Shikimic Acid Market Research Report
- Shikimic acid is a cyclohexanecarboxylic acid. It is an intermediate metabolite in plants and microorganisms.
- Shikimic acid is a natural organic compound and an important intermediate in the biosynthesis of lignin. The acid is also used in the synthesis of bio-based products including aromatic amino acids (tyrosine, phenylalanine, and tryptophan) and most alkaloids of plants and microorganisms.
- Shikimic acid is a chiral building block for the synthesis of natural compounds. It is extracted from Illicium anisatum plant.
- Shikimic acid is used as a starting material by pharmaceutical factories in the manufacture of an anti-viral drug called Oseltamivir, which is commonly known by the name Tamiflu. It is the world’s most widely-used antiviral drug for swine flu and bird flu.
- Shikimic acid is an important starting ingredient in several multi-step biochemical manufacturing processes found in a wide range of life forms from bacteria and fungi to parasites and plants since it is composed solely of carbon, hydrogen, and oxygen
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Key Drivers and Restraints of Shikimic Acid Market
- Shikimic acid is primarily used in the pharmaceutical industry for production of drugs. Shikimic acid is generally utilized for industrial synthesis of the antiviral drug Oseltamivir against the influenza virus that is administered to treat and prevent all the known strains of influenza virus. Rise in incidence of flu across the globe is boosting the demand for this antiviral drug. Thus, application of shikimic acid in pharmaceutical industry to produce drugs related to flu is driving the shikimic acid market.
- Shikimic acid is also employed in the personal care & cosmetics industry as it provides antiviral, exfoliating, deodorizing, anti-acne, anti-dandruff, whitening, and moisturizing properties
- It also regulates the amount of secreted sebum. It has antibacterial, anti-inflammatory, hair-growth stimulating, anti-aging effect, and antifungal properties.
- Shikimic acid derivatives are also used in the agriculture industry as herbicides and antibacterial agents, as they can block the shikimate pathway in plants and bacteria without negative effect toward mammals
- Shikimic acid is extracted from the plant Illicium Anisatum or star anise. The limited availability of this plant is expected to hinder the market in the near future.
COVID-19 Impact on Shikimic Acid Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the shikimic acid market.
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Asia Pacific to Hold Leading Share of Shikimic Acid Market
- In terms of region, the shikimic acid market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is expected to hold major share of the shikimic acid market, followed by Europe and North America, during the forecast period. Illicium Anisatum, a medicinal plant, which is the key source for shikimic acid extraction is majorly available in China and Japan. Thus, easy availability of the plant in Asia Pacific is a major factor anticipated to drive the market in the region during the forecast period.
- Rise in demand for shikimic acid in pharmaceutical and cosmetic industries in Europe owing to its application in production of drugs and personal care is expected to create lucrative opportunities for the market in the region during the forecast period
- The shikimic market in Latin America and Middle East & Africa is projected to expand at a moderate pace in the near future. Shikimic acid is imported in countries such as Brazil, Mexico, and South Africa, due to limited presence of manufacturing companies in these countries. Rise in application of the acid in pharmaceutical and cosmetics industries in Latin America and Middle East & Africa is projected to drive the demand for shikimic acid in these regions in the next few years.
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