Shikimic Acid Market Industry.The increasing prevalence of chronic respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD) is also propelling the demand for anti-influenza drugs, as these patients are more susceptible to influenza-related complications.

Expansion of the Nutraceuticals Industry

Shikimic acid has gained traction in the nutraceuticals industry due to its potential health benefits. It is used as an ingredient in dietary supplements marketed for immune support, antiviral properties, and anti-inflammatory effects. The growing consumer awareness of the importance of preventive healthcare and the increasing popularity of natural remedies are driving the demand for nutraceuticals containing shikimic acid. The Shikimic Acid Market Industry is expected to benefit from the continued expansion of the nutraceuticals sector.

Technological Advancements in Shikimic Acid Production

Research and development efforts are focused on optimizing the production processes of shikimic acid. Biotechnology and fermentation techniques are being explored to enhance the yield and efficiency of shikimic acid extraction from natural sources. Additionally, synthetic biology approaches are being investigated to engineer microorganisms capable of producing shikimic acid more cost-effectively. These technological advancements have the potential to reduce production costs and increase the availability of shikimic acid, further stimulating the Shikimic Acid Market Industry.

Shikimic Acid Market Segment Insights

Shikimic Acid Market Application Insights

The Application segment of the Shikimic Acid Market holds significant importance, shaping the industry dynamics and driving market growth. Pharmaceutical Intermediates emerge as the dominant application, accounting for a substantial share of the market revenue in 2023. This segment is projected to maintain its dominance throughout the forecast period, owing to the rising demand for shikimic acid in the production of antiviral drugs, particularly Tamiflu, used to combat influenza infections. Food Additives represent another key application segment, with a growing demand for shikimic acid as a natural sweetener and flavor enhancer.Its non-caloric properties and ability to impart a sweet taste make it a popular choice for food and beverage manufacturers. The Cosmetics segment is also witnessing steady growth, driven by the increasing use of shikimic acid in skincare products. Its antioxidant and anti-inflammatory properties make it an effective ingredient for anti-aging and skin rejuvenation formulations. The 'Others' segment encompasses a diverse range of applications for shikimic acid, including its use in the production of dyes, paints, and coatings. The growing demand for bio-based and sustainable materials is fueling the growth of this segment.Overall, the Application segment of the Shikimic Acid Market presents a promising outlook, with each segment contributing to the industry's expansion and shaping its future trajectory.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Shikimic Acid Market Grade Insights

The Shikimic Acid Market is segmented based on grade into Food Grade, Pharmaceutical Grade, and Cosmetic Grade. Among these, the Food Grade segment held the largest market share in 2023 and is expected to continue its dominance during the forecast period. The increasing demand for natural and organic food products, coupled with the growing popularity of plant-based diets, is driving the growth of this segment. The Pharmaceutical Grade segment is projected to witness a significant CAGR during the forecast period due to the rising prevalence of chronic diseases and the increasing demand for effective medications.The Cosmetic Grade segment is also expected to exhibit steady growth over the forecast period, attributed to the growing demand for natural and organic cosmetic products.

Shikimic Acid Market Extraction Method Insights

The Shikimic Acid Market Segmentation by Extraction Method includes Plant Extraction and Chemical Synthesis. Plant Extraction held the largest market share in 2023, accounting for around 60% of the Shikimic Acid Market revenue. The dominance of Plant Extraction can be attributed to the natural abundance of shikimic acid in plants and the ease of extraction using traditional methods. Chemical Synthesis, on the other hand, is a more complex and expensive process, but it offers higher yields and purity. As the Shikimic Acid Market industry continues to grow, the demand for both Plant Extraction and Chemical Synthesis is expected to increase, driven by the rising demand for shikimic acid in various applications.

Shikimic Acid Market End-Use Industry Insights

The Shikimic Acid Market is segmented into various end-use industries, including pharmaceuticals, food beverage, and cosmetics personal care. The pharmaceuticals segment is anticipated to account for the largest market revenue, driven by the increasing demand for shikimic acid in the production of anti-influenza drugs, such as Tamiflu. The food beverage segment is projected to witness significant market growth, owing to the growing use of shikimic acid as a flavoring agent and sweetener in various food and beverage products. The cosmetics personal care segment is expected to experience moderate market growth, attributed to the increasing demand for shikimic acid in the manufacture of skincare and hair care products.

