Inositol Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Inositol Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Inositol Market size is expected to grow from USD 136.45 million in 2023 to USD 193 million by 2028, at a CAGR of 7.18% during the forecast period (2023-2028).

Inositol is a naturally occurring nutrient that is usually classified as a carbocyclic polyol. The most common form is sometimes referred to as myo-inositol. In the human body, it plays a major role in preventing the collection of fats in the liver, as well as promoting healthy hair growth. A growing number of people are affected by diseases like PCOS, and diabetes. and others, due to the adoption of a poor lifestyle and increased consumption of junk food, is leading to a rise in the demand for drugs and supplements containing inositol, owing to its many curing properties as it is a member of the vitamin B complex. For instance, according to the International Diabetes Federation western pacific region had the most diabetic patients in 2021, that were around 206 million.

It is expected that greater initiatives toward creating awareness about the health benefits of inositol among consumers and exploring new and innovative applications of the ingredient in food, beverages, and drug products, can propel the growth of the market in the future. Inositol may take various forms, however, the most commonly found form is Myo-inositol. In addition, inositol is commonly used for enhancing bacterial and yeast growth and is commonly used as an additive for food. Furthermore, dietary supplements can also be manufactured using it, either as powders or capsules. Among the various applications of inositol, the versatility of its use is one of the most improbable facets that has fueled its growth over the years.

Inositol Market Trends

Increasing Demand for Inositol in Pharmaceutical Industry

Increasing demand for products with inositol content among women suffering from polycystic ovarian syndrome worldwide is a major factor expected to drive the growth of the inositol market. The prevalence of diseases like PCOS in women has also led to extensive use of inositol in the manufacture of medicines to cure PCOS, as it aids in increasing progesterone, lowering testosterone levels, decreasing luteinizing hormones, diabetes, and inducing weight loss. Increasing demand from the pharmaceutical sector for medicine preparation that aids in the treatment of neonatal respiratory distress syndrome in infants and diabetes is another factor expected to drive the market during the forecast period.

The demand for inositol is also rising, as it helps cure hair fall, depression, and other health problems the current generation faces due to the prominence of unhealthy eating habits and lifestyles. Such benefits may increase the demand for supplements and propel the market. According to the new rules, dietary supplements produced or sold in the European Union (EU) can contain only EC-approved components. Since myoinositol supplements are now considered safe for human ingestion, this rule should increase their demand. Manufacturers' and researchers' approach toward increasing the use of inositol in cancer medicine preparation is another factor expected to further support the growth of the market during the forecast period.

North America Dominates the Market

North America is expected to continue registering significant demand for inositol during the forecast period. The high prevalence of polycystic ovary syndrome, digestive disorders, and lifestyle-related diseases due to poor eating habits and high consumption of processed food is expected to drive the demand for inositol supplements. The market in the region is expected to witness significant growth, owing to the growing pharmaceutical sector and increasing government spending on the healthcare sector. Inositol is used to improve the growth of microbes, and yeast frequently uses additives found in food. It can be used to create nutritional supplements, either in the form of powder or cases. One factor that has driven the market's growth over the long haul is the diversity in how inositol is used. The growing number of people with deficiencies encouraged the development of inositols. As the market for healthy food items rises, and with significant players located in the region, North America is well-positioned to become the market leader. The presence of regional players operating in the countries offering innovative products is expected to boost the growth of the market.

Inositol Industry Overview

The inositol market is highly competitive in nature, with the presence of global players such as Koninklijke DSM NV, Shandong Runde Biotechnology Co., Charles Bowman & Company, Zhucheng Haotian Pharm Co. Ltd, and Asiamerica Group Inc. The key players are adopting strategic approaches such as product launches, partnerships, and expansion to strengthen their position in the market. In February 2021, BASF SE introduced its newest Myo-Inositol supplements under the Inositol brand. The company established a novel method of producing this product, which is more efficient than the prior method and uses renewable raw materials.

The companies are investing in R&D activities to boost the demand for supplements amid the surging awareness about health issues. The government is also taking the initiative to ensure the safety and quality of the products. The companies are following rules and regulations issued by governments to attract customers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support