May 2023, MRFR Press Release/- Market Research Future has published a Report on the Garcinia Market
Global Garcinia Market is estimated to be valued at USD 134.95 Million by 2030, registering a CAGR of 6.50% during the forecast period. The global garcinia market is expected to register a notable growth rate during the forecast period. The growth of the global market can be attributed to the health benefits associated with garcinia and surging demand for natural and healthy ingredients in several applications. However, the side effects associated with prolonged consumption of garcinia are projected to hamper the global market growth during the assessment period. The market is expected to emerge lucrative for the vendors active in the global garcinia market due to the increasing application of garcinia in cosmetics and nutricosmetics.
Europe constituted a dominant share of the global garcinia market in 2021. The regional market is projected to exhibit a CAGR of 3.71% during the review period. The increasing consumption of weight loss supplements has turned out to be one of the significant factors for the growth of the European garcinia market during the forecast period. On the other hand, the European population is highly inclined toward natural ingredients, which in turn accelerates the demand for garcinia in the region. Germany accounted for a major share of the European market and is estimated to register a CAGR of 3.77% during the forecast period. Asia-Pacific is projected to exhibit the highest CAGR of 4.00% during the forecast period. The rising consumer awareness regarding the health benefits of garcinia is expected to upsurge the sale of garcinia in Asia-Pacific. China accounted for the major share of the Asia-Pacific market.
Global Garcinia Market has been segmented on the basis of Form, Application, and Region.
By form, the market has been divided into powder, liquid. Among these, the powder segment accounted for significant market share in 2021 and is expected to retain its dominance throughout the forecast period. The growth of the powder segment is attributed to several factors. Powder extracts have a long shelf life and are easy to transport. The quality of the powdered form of garcinia depends upon the unique biochemical, biophysical, and energetic properties of the garcinia plant species being extracted. Powdered garcinia is the most preferred form by the end users owing to the requirement of low transportation cost, high heat resistance, and solubility. The demand for the liquid form is also increasing over the last few years. Garcinia in liquid form optimally preserves the aroma, taste, and biological activity of the garcinia fruit.
By Application, the global market has been bifurcated into dietary supplements, functional food & beverages, and personal care. The dietary supplements segment has accounted for a major market share and estimated to retain its dominance throughout the forecast period. The growing adoption of herbal and ayurvedic supplements owing to lower side effects as compared to synthetic supplements is the prime factor driving the growth of the dietary supplements segment. Also, garcinia is gaining acceptance among the consumers as a weight loss supplement, which is the major factor for the growth of the dietary supplements segment. However, the functional food & beverage is projected to register the highest CAGR during the forecast period. Garcinia is extensively used in the production of functional food & beverages. It acts as a rich source of phenolic compounds and organic acids, especially hydroxy citric acid. The use of garcinia in food and beverages offers therapeutic properties to the human body. The functional food & beverage segment is experiencing massive growth over the last few years due to the changing lifestyles and food habits of consumers.
Market Research Future recognizes Hunan Huacheng Biotech Inc. (China), Hunan NutraMax Inc. (China), Nuvaria Ingredients (US), Ambe Phytoextracts Private Ltd (India), Indfrag Limited (India), Xi'an Lyphar Biotech Co., Ltd (China), Cymbio Pharma Private Limited (India), Xian Tonking Biotech Co., Ltd (China), BioActives Europe GmbH (Germany), and Shaanxi Bolin Biotechnology Co., Ltd (China) as the Key Players in the Global Garcinia Market.
Geographically, the global garcinia market has been categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, Europe dominated the market, accounting for the largest share in 2021. The market in Asia-Pacific is expected to register the highest CAGR of 4.00% during the forecast period. Asia-Pacific accounted for the second-largest market share in 2021.
Key Findings of the Study