The new report by Expert Market Research titled, ‘Global Fenugreek Seed Extract Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global fenugreek seed extract market, assessing the market based on its segments like natures, forms, sales channels, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 10%
In recent years, health awareness has increased in growing economies such as India, China, and South Korea, which is driving the market growth for fenugreek seed extract. Governments in emerging economies have begun activities such as mass media campaigns, health fairs, and health endorsement via a variety of communication channels in order to raise awareness about healthy living. This is predicted to help the fenugreek seed extract industry flourish. Also, changes in dietary patterns, such as an increase in demand for health supplements among athletes, are expected to boost the market for fenugreek extract. Additionally, the increased prevalence of type 2 diabetes is expected to benefit the fenugreek seed extract sector in the coming years.
Industry Definition and Major Segments
Fenugreek seed extract refers to the extract obtained from fenugreek seed. The fenugreek crop is cultivated worlwide as a semiarid crop. The seeds and leaves of this plant are usually used in Indian dishes. A fenugreek seed extract has an extensive range of applications in the food as well as the pharmaceutical industry.
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By nature, the market is divided into:
- Organic
- Conventional
On the basis of form, the market is divided into:
- Powder
- Liquid
Based on sales channel, the market is divided into:
- Direct
- Indirect
By end uses, the market is divided into:
- Pharmaceuticals
- Cosmetics
- Food and Beverage
- Others
The regional markets for the product include:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
Growing cooperation between exporters and manufacturers of the product is predicted to positively influence the market growth of fenugreek seed extract, removing the function of an intermediary from the value chain. The market for fenugreek seed extract is expected to rise due to an increase in scientific research and development initiatives by various food organisations in collaboration with industry participants. The rising concerns about the use of substances and chemicals in beauty products, aided by rising disposable income and rapid urbanisation are anticipated to boost market expansion. There is a growing need for skin care products incorporating herbal and natural component goods, which is fuelling the market growth.
Key Market Players
The major players in the market are Ambe Phytoextracts Pvt. Ltd., Bio Botanica, Inc., Naturalin Bio-Resources Co., Ltd, and Nutra Green Biotechnology Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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