Global garlic extract market expected to reach approximately USD 15.30billionby 2024, growing at a CAGR of around 3.7% between 2018 and 2024. The global market for garlic extract is in the growth phase and is estimated to record a significant growth rate over the forecast timeframe.
Sarasota, FL -- (SBWIRE) -- 12/07/2018 -- Zion Market Research has published a new report titled "Garlic Extract Market By Product Form (Powder, Paste, Oil, and Granulated), By Application (Food Industry, Cosmetics Industry, and Pharmaceutical), and By Distribution Channel (Supermarket,Hypermarket, Specialty Stores, and Online Sales): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global garlic extract market was valued at around USD 11.86 billion in 2017 and is expected to reach approximately USD 15.30 billion by 2024, growing at a CAGR of around 3.7% between 2018 and 2024.
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An extract derived from garlic bulb is known as garlic extract. Garlic extract is highly nutritious and contains very few calories. The primary nutrients present in garlic extract are selenium, vitamin C, vitamin B6, fiber, and manganese. It also contains copper, phosphorus, vitamin B1, iron, potassium, and calcium. Health benefits of garlic are well known from centuries. The aging process is used to transform the garlic into effective and powerful antioxidants. The new compound S-Acetylcysteine is produced during the aging process, which enhances the beneficial effects of garlic extract. Garlic extract plays an important role in boosting the immune system, and therefore, increases the disease-resistance ability of human beings.
The global market for garlic extract is in the growth phase and is estimated to record a significant growth rate over the forecast timeframe. The growth of the garlic extract market is largely due to the increasing consumption of garlic extract in food preparation. A wide range of health benefits and medicinal properties associated with garlic extract is estimated to boost the demand for garlic extract in different industries, such as cosmetics and pharmaceutical, in the upcoming years. Moreover, the rising number of fast food services and rapidly evolving cosmetics industry, both in the developing and developed countries, are projected to fuel the expansion of the garlic extract market in forecast timeframe.
Based on the product form, the global market for garlic extract is divided into powder, paste, oil, and granulated. Garlic paste extract is highly popular among the consumers across different regions and this segment is estimated to grow considerably in the forecast timeframe. The rising demand for fast food and spicy foods are estimated to boost the growth of garlic powder of in the forecast timeframe.
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Based on application, the global market for garlic extract is divided into the food industry, cosmetics industry, and pharmaceutical. The food industry is the dominant segment, followed by the pharmaceutical and cosmetics industry. The increasing demand for natural and organic ingredients in cosmetics manufacturing is estimated to drive the growth of the cosmetics segment in the forecast timeframe.
On the basis of the distribution channel, the global market for garlic extract is divided into supermarket, hypermarket, specialty stores, and online sales. The online sales segment is estimated to grow significantly in the forecast timeframe, owing to the higher adoption of online purchasing due to increased smartphone usage.
The Asia Pacific garlic extract market held the largest market share in 2017, in terms of revenue. The market in the region is projected to expand with a steady growth rate in the near future. High consumption of garlic extract in preparation of regular home cooking in order to add spicy flavor is expected to drive the growth of the market within the period of the forecast. North America is the second promising market and is projected to exhibit a promising growth rate within the forecast period. Expansion of various industries in the region, including the cosmetic industry and pharmaceutical, is estimated to boost the growth of this market in the near future. The market for the garlic extract in Europe is expected to register stable growth in the forecast timeframe, due to the rising number of fast food outlets, restaurants, and hotels. Additionally, the growing number of health-conscious consumers is estimated to boost the growth of the market for garlic extract in the Middle East and Africa in the forecast timeframe. The market for garlic extract in Latin America is projected to grow due to changing consumer behaviors.
Some key companies included in the global garlic extract market report are Woolworths Limited, Now Foods, Dabur, Mars, Incorporated, Nilon's, and McCormick, among others.
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This report segments the global garlic extract market as follows:
Global Garlic extract market: Product Form Segment Analysis
Global Garlic extract market: Distribution ChannelSegment Analysis
Global Garlic extract market: Application Segment Analysis
Global Garlic extract market: Regional Segment Analysis
The Middle East and Africa