Global Neem Extracts Market Growing Preference of Nature-based Cosmetic Products Fueling Demand, says TMRApril 9, 2021
The global neem extracts market has a fragmented vendor landscape on account of the presence of a large number of unorganized companies across the globe, observes Transparency Market Research in a recent report. However, a large share of the total global number of leading neem extract exporters are located in India. Domicile to over 150 small- and mid-sized companies operating in the neem extract sector, India holds a strong position in the global neem extract market and is expected to remain one of the key hubs for the overall development of the global neem extracts market in the near future.
However, these companies collectively account for a nominal share of the overall market and companies with advanced equipment for operations such as de-pulping, disinfecting, drying, extraction, and storage overshadow. Some of the leading companies in the global neem extracts market are Parker India Group Pvt. Ltd., Neeming Australia Pvt Ltd., Fortune Biotech Ltd., GreeNeem, P J Margo Pvt Ltd, E.I.D Perry India Ltd., and Prithvi Exports.
In one of its recent reports, Transparency Market Research estimates that the global neem extracts market will exhibit a promising pace of expansion in the near future and rise from an opportunity of US$706 mn in 2015 to US$1,126.8 mn by 2019.
In terms of application, the chemical and fertilizers segment accounted for the dominant share in the global market, representing an opportunity of US$498.79 mn in 2015. With rising focus on the use of bio-based fertilizers and several regulations arresting the growth of synthetic fertilizers working in favor of the bio-based fertilizer sector, the segment is likely to remain the key consumer of neem extracts in the near future, representing a revenue opportunity of US$768.14 mn by 2019.
From a geographical standpoint, the market in Asia Pacific accounts for the dominant share of the overall market. The regional market overshadows other regions as the plantation of neem is majorly restricted to the South Asian region and there has been an ever-increasing demand for neem extracts in bio-based fertilizers, pesticides, and natural and herbal products across countries such as India, Sri Lanka, Pakistan, Nepal, and Bangladesh in recent years.
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Neem is a popular medicinal herb and is extensively used in a vast array of applications ranging from natural skin care to pest control. The increasing side effects of chemical-based skin care products has awakened the consciousness of the people towards the use of safer, milder, and nature-based ingredients. Therefore, as the preference for nature-based products penetrates deeper in the psyche of the worldwide population, the global market for neem extracts is expected to gain traction.
The demand for neem-based anti-aging and anti-acne skin care products has been rising of late. Growing geriatric population across several regions of the world has been responsible for the exploding demand for neem-based face washes, creams, gels, and lotions. Numerous soaps, hand washes, and oral care products such as toothpastes also use neem as a core ingredient. The market for neem extracts is being driven by increasing consumer base, high disposable incomes of the people, and growth of the cosmetics industry.
This review of the global neem extract market is based on a recent market research report by Transparency Market Research, titled “Neem Extracts Market (Application – Personal Care, Pharmaceuticals, Chemicals and Fertilizers, and Animal Feed) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013–2019.”