Summary

Equols (S-equol / equol) has evolved from a “single active” concept into an industrialized ingredient-and-delivery ecosystem, where commercial success is driven by purity tiering and dosage-form engineering rather than academic differentiation. In practice, Equols demand is anchored in women’s health and functional wellness, and the key buying criteria are consistent assay (≥99% vs <99%), batch-to-batch reproducibility, and scalable conversion/formulation capabilities (Tablet vs Capsule). In select jurisdictions, litigation outcomes can effectively restrict the sale of specific equol-related products, making freedom-to-operate and compliant commercialization an integral part of the business model. Market expansion is increasingly value-led, with pricing and mix upgrades outpacing pure volume growth. Global sales rose from 5,526 kg in 2021 to 6,758 kg in 2026E, while revenue increased from USD 8.69m to USD 12.95m over the same period. In 2025, the market delivered 6,357 kg and USD 10.88m, implying an average price of ~USD 1,711/kg. Over 2026–2032F, revenue CAGR is ~8.7% versus volume CAGR of ~5.1%, indicating that Equols monetization is structurally supported by premiumization and formulation upgrades. Supplier structure is concentrated and increasingly stratified by price band. In 2025, the Top 5 producers (Daicel, Ningbo Inno Pharmchem, Shenghe Everything (Shanghai) Biotechnology, Wuhan Finetech Industry, Shanghai Banglin Biotechnology) captured ~60.8% of volume and ~74.8% of revenue. Daicel alone accounted for ~33.8% of volume but ~58.5% of revenue, reflecting a pronounced premium position. Regionally, production is dominated by Japan and China (~75% combined share in 2025), while demand is centered in Asia-Pacific (~57% share). By category, ≥99% products represent ~69.9% of 2025 volume and ~74.1% of revenue; by application, Tablets remain the base (~68.3% volume share) but Capsules are growing faster and carry a higher price per kg, reshaping the value pool for Equols. The global Equols market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Equols market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by region (country), by Type and by Application for the period 2021-2032. Market Segmentation By Company  Daicel  Anthem Biosciences  Ningbo Inno Pharmchem  Shenghe Everything (Shanghai) Biotechnology  Wuhan Finetech Industry  Hubei Xinmingtai Chemical  Shanghai Banglin Biotechnology Segment by Type  ≥99%  <99% Segment by Application Tablet  Capsule Major Region and Country North America  Europe  China  Japan  Other Regions Chapter Outline Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by Type, and by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term. Chapter 2: Sales and revenue of Equols in global, regional level and country level. It provides a quantitative analysis of the market size and development potential of each region. Chapter 3: Detailed analysis of Equols manufacturers competitive landscape, sales, revenue, price, market share and industry ranking, latest development plan, merger, and acquisition information, etc. Chapter 4: Provides the analysis of various market segments by Type, covering the sales, revenue, price, and development potential of each market segment, to help readers find the blue ocean market in different market segments. Chapter 5: Provides the analysis of various market segments by Application, covering the sales, revenue, price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets. Chapter 6: Region anaylsis by company, by Type, by Application, sales, revenue, and price for each segment, and by customer Chapter 7: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Equols revenue, gross margin, and recent development, etc. Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry. Chapter 9: Sales channels analysis Chapter 10: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry. Chapter 11: The main points and conclusions of the report.