Shikimic Acid Market Regional Insights

Regionally, North America is expected to dominate the Shikimic Acid Market, with a revenue share of over 35%. Europe is estimated to hold a significant market share, followed by Asia Pacific. The Asia Pacific region is expected to exhibit the fastest growth rate during the forecast period due to the increasing demand for shikimic acid in the pharmaceutical and food beverage industries. South America and MEA are expected to contribute a smaller share of the Shikimic Acid Market due to limited production and consumption of shikimic acid in these regions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Shikimic Acid Market Key Players And Competitive Insights

Major players in the Shikimic Acid Market industry are constantly striving to develop and innovate new products to meet the evolving needs of customers. Leading Shikimic Acid Market players are investing heavily in research and development to stay ahead of the competition. They are also forming strategic partnerships and collaborations to expand their market reach and their position in the industry. The Shikimic Acid Market development is driven by factors such as increasing demand for pharmaceuticals and nutraceuticals, rising consumer awareness about health and wellness, and growing adoption of natural and organic products.A leading player in the Shikimic Acid Market is DSM, a global science-based company that operates in the fields of nutrition, health, and sustainable living. DSM offers a range of shikimic acid products for various applications, including pharmaceuticals, nutraceuticals, and cosmetics. The company has a strong focus on innovation and sustainability, and it is committed to providing high-quality products that meet the needs of its customers. DSM has a global presence and serves customers in over 100 countries.A competitor company in the Shikimic Acid Market is CJ CheilJedang, a South Korean conglomerate that operates in various industries, including food, pharmaceuticals, and biomaterials. CJ CheilJedang is a leading producer of shikimic acid and its derivatives. The company has a strong focus on research and development, and it has developed a number of innovative technologies for the production of shikimic acid. CJ CheilJedang has a global presence and serves customers in over 100 countries.

Key Companies in the Shikimic Acid Market Include

• Weifang Zhongyi BioTech Co., Ltd


• Evolva


• DSM


• Jiangsu Yangnong Chemical Group Co., Ltd


• Hubei Guangji Pharmaceutical Co., Ltd


• Sichuan Deebio Pharmaceutical Co., Ltd


• Shaanxi Pioneer Biotech Co., Ltd


• Shandong Longda Pharmaceutical Co., Ltd


• China Anti Pharmaceutical Group Ltd


• Sinopharm Group Co., Ltd


• Biocon


• Merck KGaA


• Yangzhou Jiahe Biological Technology Co., Ltd


• Lonza

Shikimic Acid Market Industry Developments

The Shikimic Acid Market size was valued at USD 7.33 billion in 2023 and is projected to grow at a CAGR of 4.73% from 2024 to 2032. Increasing demand for Tamiflu, a drug used to treat influenza, is driving market growth. Shikimic acid is a key ingredient in Tamiflu.Recent developments include: In 2023, DSM announced plans to expand its Shikimic acid production capacity by 50%. In 2022, Roquette launched a new Shikimic acid production facility in France.These developments indicate continued growth in the Shikimic acid market.

Shikimic Acid Market Segmentation Insights

• Shikimic Acid Market Application Outlook
  
  
  
  • Pharmaceutical Intermediates
  
  
  • Food Additives
  
  
  • Cosmetics
  
  
  • Others
  
  
  
  

• Shikimic Acid Market Grade Outlook
  
  
  
  • Food Grade
  
  
  • Pharmaceutical Grade
  
  
  • Cosmetic Grade
  
  
  
  

• Shikimic Acid Market Extraction Method Outlook
  
  
  
  • Plant Extraction
  
  
  • Chemical Synthesis
  
  
  
  

• Shikimic Acid Market End-Use Industry Outlook
  
  
  
  • Pharmaceuticals
  
  
  • Food Beverage
  
  
  • Cosmetics Personal Care
  
  
  
  

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  Shikimic Acid Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa