Neem Extract Market Comprehensive Insight by Growth Rate, Industry Status
Neem Extract Market Growth
Ongoing research on neem's various applications has enhanced awareness of its benefits, driving its inclusion in organic food and cosmetic products.
WILMINGTON, DELAWARE, UNITED STATES, June 25, 2024 /EINPresswire.com/ -- The global neem extract market is projected to reach $2.04 billion by 2022, growing at a CAGR of 17.4% from 2016 to 2022, according to a report by Allied Market Research. In 2015, Asia-Pacific dominated the market, contributing 51.8% of the total revenue. The agriculture sector was the most significant application segment, reflecting the increasing use of neem extracts in various agricultural practices.
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Key Market Drivers:
- Increased R&D: Ongoing research on neem's various applications has enhanced awareness of its benefits, driving its inclusion in organic food and cosmetic products.
- Consumer Awareness: Growing consumer preference for natural, chemical-free personal care products is propelling the demand for neem-based personal care solutions.
Application Segments:
- Agriculture: In 2015, this segment accounted for 67.9% of the total market revenue, highlighting neem's pivotal role in organic farming and eco-friendly agricultural products.
- Personal Care: Contributed about 1/7th of the market revenue in 2015, with an anticipated CAGR of 19.6% through 2022, driven by consumer shifts toward organic personal care products.
- Pharmaceutical: This segment, holding 8.9% of the market in 2015, is expected to grow significantly due to increasing consumer inclination towards Ayurveda and natural treatments.
Regional Insights:
- Asia-Pacific: This region led the market in 2015 and is expected to maintain its dominance due to robust agricultural practices and growing markets for personal care and pharmaceutical applications.
- Europe: Forecasted to be a high-growth market with a CAGR of 20.3% from 2016 to 2022, fueled by rising demand for organic products and increasing consumer health awareness.
COVID-19 Impact Analysis:
The pandemic notably impacted the global economy and supply chains, affecting the neem extract market. However, the report also discusses recovery and adaptations, emphasizing governmental measures to support market resilience and growth.
Competitive Landscape:
Market players have expanded their portfolios to meet the rising demand for natural products. Significant market developments include AG Global's agreement with EID Parry India Ltd. in 2014, enhancing neem product distribution in North America. Key companies in the market include:
- E.I.D Parry India Ltd.
- Neeming Australia Pvt. Ltd.
- Bros India Group
- Agro Extracts Limited
- Parker India Group
- Fortune Biotech Ltd.
- The Indian Neem Tree Company
- Ozone Biotech
- PJ Margo Pvt. Ltd.
- Gramin India Agri BusiNest
Market Outlook:
The neem extract market is set for significant growth, driven by:
- Rising awareness of the adverse effects of chemical-based products.
- Increasing adoption of herbal and natural treatments for health and wellness.
- Growing environmental concerns promoting the use of eco-friendly agricultural inputs.
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Conclusion
The global neem extract market is poised for robust growth, driven by consumer shifts towards natural products, increased R&D, and expanding application in agriculture, personal care, and pharmaceuticals. The Asia-Pacific region remains the largest market, with Europe emerging as a lucrative segment.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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