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Table of Contents

1 Market Overview 1 1.1 Equols Product Scope 1 1.2 Equols by Type 1 1.2.1 Global Equols Sales by Type (2021 & 2025 & 2032) 2 1.2.2 ≥99% 3 1.2.3 <99% 3 1.3 Equols by Application 3 1.3.1 Global Equols Sales Comparison by Application (2021 & 2025 & 2032) 4 1.3.2 Tablet 5 1.3.3 Capsule 6 1.4 Global Equols Market Estimates and Forecasts (2021-2032) 6 1.4.1 Global Equols Market Size in Value Growth Rate (2021-2032) 6 1.4.2 Global Equols Market Size in Volume Growth Rate (2021-2032) 7 1.4.3 Global Equols Price Trends (2021-2032) 8 1.5 Assumptions and Limitations 8 2 Market Size and Prospective by Region 11 2.1 Global Equols Market Size by Region: 2021 VS 2025 VS 2032 11 2.2 Global Equols Retrospective Market Scenario by Region (2021-2026) 12 2.2.1 Global Equols Sales Market Share by Region (2021-2026) 12 2.2.2 Global Equols Revenue Market Share by Region (2021-2026) 13 2.3 Global Equols Market Estimates and Forecasts by Region (2027-2032) 14 2.3.1 Global Equols Sales Estimates and Forecasts by Region (2027-2032) 14 2.3.2 Global Equols Revenue Forecast by Region (2027-2032) 15 2.4 Major Region and Emerging Market Analysis 15 2.4.1 North America Equols Market Size and Prospective (2021-2032) 16 2.4.2 Europe Equols Market Size and Prospective (2021-2032) 17 2.4.3 China Equols Market Size and Prospective (2021-2032) 18 2.4.4 Japan Equols Market Size and Prospective (2021-2032) 19 2.4.5 India Equols Market Size and Prospective (2021-2032) 20 3 Global Market Size by Type 21 3.1 Global Equols Historic Market Review by Type (2021-2026) 21 3.1.1 Global Equols Sales by Type (2021-2026) 21 3.1.2 Global Equols Revenue by Type (2021-2026) 21 3.1.3 Global Equols Price by Type (2021-2026) 22 3.2 Global Equols Market Estimates and Forecasts by Type (2027-2032) 22 3.2.1 Global Equols Sales Forecast by Type (2027-2032) 22 3.2.2 Global Equols Revenue Forecast by Type (2027-2032) 23 3.2.3 Global Equols Price Forecast by Type (2027-2032) 24 4 Global Market Size by Application 25 4.1 Global Equols Historic Market Review by Application (2021-2026) 25 4.1.1 Global Equols Sales by Application (2021-2026) 25 4.1.2 Global Equols Revenue by Application (2021-2026) 25 4.1.3 Global Equols Price by Application (2021-2026) 26 4.2 Global Equols Market Estimates and Forecasts by Application (2027-2032) 27 4.2.1 Global Equols Sales Forecast by Application (2027-2032) 27 4.2.2 Global Equols Revenue Forecast by Application (2027-2032) 28 4.2.3 Global Equols Price Forecast by Application (2027-2032) 28 4.3 New Sources of Growth in Equols Application 29 5 Competition Landscape by Players 31 5.1 Global Equols Sales by Players (2021-2026) 31 5.2 Global Top Equols Players by Revenue (2021-2026) 32 5.3 Global Equols Market Share by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Equols as of 2025) 34 5.4 Global Equols Average Price by Company (2021-2026) 35 5.5 Global Key Manufacturers of Equols, Manufacturing Sites & Headquarters 36 5.6 Global Key Manufacturers of Equols, Product Type & Application 36 5.7 Global Key Manufacturers of Equols Founded Date 37 6 Region Analysis 38 6.1 China Market: Players, Segments, Downstream and Major Customers 38 6.1.1 China Equols Sales by Company 38 6.1.2 China Equols Sales Breakdown by Type (2021-2026) 38 6.1.3 China Equols Sales Breakdown by Application (2021-2026) 39 6.1.4 China Equols Major Customer 39 6.1.5 China Market Trend and Opportunities 39 6.2 Japan Market: Players, Segments, Downstream and Major Customers 40 