Psyllium Products Market: Introduction
A recent study published by Transparency Market Research on the psyllium products market includes global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global psyllium products market was valued at ~US$ 215 Mn in 2020, and is estimated to expand at a CAGR of ~9.2%, to reach US$ 525 Mn by 2030.
Increasing Vegan Population Driving Psyllium Products Market
Customers have become more concerned and sensitive toward animals. Animal welfare is a key factor due to which, consumers are more inclined toward psyllium-based products. Consumers are looking for much safer psyllium products, due to growing food safety concerns regarding the use of different kinds of additives such as antibiotics and hormones in food products. Additionally, increasing number of people suffering from foodborne allergies and intolerances has made consumers opt for various plant-based food alternatives such as psyllium products.
Increasing Gastrointestinal Problems in Consumers Fueling Demand for Psyllium Products
The rising of incidence of functional disorders and gastrointestinal diseases among people around the world is a key factor boosting the market for psyllium products. Due to a hectic lifestyle and improper food habits, a large section of global population is suffering from improper gut health. The increasing need to maintain proper gut has health resulted in the increasing intake of probiotics that support the gut health. Psyllium products are gaining popularity due to their gastrointestinal and immune benefits that help prevent vaginal and urinary infections and obesity.
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With improving technologies, customers have access to various smart labels and with the assistance of these technologies, they can trace the journey of any product and can also check every details within the supply chain. These days, consumers are compelling food manufacturers to improve the transparency of their offerings, going beyond ingredients, nutritional value, and free-from status. This is evident by the continuously increasing demand to comprehend product-related information, including how and from where the ingredients were sourced by buyers.
According to the IFIC (International Food Information Council), in 2016, 38% of the American population named ‘chemicals’, due to the presence of several additives. This demonstrates that majority of the North American population no longer prefers chemicals and uncommon signaling ingredients in their food products.
Increasing Demand for Herbal Products Accelerating Psyllium Products Market
Due to increasing awareness regarding health and wellness, consumers are opting for healthier herbal products, which is positively affecting the psyllium products market. Herbal products stabilize hormones, increase immunity, support natural healing of the body, and have negligible side effects on the body. Due to their numerous health benefits, the demand for herbal products is increasing globally. Moreover, herbal medicines are more affordable than conventional medicines available in the market. Cheaper prices, along with potential health benefits, are adding on to the market demand for herbal products. Increasing herbal product demand in industries is boosting the market for psyllium products as well. The growing demand for herbal products among consumers is pushing manufacturers to produce more herbal psyllium products. Major companies such as Dabur India Ltd. and P&G have started offering herbal psyllium products due to their increasing demand.
Impact of COVID-19: Psyllium Products Market
Psyllium is mostly cultivated in Asian countries such as India, Pakistan, and Bangladesh. Besides these nations, psyllium is cultivated in a few parts of North America and Europe. Psyllium-based products are majorly used in the pharmaceutical and nutraceutical industries for the production of dietary supplements. Additionally, psyllium and its derivatives are used in food, beverages, cosmetics, personal care, and animal feed sectors as an ingredient for the production of healthy products. Psyllium has several health benefits, as it is a rich source of fiber and effective in treating gastrointestinal diseases.
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Global industries are adversely affected due to the COVID-19 outbreak. Lockdown enforced to contain the spread of the pandemic has negatively impacted the supply chain network of several industries. As psyllium is only grown in Asian countries, it is imported by other countries and manufacturers for the production of psyllium-based products. Due to coronavirus, governments of several Asian countries have restricted the import-export of products, which is negatively impacting the psyllium products market.