The Business Research Company’s Baobab Ingredient Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Baobab Ingredient Global Market Report 2023 evaluates baobab ingredient market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global baobab ingredient market is expected to grow from $4.86 billion in 2022 to $5.20 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The baobab ingredient market is expected to reach $6.64 billion in 2027 at a CAGR of 6.3%.
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.
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The baobab ingredient market segments in the report are:
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
The table of contents in TBRC’s baobab ingredient market report includes:
- Executive Summary
- Baobab Ingredient Market Characteristics
- Baobab Ingredient Market Trends And Strategies
- Baobab Ingredient Market – Macro Economic Scenario
5.1. Global Baobab Ingredient Market Drivers and Restraints
- Baobab Ingredient Market Segmentation
- Baobab Ingredient Market Regional And Country Analysis
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- Brazil Baobab Ingredient Market
- Middle East Baobab Ingredient Market
- Africa Baobab Ingredient Market
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