Baobab Ingredient Market 2024 – Industry Growth, Drivers, Market Size, Key Players, And Forecast To 2033

Overview and Scope

Baobab is a tree prevalent in specific regions of Africa, Arabia, Australia, and Madagascar. The baobab ingredients such as leaves, seeds, and pulp of the baobab fruit, which are also available in powdered form, have been linked to numerous health benefits and are used in a variety of recipes and cuisines.

Sizing and Forecast
The baobab ingredient market size has grown strongly in recent years. It will grow from $5.2 billion in 2023 to $5.54 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growing consumer awareness of superfoods, demand for natural and organic products, traditional use in indigenous cultures, globalization of food markets, increasing interest in plant-based diets.

The baobab ingredient market size is expected to see strong growth in the next few years. It will grow to $7.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising demand for functional foods, increasing popularity of plant-based ingredients, growth in the nutraceutical industry, adoption of baobab in beauty and personal care products, sustainability considerations in food production. Major trends in the forecast period include development of baobab-infused product lines, emergence of baobab as a key ingredient in the beauty and skincare industry, formulation of baobab-based functional foods and beverages, increased use of baobab in innovative culinary applications, growing emphasis on sustainable and ethical sourcing of baobab ingredients.

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Segmentation & Regional Insights
The baobab ingredient market covered in this report is segmented –

1) By Product: Baobab Pulp, Baobab Powder, Baobab Oil
2) By Source: Organic, Conventional
3) By Distribution Channel: Direct Channel, Indirect Channel
4) By Application: Food And Beverages, Nutraceuticals, Cosmetics, Other Applications

North America was the largest region in the baobab ingredient market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the baobab ingredient market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
Growing consumer inclination towards functional foods and drinks is expected to propel the growth of the baobab ingredient market going forward. Functional foods and drinks refer to foods and beverages that provide health benefits other than their nutritional value. Baobab ingredients, such as baobab fruit pulp and powder, are rich in antioxidants, vitamin C, calcium, iron, magnesium, potassium, and fiber and play an essential role in the manufacturing of functional foods and drinks, commercial product applications such as single-strength beverages, smoothies, and yogurts. For instance, in February 2022, according to the report published by Agriculture and Agri-Food Canada, a Canada-based government department, the retail sales value of fortified or functional foods and beverages in the United States increased to $68.9 billion in 2021, compared to $67.9 billion in 2020. Further, they are projected to reach $79.1 billion in 2025, up 3.5% compared to 2021. Therefore, the growing consumer inclination towards functional foods and drinks will drive the baobab ingredient market.

Key Industry Players
Major companies operating in the baobab ingredient market report are Nexira SAS, Woodland Foods Ltd., Eco-Products Inc., Halka B Organics, BI Nutraceuticals Inc., Alaffia, NP Nutra, Afriplex Pty Ltd., Organic Africa, Atacora Essential Inc., Baobab Foods LLC, Baobab Fruit Company Senegal, Baobab Superfruit, Baobab Trading Company, B’Ayoba (Pvt) Ltd., Ecuadorian Rainforest LLC, Farafena, Indigo Herbs Ltd., Mighty Baobab Ltd., PhytoTrade Africa, TheHealthyTree Company, Aduna Limited, Holland & Barrett Retail Limited, Sharon Bolel Chemical Marketing, Essential Natural Oils

The baobab ingredient market report table of contents includes:

1. Executive Summary

2. Baobab Ingredient Market Characteristics

3. Baobab Ingredient Market Trends And Strategies

4. Baobab Ingredient Market – Macro Economic Scenario

5. Global Baobab Ingredient Market Size and Growth

…..

32. Global Baobab Ingredient Market Competitive Benchmarking

33. Global Baobab Ingredient Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Baobab Ingredient Market

35. Baobab Ingredient Market Future Outlook and Potential Analysis

36. Appendix