IMARC Group, a leading market research company, has recently releases report titled “Crocin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global crocin market trends, share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the crocin market?
The global crocin market size reached US$ 4.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
Factors Affecting the Growth of the Crocin Industry:
- The rising prevalence of chronic diseases:
The rising prevalence of chronic diseases such as arthritis, cardiovascular diseases (CVDs), and various types of cancer is boosting the demand for Crocin. Chronic diseases often lead to persistent pain and fever, making Crocin a go-to medication for patients seeking relief. In confluence with this, the expanding geriatric populations, lifestyle changes, and increased exposure to risk factors like pollution are resulting in a consistent rise in chronic disease incidences. As a result, there is a surging demand for a well-established and trusted medication, such as Crocin for effectively managing symptoms associated with these diseases, thereby aiding in market expansion.
- Advancements in research and development (R&D) :
Ongoing advancements in pharmaceutical R&D are contributing to the expansion of the Crocin market. Continuous research efforts have improved the efficacy and safety of crocin and have also promoted the development of new formulations and delivery methods, making the medication more accessible and convenient for a broader range of patients. Moreover, innovations in drug formulation, such as extended-release tablets or combination drugs that offer added benefits are impelling the market growth. Besides this, numerous R&D efforts aimed at understanding the pharmacological effects of Crocin in various demographic segments have enabled more targeted and effective treatments, further propelling the market growth.
- Surging health literacy and the growing demand for over-the-counter (OTC) medication:
Increased health literacy among the population has led to a higher demand for OTC medications, including Crocin, as individuals become more proactive in managing minor ailments and symptoms, thus creating a positive outlook for market expansion. Additionally, favorable government initiatives and policies aimed at improving healthcare infrastructure and access to consumers have made medications like Crocin more accessible to a larger segment of the population. This increasing accessibility, coupled with rising healthcare spending is boosting the market growth.
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What are the growth prospects and trends in the crocin industry?
The expanding senior population, who frequently require medication for age-related ailments, such as Crocin to alleviate pain is contributing to the market growth. Concurrent with this, the escalating preference for generic medicines due to their cost-effectiveness and the same therapeutic value as branded drugs is providing an impetus to the market expansion. Furthermore, the increasing investments in healthcare infrastructure, where enhanced distribution networks are improving drug availability, are presenting lucrative opportunities for the market. Apart from this, strategic marketing by pharmaceutical companies, coupled with aggressive promotion and educational campaigns about the safe use of OTC painkillers, is bolstering the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Purity:
- Purity >98%
- Purity <98%
Purity >98% holds the largest market share due to the high demand for premium quality crocin, ensuring maximum efficacy and safety for consumers.
Breakup by Indication:
- Pain
- Pyrexia (Fever)
Pain dominates the market by indication, as crocin is widely recognized and utilized for its effective analgesic properties in alleviating pain.
Breakup by Application:
- Food
- Chemical Industry
- Drug
- Others
The drug segment accounts for the majority of the market share owing to the expanding use of Crocin as a pharmaceutical drug, trusted for its fever-reducing and pain-relieving effects.
Breakup by Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Others
Hospital pharmacies represent the largest market segment as they provide immediate access to essential medications like Crocin in healthcare settings.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America is leading the market due to its well-established healthcare infrastructure, high consumer awareness, and spending on OTC medications.
Who are the key players operating in the industry?
The report covers the major market players including:
- ApexBio Technology
- Biosynth
- Cayman Chemical Company
- GSK plc
- Merck KGaA
- Tokyo Chemical Industry (India) Pvt. Ltd.
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