Neem Extracts Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019
Albany, NY -- (SBWIRE) -- 02/11/2015 -- The neem extract market is one of the fastest growing markets globally. There was a time when uses of neem were restricted to the sectors of pharmaceutical and personal care alone. But with time people have come to realize the diverse benefits of neem extract across different applications, which has helped the market for neem extracts to grow and prosper globally. There are many factors contributing to the increase in demand for neem extracts. The growing awareness about effective uses of neem as a bio-fertilizer and bio-pesticide, apart from its uses across sectors such as personal care, pharmaceutical, animal feed, pet care, and agriculture, has helped the global market for neem extracts grow at significant rates. According to a recent report, the global market for neem extracts, valued at US$495.6 million in 2013, is expected to reach US$1126.8 million by the end of 2019, registering enormous growth at an impressive CAGR of 14.7% from 2013 to 2019.
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Applications and uses of neem extract across different sectors
Apart from its medicinal benefits, neem extracts are also extensively used in the agricultural sector. Lately, the market for chemical fertilizers has faced a significant plunge in demand owing to its environmental side effects and steps taken by governments of several nations to curb the effect of pollution. This has prompted increasing use of bio-fertilizers and bio-pesticide, a factor that has significantly contributed to the rise in demand for neem extract in the agricultural sector. Additionally, the increasing demand for organic products in the medicinal and pharmaceutical sectors is expected to further escalate growth of the global neem extract market. In the past couple of years, the chemicals and fertilizers sector has emerged as the largest consumer of neem extracts in the global scenario. It is closely followed by animal feed and pet care sector. The demand for neem extract is also very high in the cosmetic industry.
Asia Pacific and Europe to Dominate the Global Market for Neem Extracts
Geographically, the global market for neem extract can be segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). Governments of countries such as India, Vietnam, Russia, China, and Japan has taken up many initiatives to educate their farmers about the benefits of using bio-fertilizers and how it protects crops in the long term. Such steps taken up by governments across nations to curb the use of synthetic chemicals in agriculture have boosted the demand for neem extract in the region. Asia Pacific, therefore, emerged as the largest market for neem extract in 2013. However, according to recent studies, the demand for neem extract in Europe is expected to grow at a faster rate, owing to which the region will emerge as the market leader in the next five to six years. European countries such as Germany, Italy, and Spain are anticipated to register the maximum demand for neem extracts in the region.
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Stringent regulations implemented by governments of developed nations such as the United States, the United Kingdom, Italy, Canada, and Spain to ensure the production of chemical-free fruits have also prompted the countries to replace chemical fertilizers with bio-based pesticides and fertilizers, thereby significantly increasing the demand for neem extracts in the global market. The United States is the largest consumer of neem extract in North America, followed by Canada.
Most Dominant Players in the Global Neem Extract Market :
The large number of firms operating within the global neem extract market has made it highly fragmented and competitive. In spite of the prevailing competition, companies such as EID Parry India Ltd, Parker Biotech Pvt Ltd, and PJ Margo Pvt Ltd, emerged as the leading players in the market. It is important to note here that most companies in India export neem extract to end users in North America and Europe.
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