6.2.1 Japan Equols Sales by Company 40 6.2.2 Japan Equols Sales Breakdown by Type (2021-2026) 40 6.2.3 Japan Equols Sales Breakdown by Application (2021-2026) 41 6.2.4 Japan Equols Major Customer 41 6.2.5 Japan Market Trend and Opportunities 41 6.3 India Market: Players, Segments, Downstream and Major Customers 42 6.3.1 India Equols Sales by Company 42 6.3.2 India Equols Sales Breakdown by Type (2021-2026) 42 6.3.3 India Equols Sales Breakdown by Application (2021-2026) 43 6.3.4 India Equols Major Customer 43 6.3.5 India Market Trend and Opportunities 43 7 Company Profiles and Key Figures 45 7.1 Daicel Corporation 45 7.1.1 Daicel Corporation Company Information 45 7.1.2 Daicel Corporation Business Overview 45 7.1.3 Daicel Corporation Equols Sales, Revenue and Gross Margin (2021-2026) 46 7.1.4 Daicel Corporation Equols Products Offered 46 7.1.5 Daicel Corporation Recent Development 47 7.2 Anthem Biosciences Private Limited. 47 7.2.1 Anthem Biosciences Private Limited. Company Information 47 7.2.2 Anthem Biosciences Private Limited. Business Overview 48 7.2.3 Anthem Biosciences Private Limited. Equols Sales, Revenue and Gross Margin (2021-2026) 48 7.2.4 Anthem Biosciences Private Limited. Equols Products Offered 49 7.3 Ningbo Inno Pharmchem 49 7.3.1 Ningbo Inno Pharmchem Company Information 49 7.3.2 Ningbo Inno Pharmchem Business Overview 50 7.3.3 Ningbo Inno Pharmchem Equols Sales, Revenue and Gross Margin (2021-2026) 50 7.3.4 Ningbo Inno Pharmchem Equols Products Offered 50 7.4 Shenghe Everything (Shanghai) Biotechnology 51 7.4.1 Shenghe Everything (Shanghai) Biotechnology Company Information 51 7.4.2 Shenghe Everything (Shanghai) Biotechnology Business Overview 51 7.4.3 Shenghe Everything (Shanghai) Biotechnology Equols Sales, Revenue and Gross Margin (2021-2026) 52 7.4.4 Shenghe Everything (Shanghai) Biotechnology Equols Products Offered 52 7.5 Wuhan Finetech Industry 53 7.5.1 Wuhan Finetech Industry Company Information 53 7.5.2 Wuhan Finetech Industry Business Overview 53 7.5.3 Wuhan Finetech Industry Equols Sales, Revenue and Gross Margin (2021-2026) 54 7.5.4 Wuhan Finetech Industry Equols Products Offered 54 7.6 Hubei Xinmingtai Chemical 54 7.6.1 Hubei Xinmingtai Chemical Company Information 54 7.6.2 Hubei Xinmingtai Chemical Business Overview 55 7.6.3 Hubei Xinmingtai Chemical Equols Sales, Revenue and Gross Margin (2021-2026) 55 7.6.4 Hubei Xinmingtai Chemical Equols Products Offered 55 7.7 Shanghai Banglin Biotechnology 56 7.7.1 Shanghai Banglin Biotechnology Company Information 56 7.7.2 Shanghai Banglin Biotechnology Business Overview 56 7.7.3 Shanghai Banglin Biotechnology Equols Sales, Revenue and Gross Margin (2021-2026) 57 7.7.4 Shanghai Banglin Biotechnology Equols Products Offered 57 8 Equols Manufacturing Cost Analysis 59 8.1 Equols Key Raw Materials Analysis 59 8.1.1 Key Raw Materials 59 8.1.2 Key Suppliers of Raw Materials 59 8.2 Proportion of Manufacturing Cost Structure 60 8.3 Manufacturing Process Analysis of Equols 60 8.4 Equols Industrial Chain Analysis 61 9 Marketing Channel, Distributors and Customers 62 9.1 Marketing Channel 62 9.2 Equols Distributors List 62 9.3 Equols Customers 64 9.3.1 OTSUKA Phamaceutical Co.Ltd. 64 10 Equols Market Dynamics 67 10.1 Equols Industry Trends 67 10.2 Equols Market Drivers 68 10.3 Equols Market Challenges 69 10.4 Equols Market Restraints 70 11 Research Findings and Conclusion 71 12 Appendix 73 12.1 Research Methodology 73 12.1.1 Methodology/Research Approach 73 12.1.2 Data Source 76 12.2 Author Details 79 12.3 Disclaimer 79