With the presence of a large pool of participants, the global neem extract market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Gramin India Agri Businest, E.I.D Parry India Ltd., Ozone Biotech, and PJ Margo Pvt. Ltd are some of the key vendors of neem extract across the world. These players in neem extract market are focusing aggressively on product innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the neem extract market study.
Citing an instance, in May 2017, a team of researchers working at department of biochemistry & biotechnology of Annamalai University in Tamil Nadu displayed that nimbolide, an extract from the neem flowers & leaves, has the ability to cure oral cancer. Reportedly, the group published their study in Nature Journal and validated the claims pertaining to anticancer features of neem.
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Growing Global Reputation Of Ayurveda To Amplify Market Progress
“Escalating product demand from personal care & cosmetics sectors and growing global popularity of Ayurveda will bolster the expansion of neem extract market size in the near future,” says the author of this study. Apart from this, rising preference for natural therapy for treating chronic ailments of the patients is likely to open new vistas for the neem extract market. Ascending awareness regarding the side-effects incurred due to extensive application of synthetic chemicals in farming activities has enhanced the significance of neem across the globe. Furthermore, the use of neem extract in fertilizer for protecting grains will impel the neem extract market sphere.
Today, natural constituents are in higher demand and neem extracts with beneficial features find plethora of applications in myriad sectors. Furthermore, the anti-inflammatory, anti-oxidant, and anti-microbial characteristics offered by neem extract have made them more popular across the pharmaceutical and animal feed sectors.
Decline in the neem plantation & low raw material availability in the developed economies, however, is projected to impede the expansion of the neem extract market over the next few years. Nevertheless, the escalating trend towards organic foods is projected to open lucrative avenues for the market in the next few years, normalizing the impact of hindrances on the neem extract market, reports the study.
Abundant Raw Material Availability To Assist APAC Maintain Dominance
Geographically, Asia Pacific has been leading the worldwide neem extract market and is anticipated to continue on the dominant position in the years to come, states the neem extract market study. Easy raw material availability is the main factor behind the dominance of the Asia Pacific neem extract market. The high number of market players being headquartered in Asia Pacific is another significant factor that is supporting this regional market. Reportedly, Asia pacific contributed nearly 58% towards overall neem extract market share in 2015.
The global neem extract market is segmented as follows:
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