Market Research Future (MRFR) has published on the “Global Neem Extract Market”.
Global Neem Extract Market
The global neem extract market is categorized based on type, application, and region. Leaf extracts, bark extracts, and fruit & seed extracts are the major subsegments based on type. Based on application, pharmaceuticals & nutraceuticals, personal care, agriculture & farming, food & beverages, and others are the major segments. North America, Asia Pacific, Europe, and the Rest of the World are the major regions that are considered for the analysis of the global neem extract market.
Market Synopsis
According to the MRFR analysis, the global market for neem extract is estimated to touch USD 9.41 billion by 2032 at a CAGR of 15.09%.
Neem extract is used as medicine to treat several ailments. Azadirachtin, an active ingredient found in neem plant extract, may be effective against parasites that affect the skin and hair, including lice. Moreover, azadirachtin inhibits parasite growth and interferes with biological functions such as reproduction. Neem extract is enriched with various vital components that produce various health-beneficial properties. The nee extract is prepared from leaves, flowers, bark, and fruits and is being used in various personal care products such as toothpaste, facewash, soaps, and other products. Apart from that, neem extracts are beneficial in various health ailments associated with the kidneys and liver. Besides that, the high demand for neem extracts for the treatment of multiple diseases, along with the higher adoption of organic farming is the major growth driver associated with the neem extract market. Furthermore, favorable government policies to support organic farming, and funding and investment to promote organic farming are the major lucrative prospects for the neem extract market.
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COVID-19 Impact on Neem Extract Market
The impact of COVID-19 on the neem extracts market was positive owing to the neem extracts' multi-purpose properties to treat infectious diseases and boost immunity. Moreover, in mid-2021, the Trustees of the University of Pennsylvania reported that researchers collaborated on a large multicenter study to study the effect of neem bark extract (NBE) in treating COVID-19 and found that NBE has the potential to treat COVID-19. Thus, such research studies helped the market grow at a rapid pace during the COVID-19 phase.
However, the incidence of COVID-19 created a global crisis and has hampered the economic condition of various countries. In addition, the prevalence of COVID-19 has badly impacted the commodity market in several ways. However, various government initiatives were taken to prevent the nations from post-pandemic crisis.
The impact on the production of neem extracts during the COVID-19 waves was slightly negative during the first three months. However, as people started to become aware of the immense benefit of neem extract in boosting immunity and treating severe COVID-19, the manufacturer increased the production of neem extract slowly. Production abruptly increased in the food and beverage, pharmaceutical, and nutraceutical sectors and gradually assisted the manufacturers in regaining the chain of revenue generation at the end of 2020 and 2021.
Competitive Landscape
The global neem extract market is highly profitable, for both the new players as well as existing companies. The neem extract market is considered extremely competitive with players competing, partnering, and investing heavily in research and development to gain a major share in the global market. The market is comparatively fragmented with increasing competition, surging collaborative partnerships, and various other strategic choices to achieve operational efficiency. The analysis of MRFR revealed that the major market players adopted several strategies along with innovative R&D methods for the expansion of their businesses to ensure their prominent position in the global neem extract market. These days, the major strategic steps undertaken by key companies associated with the global neem extracts are approvals, from regulatory bodies to reduce the rivalry. The major companies profiled in the analysis of the global neem extract market are Neeming Australia, Gramin India Agri BusiNest, and PJ Margo Pvt. Ltd, Agro Extracts Limited, GreeNeem Agri Pvt Ltd, Parker Biotech Private Limited, Fortune Biotech Ltd, EID Parry Ltd, Ozone Biotech, and Trifolio-M GmbH among others. Besides that, Neeming Australia has emerged as the frontrunner associated with the global neem extract market owing to its strong product offering. Furthermore, the industry is also identified by the existence of various small-scale manufacturers with old-fashioned technologies associated with production along with limited capacity, mainly in developing countries.
Segmentation
By Type
By Application
By Region