According to a new report by Allied Market Research
titled, "World Neem
Extract Market - Opportunities and Forecasts,
2015-2022," the world neem extract market is expected to generate a
revenue of $2.04 billion by 2022, with a CAGR of 17.4% from 2016 to
2022. In 2015, Asia-Pacific was the highest revenue-generating
region, accounting for 51.8% share of the overall neem extract market revenue.
In the same year, the agriculture segment occupied a prominent share among the
different application segments.
Increased R&D and study in the field of neem
has resulted in growing awareness about the efficacy of different parts of a
neem tree, thus making it an important ingredient in several organic food and
cosmetics products. Based on application, the world neem extract market is
categorized into agriculture, personal care, pharmaceutical, and animal feed.
In 2015, the personal care segment contributed approximately 1/7th of the overall neem extract
market revenue and is estimated to grow at a CAGR of 19.6% during the forecast
period. The growth is primarily attributed to increased awareness among
consumers about the adverse effects of chemical-based personal care products,
leading them to shift towards organic products. Pharmaceutical segment, which
accounted for around 8.9% market share in 2015, is expected to witness a
double-digit growth over the analysis period, owing to growing inclination of
consumers toward Ayurveda and natural treatment of diseases without any side
effects.
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By geography, APAC is the major contributor in the
neem extract market. It is expected to be the highest revenue-generating region
during the forecast period. Widespread awareness about the benefits of neem
have resulted in huge demand of neem in the European and North American markets. North
America is one of the largest importers of neem extract.
However, Europe is likely to grow at a rapid rate with a CAGR of
20.3%. The regions are further bifurcated into major countries, such as the
U.S., Canada, and Mexico in North America; U.K., Germany, France and
Rest
of Europe in Europe; India, China, Japan and
Rest of Asia-Pacific in APAC; and the Middle East, Africa,
and Latin America in LAMEA. The demand for organic food, personal
care products and growing concerns about environmental-friendly agriculture
products are expected to foster the growth of neem-based products, globally.
Key findings of the study:
·
The world neem extract market is
expected to exhibit significant growth during the forecast period owing to the
growing awareness about the side effects of chemical-based personal care
products, concerns regarding environmental degradation, and adoption of natural
and herbal products to cure health diseases.
·
In 2015, the agriculture segment
accounted for 67.9% share of the overall neem extract market revenue.
·
APAC is the highest
revenue-generating segment and is likely to continue this trend throughout the
forecast period.
·
The personal care segment is expected
to grow with a rapid CAGR of 19.6%
·
Europe would be one of the most
lucrative markets in terms of growth, registering a CAGR of 20.3% during
2016-2022.
Market players have increased their product
offerings to cater to the need of consumers. Neem extracts are exported to
different regions as the demand for natural and environmental-friendly products
is rising. In 2014, AG Global, a U.S.-based organic fertilizer manufacturing
company, signed an agreement with EID Parry India Ltd. to add neem products to
its product line. This partnership enabled Parry to access AG Global's
distribution channels across North America. The key companies profiled
include E.I.D Parry India Ltd., Neeming Australia Pvt. Ltd., Bros India Group,
Agro Extracts Limited, Parker India Group, Fortune Biotech Ltd., The Indian
Neem Tree Company, Ozone Biotech, PJ Margo Pvt. Ltd., and Gramin India Agri
BusiNest.
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