Fenugreek Seed Extract Market size is estimated to record a CAGR of over 13% during 2023 to 2032, attributed to the increasing awareness and demand for natural and herbal remedies in the healthcare and wellness sectors. As per the report published on NCBI, an estimated 4 billion people living in the developing world rely on herbal medicinal products for various ailments as well as for overall health.
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The legume has been long known for its antioxidative, anticarcinogenic & antidiabetic properties. It also finds usage in food product developments as food stabilizer and emulsifying agent. With wider cognizance of these benefits, more consumers are showing an inclination towards the consumption of fenugreek seek extract.
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||13%|
|Historical Data for:||2018 to 2022|
|No. of Pages:||250|
|Tables, Charts & Figures:||125|
|Segments covered:||Application and Region|
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The product is also a popular ingredient in various cuisines, with its distinct flavor and aroma making it a sought-after spice and flavoring agent. Notably, the 25% dietary fiber composition of fenugreek seed changes the texture of food to which it is added. Additionally, the increasing consumption of ethnic and exotic foods, as well as the growing trend of incorporating natural flavors in food products, have led to a rise in the utilization of fenugreek seed extract in the food industry, fueling the market growth.
The limited awareness among consumers about the potential health benefits of fenugreek seed extract is restraining the industry growth. Despite its diverse applications in traditional medicine and culinary practices, many potential consumers remain unaware of the product’s advantages.
Additionally, there are challenges related to product quality consistency. Variations in the quality of fenugreek seed extract, arising from factors such as sourcing and processing methods, can impact its effectiveness and consumer trust. Furthermore, navigating the diverse and sometimes complex regulatory frameworks for nutraceuticals and herbal products across different regions can be a roadblock, as compliance procedures may involve substantial documentation and safety assessments, hindering the swift adoption of fenugreek seed extract.
The impact of COVID-19 on the fenugreek seed extract market has proven to be a mixture of positive & negative factors. There has been a surging demand for immune-boosting and health-enhancing products that is favoring the product adoption. However, disruptions in the supply chain and economic uncertainties restricted the market growth. As manufacturers adapted to the challenges and explored new distribution channels like e-commerce to reach consumers, the industry regained its upward trajectory, showcasing the adaptability is crucial in maintaining stability and long-term growth potential.
Consumer demand for organic and non-GMO fenugreek seed extract products is growing, driven by concerns about food safety and sustainability. According to Volza’s Global Export data, as of May 2023, fenugreek seed exports stood from at 48.6K shipments, exported by 2,219 exporters across the world to 5,035 buyers, indicating the increasing demand for fenugreek & related products. Identifying the trend, industry participants are increasingly investing in R&D efforts to develop and offer certified organic and non-GMO options, aligning with consumer values.
Moreover, companies are forging strategic partnerships and collaborations to strengthen their market presence and leverage each other's strengths. These alliances facilitate the pooling of expertise and resources, resulting in the development of superior products and expanded reach. The fenugreek seed extract market is adapting to consumer preferences and evolving through innovation and strategic collaborations to cater to the changing needs of conscious consumers.
The cosmetic application of fenugreek seed extract industry will expand at 13.5% CAGR through 2032, owing to increasing preference by the consumers for traditional remedies for skin & hair.
The fenugreek seed extract market from pharmaceutical application segment is set to showcase a robust growth during the forecasted period, on account of the wider cognizance of product’s health benefits.
Europe fenugreek seed extract market is poised to observe around 12.5% CAGR till 2032, favored by the escalating consumer interest in natural and herbal remedies, particularly in dietary supplements and traditional medicine. The product has well-documented health benefits, including its potential for managing various health conditions. It is also gaining recognition for versatile applications in the food & beverage industry, as a flavoring agent, and in cosmetics. As consumers continue to prioritize natural and plant-based solutions for their health and wellness needs.
Arjuna Natural Extracts, one of the prominent players in the market, has adopted several strategic initiatives to fuel its growth. The company has focused on expanding its product portfolio to cater to diverse consumers, developing innovative formulations and emphasizing on product quality & consistency. Collaborations with academic and research institutions have allowed the firm to invest in cutting-edge research, enabling the creation of novel fenugreek-based products with potential health benefits. Furthermore, it is committed to sustainability and responsible sourcing that strengthens the company’s position in the market. The other notable industry players are:
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Market, By Application
The above information has been provided for the following regions and countries: