Fenugreek Seed Extract Market to exceed $9.5mn by 2024
Published Date: January 9, 2018 Authors: Kunal Ahuja, Amit Rawat
Fenugreek Seed Extract Market size is estimated to surpass USD 9.5 million by 2024; according to a new research report by Global Market Insights, Inc.
Rapid healthcare industry expansion coupled with recent advances in nutraceutical research is projected to drive fenugreek seed extract market size. As per Centers for Medicare & Medicaid Services(CMS), the U.S healthcare spending estimated USD 3.3 trillion in 2016, growing around 4% from the preceding year.
Changing consumption patterns and increasing consumer awareness regarding healthy living will drive fenugreek seed extract market owing to. Key properties such as pleasant flavor, taste, and health benefits are propelling fenugreek seed extract demand for food applications. Additionally, improved production technologies and easy raw material accessibility will foster industry size.
Rising health awareness in emerging economies including India, China, and South Korea is expected to propel fenugreek seed extract market growth. Government initiatives to raise awareness about healthy lifestyle through numerous communication channels such as public service announcements, mass media campaigns and health fairs will support product penetration.
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Shifting consumer focus towards ayurvedic cosmetics and increasing concern regarding synthetic chemicals is expected to influence industry size. Improved R&D in processing technologies, reduced wastage, and improved productivity are key strategies adopted by manufacturers to gain competitive advantage.
Browse key industry insights spread across 250 pages with 116 market data tables & 9 figures & charts from the report, “Fenugreek Seed Extract Market Size By Application (Pharmaceuticals, Food & Beverage, Cosmetics) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Pharmaceuticals segment is expected to surpass 210 tons by 2024. Health promoting chemical ingredients such as vitamin A, vitamin B1, vitamin C, iron, flavonoids, phosphates, saponins, trigonelline, and other alkaloids are supporting product penetration for this segment. Further, improved medicines shelf-life, low cost, and easy raw material availability are the key factors influencing industry size.
Food & beverage application accounted for over 40% market share in 2016. Fenugreek seed extract is gaining momentum in culinary application to avoid an array of ailments including kidney diseases, colic, abdominal flatulence, intestinal issues. Other key benefits including milk promoting agent in nursing mothers to increase breast milk production and treat hormonal imbalance in women driving industry growth.
Cosmetic applications will surpass USD 650 million by 2024. Shifting preference towards organic and natural beauty products will support segment growth. Furthermore, manufacturers are expected to penetrate emerging markets by investing in low-cost processing technologies and new product launches with improved quality.
Europe fenugreek seed extract market is expected to hold over 30% market share in 2016. Factors such as rapid urbanization, an aging population, increasing demand for more effective treatments, higher disposable incomes and high government expenditure on healthcare fostering regional industry size.
North America fenugreek seed extract market will witness fastest growth over the projected timeframe. Growing consumption of ethnic flavored herbs and spices in consistent diet and increasing penetration of herbal products in the personal care category likely to augment fenugreek seed extract market.
Key industry players are Nutra Green Biotechnology, Arjuna Natural Extracts, Bio-Botanica, Unique Organics, Ambe, Chereso Lifesciences, Indus Biotech, Human nature biotechnology, Novoherb and Creative Enzymes. Increasing R&D investment and collaboration between health organizations and food manufacturers participants is projected to propel fenugreek seed extract market development over the projected timeframe.
Fenugreek seed extract market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons & revenue in USD thousand from 2013 to 2024, for the following segments:
Fenugreek Seed Extract Market By Application
- Food & beverage
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia