Global neem extracts market is expected to reach USD 1.32 billion by 2020, according to a new study by Grand View Research, Inc. Rising importance of biofertilizers in developed regions including North America and Europe owing to stringent government regulations on the use of chemical fertilizers is likely to boost neem extracts market over the forecast period. Moreover, neem extracts are extensively used in the manufacture of high quality herbal cosmetics and beauty products. Demand for these products is increasing globally owing to their efficiency and low side effects which are expected to result in high demand.
Biofertilizers constituted the largest application, accounting for over 70% of market revenue in 2013. Growing demand for bio pesticides and bio insecticides is likely to drive neem extracts market over the next six years. Hostile response received from consumers on the use of chemical fertilizers owing to environmental and health concerns are expected to drive the neem extracts market especially in the Europe and North America. In addition, biofertilizer growth in emerging economies including India, China and Brazil is expected to augment neem extracts market over the forecast period. However, lack of availability of raw materials in developed regions owing to unfavorable climatic conditions and high prices is anticipated to restrain neem extract market growth.
Key market participants include E.I.D Parry India Ltd., Agro Extracts Ltd, Ajay Bio-Tech Ltd, Kancor Flavors and Extracts Ltd and Neeming Australia Pvt. Ltd.
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Key findings from the study suggest:
- · Neem extract market demand in personal care products accounted for less than 15% of market revenue in 2013. However, the segment is expected to witness the fastest growth on account of gaining importance of herbal cosmetics and beauty products especially in Asia Pacific and Europe.
- · Growing demand for bio based fertilizers in emerging markets of India and China due to rising health awareness coupled with environmental concerns is expected to have a positive impact on neem extract market in the near future.
- · Asia Pacific was the largest neem extract market, accounting for more than 40% of global revenue in 2013. Increased R&D expenditure by health care companies towards new technology development coupled with increasing use of neem based products in North America and Europe is expected to augment market demand.
- · Europe is expected to witness growth on account of increasing adoption of neem based fertilizers and herbal beauty products in the personal care segment.
Neem extracts are employed in a wide range of personal care products including toothpaste, shampoos, and conditioners on account of its medicinal properties and long-term benefits. Additionally, they are being increasingly employed in pharmaceuticals due to its antimicrobial, antioxidant and anti-inflammatory properties. These benefits are likely to augment the market demand over the next six years.
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Neem extracts offer numerous medicinal benefits including reduced blood clotting, lowered blood pressure and cholesterol, eased palpitation and regulated digestion. Such benefits are anticipated to augment product growth in the pharmaceutical sector over the projected period. Demand for neem and its extracts have been high in the European region owing to the presence of stringent regulations for the production of chemically harvested fruits and vegetables especially in countries such as Italy and Spain. However, notable demand-supply gap and high prices of neem products in the region is likely to hamper market growth.
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Neem and its extracts are used extensively in the manufacture of high-quality herbal cosmetics and beauty products. Demand for these products has been increasing globally owing to their efficiency and zero side effects. Furthermore, leading herbal companies have been increasingly manufacturing products such as fairness creams, body lotions, hand creams using neem extracts to cope with growing demand for these products in the U.S. and the UK.
Grand View Research has segmented the global neem extracts market on the basis of application:
Global Neem Extracts Application Outlook (Revenue, USD Million, 2013 – 2020)
- Personal care
- Animal feed
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Neem extracts are employed as skin cleansers, beauty enhancers and for glowing complexion. Hence growth in the herbal cosmetic industry is anticipated to fuel neem extracts market over the forecast period. Moreover, increasing number of herbal cosmetic manufacturing companies, demand for neem oil and leaf powder in Europe, North America and Asia Pacific, is expected to go north over the projected period.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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