The Neem Extract Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Neem Extract Global Market Report 2024, The neem extract market size has grown rapidly in recent years. It will grow from $2.66 billion in 2023 to $3 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to traditional medicinal uses, natural pest control in agriculture, skin care and cosmetics industry demand, increasing awareness of neem’s health benefits, environmentally friendly biopesticides.
The neem extract market size is expected to see rapid growth in the next few years. It will grow to $4.89 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to rising demand in personal care products, continued growth in organic farming, expansion in nutraceuticals industry, government initiatives supporting herbal products, emergence of neem-based functional foods. Major trends in the forecast period include research and development for new applications, expanding applications in healthcare, growing demand in agriculture, increasing awareness of herbal remedies, regulatory support for natural products.
The growing demand for organic products is expected to propel the growth of the neem extract market going forward. Organic products refer to products that are created using only natural components, without the use of any artificial chemicals, hormones, antibiotics, or genetically modified organisms (GMOs). Neem extract is utilized in various sectors, including agriculture, personal care goods, medicines, and animal feed since its unique properties such as antibacterial and antifungal properties make it a perfect component for different organic and natural products. For instance, in December 2022, according to the U.S. Department of Agriculture’s National Agricultural, a US-based government agency, organic product sales reached $11.2 billion in total in 2021, up by $1.28 billion with an increase of 13% from 2019. Therefore, the growing demand for organic products is driving the growth of the neem extract market.
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The neem extract market covered in this report is segmented –
1) By Type: Leaf Extract, Fruit And Seed Extract, Bark Extract
2) By Formulation: Dry, Liquid
3) By Application: Food And Beverages, Pharmaceutical, Nutraceutical, Personal Care And Cosmetics, Agriculture And Farming, Other Applications
Major companies in the neem extract market are hosting research and development on neem-based solutions to sustain their position in the market. Research and development fuels neem extract potential, driving innovation, improving quality, and expanding markets globally. For instance, in October 2023, University of Ghana, a Ghana-based public university, conducted a research dissemination workshop, shedding light on neem-based solutions for cultivating healthy vegetables, organized by ARPPIS at the University of Ghana, focused on promoting safe vegetable production. The workshop served as a platform for diverse stakeholders and highlighted the importance of neem-based solutions for sustainable and safe vegetable farming in Ghana.
The neem extract market report table of contents includes:
1. Executive Summary
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