Shikimic Acid Market Size, Share & Trends Analysis Report By Extraction, By End Use, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025

The global shikimic acid market has been witnessing strong growth over the past few years on account of increasing demand from the pharmaceutical and cosmetic industry. Shikimic acid is used as a chiral binding block for the synthesis of a wide range of pharmaceutical and cosmetic products. Increasing demand for cosmetic products, especially from the female population, coupled with technological advancement in the pharmaceutical industry is expected to surge the market growth over the next seven years. This acid is used as a precursor for the synthesis of Tamiflu, the only drug to fight against avian flu (bird flu). Focus on shikimic acid has been increasing over the last few years owing to the increasing number of avian flu victims across the globe. This acid is also used in the synthesis of bio-based products including aromatic amino acids. It is the key raw material used in the production of oseltamivir phosphate, a potent viral inhibitor. Increasing demand for oseltamivir phosphate from the agriculture sector is the key factor to drive the demand over the forecast period. This acid is extracted from Illicium Anisatum plant, and the limited availability of this plant is expected to hinder the market growth in the near future.

Based on the plant species used for the extraction of shikimic acid, the market can be mainly segmented into calophyllum apetalum, pinanga dicksoni, garcinia morella, melia azedarach, and aegle marmelos. This acid extracted from calophyllum apetalum has been witnessing strong growth over the past few years on account of the high composition of acid present.

The pharmaceutical industry was the largest end-use segment of shikimic acid in 2013 followed by cosmetics and fertilizer industries. The market is anticipated to witness significant growth in the pharmaceutical segment owing to the increasing application of this acid in the production of drugs related to flu. Rising flu across the globe has been increasing the demand from pharmaceutical industries. In addition, increasing R&D activities in the pharmaceutical industry to develop natural and bio-based drugs is expected to augment market growth. The cosmetic industry was the second-largest market. The agriculture sector is also witnessing significant growth for the shikimic acid market owing to increasing demand for oseltamivir phosphate, extensively used in the production of corn and soybeans.

Asia Pacific emerged as the largest market in 2013. China was the largest producer of shikimic acid in the world owing to the huge availability of Illicium Anisatum, a Chinese medicinal plant, which is the key source for shikimic acid extraction. Most of the shikimic acid is consumed by the Asia Pacific market owing to increasing diseases including bird flu in this region.

Key companies including Draths Corp. have been involved in R&D to improve the technologies related to shikimic acid extraction. Other players of the shikimic acid market include Manus Aktteva Biopharma LLP and Roche Holdings AG.