Market Research Future added a New Research Report on the Global Baobab Market, which is estimated to grow at a CAGR of 5.3% during the forecast period 2017-2023.
Baobab is a type of fruit, which can be sourced from any one of nine species of Adansonia tree majorly found in Africa, Australia, Arabia, and Madagascar. It has numerous biological properties including antimicrobial, anti-malarial, diarrhea, anemia, asthma, antiviral, anti-oxidant, and anti-inflammatory activities. It is available in different forms including oil, powder, pulp, and others. Baobab oil is used in personal care products as an emollient and skin and hair conditioner. Moreover, baobab pulp and powder are used in smoothies, sauces, supplements, and desserts.
Market Drivers and Forecast:
Baobab fruit is a wholesome nutrient fruit that has different uses as per its form. Baobab is gaining popularity in various industries such as functional foods, beverages, sauces & seasonings, nutraceuticals, cosmetics, and others, which is boosting the growth of the market. The high shelf life of the product is having a positive impact on the growth of the market.
Increasing awareness of the baobab in various regions is expected to surge the growth of the market. Moreover, continuous R&D is likely to lubricate the growth of the baobab market with various innovations globally. All these factors are projected to contribute to the estimated CAGR of 5.3% of baobab market during the forecast period 2017-2023.
Key Players Profiles:
The major players in the baobab market
- Afriplex (PTY) Ltd. (South Africa)
- Mighty Baobab Limited (U.K.)
- Eco products (South Africa)
- Baobab Fruit Company Senegal (Italy)
- B’Ayoba (Zimbabwe)
- Organic Africa (Zimbabwe)
- Baobab Foods (U.S.)
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Application and Segments Analysis:
Baobab market is segmented on the basis of species such as Adansonia Digitata, Kilima, Grandidieri, Madagascariensis, and others. Among all, the Digitata is the most commonly available source for baobab, which grows in various parts of Africa and the Middle East including Yemen, Oman, and Ghana.
On the basis of the form, the global baobab market is segmented into oil, powder, fruit pulp, and others.
Among all, the baobab oil is dominating the market and is expected to grow at the fastest rate over the forecast period owing to its rising demand for cosmetics. The Baobab powder is the second largest segment of the baobab market and is projected to continue its growth in the coming years.
Based on the application, the market is segmented into a functional food, beverages, sauces & seasonings, nutraceuticals, cosmetics, and others. The cosmetics segment is dominating the market based on the high application of baobab oil as a skin and hair moisturizer. However, the functional foods segment is projected to grow substantially over the forecasted period based on increasing awareness towards the nutritional value associated with baobab.
The global baobab market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is projected to grow substantially over the forecasted period followed by Europe. Inclination towards functional foods among the consumers in the U.S. is boosting the growth of the market in North America. In Europe, the Western Europe countries comprising of France, the U.K., Belgium, and the Netherlands and they are the major contributors to the growth of the baobab market in this region.
Asia Pacific is projected to witness a moderate growth over the estimated period owing to increasing awareness in developing countries. However, Africa and Australia are dominating the market owing to high cultivation and consumption of baobab in these regions.
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Baobab market is segmented on the basis of species, form, application, and the region.
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