Hydroxyproline Industry - Regional Synopsis
APAC Market Forecast
Asia Pacific industry is predicted to dominate majority revenue share of 40% by 2037 impelled by the growing production and consumption of chemicals. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw materials & and labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. Particularly, India produced more than 28 million metric tons of petrochemicals and basic main chemicals in 2021. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
North American Statistics
The North America hydroxyproline market is estimated to be the second largest, during the forecast timeframe led by the rising personal disposable income. For instance, the United States' disposable personal income rose by more than 0.2% in November 2023 compared to the same month the previous year. As a result, more and more individuals in the region can spend huge amounts on purchasing beauty and personal care products, which is expected to drive the demand for hydroxyproline market in the coming years.
