Ketones Market by Application (Supplements, Food & Beverages, Cosmetics & Personal Care Products), Supplement Type (Ketone Salts, Ketone Esters, Ketone Oils, Raspberry Ketones), Form (Solid, Liquid, Semi- Liquid) and Region - Global Forecast to 2028
[264 Pages Report] According to MarketsandMarkets, the global Ketones market size is estimated to be valued at USD 561 million in 2023 and is projected to reach USD 765 million by 2028, recording a CAGR of 6.4%. The growth of the ketones market is primarily attributed to the increasing adoption of ketogenic diets, rising health consciousness, and the incorporation of ketones into diverse consumer products. Consumers seeking energy-boosting supplements and functional foods drive the demand. Additionally, advancements in ketone formulations, extensive research on their health benefits, and the proactive response of the food and beverage industry contribute significantly to the market's expansion.
The expanding business has offered lucrative business opportunities to the players who are operating in the market segments. For instance, in January 2022, H.V.M.N. Inc. launched Ketone-IQ, a high-performance ketone ester supplement. This strategic product launch, accompanied by a significant price reduction from USD 12.20 to USD 4 per 10g serving, reflects the company's commitment to expanding its business and capitalizing on lucrative opportunities in the growing ketones market. Other key players like TdeltaS Ltd. (UK) have capitalized on this by making strategic partnerships. For instance, In May 2020, Chain Biotech announced a new partnership agreement with Tdeltas Ltd, which is a parent company of Tdeltas Global, Inc. The collaboration encompasses an 18-month project concentrating on enhancing both strain and process elements to optimize the manufacturing bioprocess and reduce the production costs of G Ketone Performance.
The overall the Ketones market is classified as a moderately consolidated market, with the key players, namely Perfect Keto GroupoccupyV.M.N, INC. (US), Ketologic (US), Pruvit Ventures, Inc. (US), Ketoneaid (US), and a few others occupying around 50% of the market share.
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Ketones Market Dynamics
Drivers: Exogenous ketones to support the ketosis process
Most people consume ketone supplements along with a ketogenic diet, particularly during the initial stages of the ketogenic diet. This reduces the time it takes to reach ketosis and impacts due to the transition from a standard and higher-carb diet to a ketogenic one. The use of BHB ketone supplements has reduced the impact of keto flu (keto flu includes constipation, headache, bad breath, and muscle cramps, which are seen in many people when they are transitioning from a normal to a ketogenic diet).
BHB ketone supplements have witnessed excellent results in increasing blood ketone levels, with the use of ketone esters, raising it to exceptional levels of 3–6 mM within 30 minutes of consumption. Exogenous ketones also impart various health benefits, such as weight loss and muscle gain. Therefore, these products witness an increase in demand among fitness-conscious consumers, including athletes.
Restraints: The high price of ketone supplements inhibits their adoption in developing economies
The high price of ketone supplements was a major reason that has encouraged consumers to adopt cheaper options to complement the ketogenic diet. Due to the economies of scale, these products are offered at high costs. The process to source, purify, and isolate BHB is highly labor-intensive and requires specialized lab equipment, which makes it a costly process. However, with the increasing availability of new products in the market, the cost is projected to decline.
Among the different varieties of supplements, ketone oils (MCT oils) are the most cost-effective products, but they do not show a significant level of ketosis as compared to salts and esters. Ketone salts are priced comparatively lower than ketone esters, as the production of BHB salts is a simpler process.
Opportunities: High growth potential of manufacturers in markets such as Asia Pacific and South America
Currently, the North American region dominates the ketones market. However, manufacturers are focusing on partnering with various global e-commerce platforms, such as Amazon, to provide their offerings in other regions. With the increasing results of positive health impact and growing awareness levels, it is expected that the ketones market will witness high growth in the Asia Pacific and South American regions. Countries such as China, Japan, and Brazil are expected to be some of the leading countries in this region. In China, manufacturers such as BPI Sports and Volkem occupy a significant share in the market for ketone supplements.
Challenges: Increasing focus and investment on improving the flavor of ketone products
The taste of ketone salts is extremely bitter, due to which consumers are discouraged from buying these products. To counter this, several flavors have been introduced by manufacturers in the market. Perfect Keto (US) manufactures products and offers them in different flavors, such as chocolate, peaches, salted caramel, and vanilla. This has increased the overall budget for manufacturers. In addition, manufacturers ensure that the products do not contain soy, dairy, gluten, artificial sweeteners, and binding agents. Maintaining these safety standards has become a major challenge for ketone manufacturers.
The Ketones Market Ecosystem
By type, the Ketone salts segment is projected to grow with the highest CAGR in the Ketones market during the forecast period.
The increasing adoption of ketogenic diets and the rising popularity of exogenous ketones contribute to the demand for ketone salts. These salts, typically composed of beta-hydroxybutyrate (BHB) and mineral ions like sodium, potassium, and calcium, provide a convenient and palatable way for individuals to elevate ketone levels. The ease of incorporation into various consumer products, including supplements and functional foods, enhances the market appeal of ketone salts. Consumers prefer supplements that offer a convenient and accessible source of exogenous ketones to support their nutritional goals.
Furthermore, the extensive application of ketone salts in sports and fitness nutrition supplements, where they are utilized for energy enhancement and improved athletic performance, fuels their market growth. The versatility of ketone salts in meeting diverse consumer needs, coupled with ongoing research and development efforts to enhance their efficacy and taste profiles, positions this segment for substantial growth in the evolving ketone market landscape.
By form, the liquid and semi-liquid segments are projected to grow with the highest CAGR in the ketones market during the forecast period.
The consumer preference for convenient and readily consumable products enhances the demand for liquid and semi-liquid ketone formulations. These formats offer a hassle-free and easily ingestible option for individuals incorporating ketones into their dietary regimens. The versatility of liquid and semi-liquid ketones in diverse applications contributes to their market growth. These formulations are easily adaptable for use in various products, including beverages, sports drinks, and functional elixirs, aligning with evolving consumer preferences for novel and enjoyable consumption experiences. Furthermore, the convenience of precise dosage and rapid absorption associated with liquid and semi-liquid ketones enhances their appeal, especially among individuals seeking on-the-go solutions for energy and nutritional support. The fluid nature of these formulations also allows for creative product innovation, fostering the development of unique and palatable ketone-infused beverages.
By application, the food and beverages segment accounts for a significant market share in the Ketones market.
The growing consumer awareness of ketogenic diets and the associated health benefits propels the demand for ketones in food and beverage applications. As individuals seek healthier dietary choices, the incorporation of ketones into food and beverage products aligns with the trend toward functional and wellness-oriented nutrition. The versatility of ketones in enhancing flavor profiles without compromising nutritional integrity makes them a valuable ingredient in various food and beverage formulations. Ketones, especially ketone salts, and esters, can be seamlessly integrated into a range of products, including energy drinks, snacks, and functional foods, offering consumers a convenient way to incorporate exogenous ketones into their daily routines. The rise of sports and fitness nutrition also contributes to the prominence of ketones in the food and beverages segment. Athletes and fitness enthusiasts seek performance-boosting supplements, and ketones are recognized for their potential to enhance energy levels and endurance, making them popular additions to sports nutrition products.
Asia Pacific is poised to experience the highest CAGR in the Ketones market during the forecast period.
The region is witnessing a surge in health and wellness awareness, with consumers increasingly adopting ketogenic diets and embracing products containing exogenous ketones. This shift towards healthier lifestyles, coupled with rising disposable incomes, propels the demand for ketone-based supplements, driving market growth. Furthermore, the prevalence of obesity and related health concerns in some Asia Pacific countries has led to an increased focus on weight management and alternative dietary approaches. Ketogenic diets, supported by ketone supplements, are gaining traction as effective strategies for weight control, contributing to the heightened demand for ketones in the region. The expanding sports and fitness culture in the Asia Pacific boosts the demand for performance-enhancing supplements, including ketones. As individuals engage in more physical activities and sports, the appeal of ketones in improving endurance and energy levels fuels their incorporation into sports nutrition products. Moreover, the region's dynamic food and beverage industry is increasingly exploring innovative formulations, integrating ketones into functional foods and beverages. This diversification of product offerings further accelerates the adoption of ketones across various consumer segments, solidifying Asia Pacific's position as a key growth driver in the ketones market.
