Garcinia Cambogia Market size is anticipated to see notable proceeds during the period 2021 to 2027 owing to the growing instances of obesity and intestine-related problems worldwide. The rising consumption of junk food and the inadequacy of physical activities has led to the higher need to enhance metabolism and cardiovascular health. Robust adoption across the dietary supplements and pharmaceutical sector on account of the prevalence of various diseases will act as a promising prospect for market progression.
Garcinia cambogia is primarily a small tropical fruit, that enhances overall health. The mounting consumer awareness on health and hygiene will also add an edge to the product demand spurt.
In terms of form, the garcinia cambogia market share is segmented into powder, liquid, and capsules & tablets. Out of these, the powder segment is anticipated to collect substantial gains for the industry owing to the increasing focus of consumers towards weight loss. Powdered garcinia cambogia records higher preference as it is easy to digest and renders immediate effects. Higher obligation for safe to consume and natural ingredients will further drive the consumption of the powdered product.
On the basis of distribution channels, the garcinia cambogia market size from online channels is slated to observe notable growth driven by the numerous advantages offered by these channels. Online platform not only renders a wide product variety to the consumers but also saves a lot of their time while giving convenience and safety. The strong need for ecommerce businesses to proliferate their customer base while effectively managing the customer data will add positive impetus to the segmental growth.
With respect to applications, the garcinia cambogia market is bifurcated across dietary supplements, pharmaceuticals, and others. The utility of garcinia cambogia across the pharmaceutical sector is expected to expand with the rising prevalence of diabetes and gastrointestinal disorders. Garcinia cambogia marks extensive penetration to relieve intestinal problems, enhance rheumatism, as well as lower the appetite and cholesterol levels. It also aids in multiplying the count of red blood cells while reducing the rate of oxidant-induced hemolysis. Increasing adoption to boost the serotonin levels in the brain will enhance the pharmaceutical application outlook of the industry.
Regionally, North America is likely to be a considerable shareholder in the garcinia cambogia industry on account of the expanding intake of fast foods in the region. The U.S. is also home to a large number of obese individuals. According to a CDC (Centers for Disease Control and Prevention) report, obesity prevalence in the U.S. was recorded at 42.4% in 2017 – 2018. Increasing product penetration to curb cholesterol and fat levels of consumers is another major trend contributing to the regional market expansion.
Himalaya (Himalaya Global Holdings Ltd.), Top Secret Nutrition (Hi-Tech Pharmaceuticals, Inc.), Natrol (Jarrow Formulas, Inc.), NOW Foods, Healthawin, PureNutria, Nutririse, BioGanix, and Nature Wise are some of the prominent garcinia cambogia market players.
These companies are resorting to various strategic measures, such as capacity expansions, acquisitions, mergers, and marketing investments to reinforce their presence in the increasing competitive avenue.
For instance, New Mountain Capital, in October 2020, inked a definitive agreement with major pharma firm, Aurobindo Pharma in order to acquire Natrol to merge it with Jarrow Formulas, one of its portfolio companies. This partnership helped Natrol in driving consistent growth and market-leading innovations.
The present COVID-19 crisis posted a herd of challenges across various businesses, given the imposition of the nationwide lockdowns and social distancing norms. However, the consumption of garcinia cambogia in the pharma and dietary applications looked promising during the pandemic given the rising health-consciousness levels of consumers and the escalating infection count.