Key Market Players
Key players in this market include Perfect Keto Group (US), H.V.M.N, INC. (US), Ketologic (US), Pruvit Ventures, Inc. (US), Ketoneaid (US), Max Sweets (US), Keto and Co (US), Eastman Chemical Company (US), Zenwise (US), Nutrex Research, Inc. (US), Genomatica, Inc. (US), Lifesense Product (US), TdeltaS Global, Inc. (US), Advanced Biotech (US), and Boli LLC (US)
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Report Metric |
Details |
Market size estimation |
2023–2028 |
Base year considered |
2022 |
Forecast period considered |
2023–2028 |
Units considered |
Value (USD), Volume (Kilo Ton) |
Segments Covered |
Type, Form, Application, and Region |
Regions covered |
North America, Europe, Asia Pacific, South America, and Rest of the World |
Companies studied |
|
Report Scope:
Ketones Market:
By Type
- Ketone salts
- Ketone esters
- Ketone oils
- Raspberry Ketones
By Form
- Solid
- Liquid and semi-liquid
By Application
- Supplements
- Food & beverage
- Cosmetics & personal care
By Region
- North America
- Europe
- Asia Pacific
- South America
- Rest of the World
Recent Developments
- In June 2023, Advanced Biotech established a facility in Oneonta, New York, specifically crafted to optimize energy efficiency. As an integral part of this dedication, the company has implemented a 5-acre solar panel field to produce renewable energy for the plant. The facility encompasses a 65,000 sq. foot warehouse, and 10,000 sq. feet of refrigeration, along with additional capabilities for spray drying and specialty chemical manufacturing. This production facility will help the company to increase the production of ketone-based products like Methyl Ketone Mix 2hn Natural, Raspberry Ketone Natural, Methyl Ketones Mix (Non-Dairy) Natural, and many more.
- In April 2023, Health Via Modern Nutrition announced the introduction of Ketone-IQ across all 389 Sprouts Farmers Market grocery store locations in the US. The supplement captures the intersection of the rapidly expanding functional wellness shot category in grocery stores and because of the popularity and affordability of the product, the company will benefit from these grocery stores.
- In November 2022, Genomatica, Inc. entered into the functional foods and beverages sector through the introduction of its latest functional ingredient, Avela natural (R)-1,3-Butanediol. This launch will help the company to enter and capture the ketones market with this product.
Frequently Asked Questions (FAQ):
Which are the major Ketones applications considered in this study, and which segments are projected to have a promising growth rate in the future?
The major Ketones applications in this study include Supplements, Food & beverage, Cosmetics & personal care. Among these, Supplement is projected to have a promising growth rate in the future.
I am interested in the Asia Pacific market for Cosmetics & personal care. Is the customization available for the same? What would all information be included in the same?
Yes, customization for the Asia Pacific market for various segments can be provided on various aspects, including market size, market dynamics, forecast, competitive landscape, and company profiles. Exclusive insights on below Asia Pacific countries below will be provided:
- China
- Japan
- India
- Australia & New Zealand
- Rest of Asia Pacific (South Korea, Thailand, and Malaysia)
What are some of the opportunities fuelling the growth of the Ketones market?
The global Ketones market is characterized by the following opportunities:
Expanding Health Consciousness: Growing consumer awareness about health and wellness drives demand for ketogenic diets and products, presenting opportunities for ketones market growth.
Innovation in Applications: Continued research and development lead to novel applications of ketones, creating opportunities for diverse product formulations in supplements, food and beverages, and cosmetics.
Which region is expected to hold the highest market share?
North America is expected to have the largest market share in 2023, due to robust consumer awareness, advanced healthcare infrastructure, and a culture focused on health and fitness trends. Key players' strategic efforts and a high disposable income in the region contribute to its largest market share.
What is the total CAGR expected to be recorded for the Ketones market during 2023-2028?
The Ketones market is expected to record a CAGR of 6.4% during the period 2023-2028. .
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This research involves the extensive use of secondary sources; directories; and databases (Bloomberg and Factiva) to identify and collect information useful for a technical, market-oriented, and commercial study of the Ketones market. In-depth interviews were conducted with various primary respondents, such as key industry participants, Subject Matter Experts (SMEs), C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information and to assess prospects.
Secondary Research
In the secondary research process, various sources, such as the Food and Agricultural Organization (FAO), United States Department of Agriculture (USDA), U.S. Food and Drug Administration (FDA) U.S. Food and Drug Administration (FDA), European Food Safety Authority (EFSA), World Health Organization (WHO), Consumer Healthcare Products Association (CHPA), European Federation of Associations of Health Product Manufacturers (EHPM), Canadian Health Food Association (CHFA), and Health Food Manufacturers' Association (HFMA), associations were referred to identify and collect information for this study. The secondary sources also include journals, press releases, investor presentations of companies, whitepapers, certified publications, articles by recognized authors and regulatory bodies, trade directories, and paid databases.
Primary Research
The Ketones market encompasses various stakeholders involved in the supply chain, raw material manufacturers, raw material suppliers, regulatory organizations, and research institutions. To gather comprehensive information, primary sources from both the supply and demand sides were engaged. Primary interviewees from the supply side consisted of manufacturers, distributors, importers, and technology providers involved in the production and distribution of Ketones. On the demand side, key opinion leaders, executives, and CEOs of companies in the Ketones market were approached through questionnaires, emails, and telephonic interviews. This approach ensured a comprehensive and well-rounded understanding of the Ketones market from various perspectives.
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Market Size Estimation
The top-down and bottom-up approaches were used to estimate and validate the size of the marketand various dependent submarkets. The research methodology used to estimate the market size includes extensive secondary research of key players, reports, reviews, and newsletters of top market players, along with extensive interviews from leaders, such as CEOs, directors, and marketing executives.
Global Ketones Market Size: Bottom-Up Approach
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Global Ketones market Size: Top-Down Approach
Market Definition
Ketones are organic compounds that are characterized by the presence of the carbonyl group, in which carbon atom is covalently bonded to an oxygen atom and are also known as ketone bodies. Ketones are the by-products of the human body that break down fats for energy. They are chemicals that are usually produced in the liver, particularly due to insufficient stored glucose or sugar to turn into energy. Three types of ketones are burned in the body during ketosis, namely, acetoacetate, beta-hydroxybutyric acid, and acetone.
Data Triangulation
The data triangulation and market breakdown procedures explained above were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Key Stakeholders
- Food & beverage suppliers and manufacturers
- Food & beverage importers and exporters
- Food & beverage traders and distributors
- Government and research organizations
- Associations and industry bodies
- World Health Organization (WHO)
- Food and Drug Administration (FDA)
- Institute of Food and Agricultural Sciences (IFAS)
- Global Food & Beverage Association (GFBA)
- The National Food Safety and Quality Service (SENASA)
- Food Safety and Standards Authority of India (FSSAI)
- US Department of Agriculture (USDA)
- Food Standards Australia New Zealand (FSANZ)
- Institute of Food Technologists
- Food and Agriculture Organization (FAO)
- EC EUROPA
Report Objectives
- To define, segment, and project the global market for Ketones based on type, form, application, and region.
- To provide detailed information regarding the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the micro markets for individual growth trends, prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape of the market leaders.
- To project the size of the market and its submarkets, in terms of value with respect to the regions (along with the key countries)
- To strategically profile the key players and comprehensively analyze their market position and core competencies.
- To analyze competitive developments in the Ketones market, including joint ventures, mergers & acquisitions, new product developments, and research & development activities
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
The following customization options are available for the report:
Product Analysis
- Product Matrix, which gives a detailed comparison of the product portfolio of each company
Geographic Analysis
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
- Further breakdown of the Rest of the European Ketones market, by key country
- Further breakdown of the Rest of the Asia Pacific Ketones market, by key country
- Further breakdown of the Rest of South America Ketones market, by key country
Company Information
- Detailed analyses and profiling of additional market players
Growth opportunities and latent adjacency in Ketones Market