Global neem extract market to hit USD 1,882.9 million by 2021, growing at a CAGR of 17.3% between 2016 and 2021.
Sarasota, FL -- (SBWIRE) -- 04/24/2017 -- Zion Market Research has published a new report titled "Neem Extract Market for Pharmaceutical, Personal Care, Agriculture, Animal Feeds and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 - 2021." According to the report, the global neem extract market was accounted for USD 721.3 million in 2015 and is expected to reach USD 1,882.9 million by 2021, growing at a CAGR of around 17.3% between 2016 and 2021.
Neem attracted worldwide attention in recent decades mainly due to the rising awareness regarding the side effects of the synthetic chemical in the agriculture sector. The increasing use of neem extract in fertilizer as bioactive ingredients for grain protection, rising use of neem oil in pesticide, insecticide and fungicide are the factors expected to open alluring opportunities in coming years.
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Rising preference of Ayurveda and natural treatment of diseases, growing demand from personal care products sectors are the factors anticipated to impact neem extract market positively. On a contrary, decreasing neem plantation and lack of availability of raw material in developed countries is expected to challenge the neem extract market growth in the forecast period. Nonetheless, rising preference towards organic food is estimated to open growth opportunities for the market in coming years.
Agriculture segment dominated the neem extract market with over 72% market share of total revenue generated in 2015. The growing demand for biofertilizers and biopesticides across the globe is the key factor in promoting the growth of agriculture segment. Personal care segment is expected to experience significant growth with CAGR of 19.4% within the forecast period, this growth mainly attributed to the rising adverse effect of the chemical product on the health. The pharmaceutical segment, which accounted for around 8.7% market share in 2015, is expected to witness substantial growth due to increasing demand of Ayurveda and natural treatments of diseases.
Geographically, Asia-Pacific was the largest market for neem extract in the world due to easy availability of raw material. In terms of revenue, Asia Pacific accounted for over 58% share of total neem extract market in 2015. Moreover, neem extract market shows high potential in the emerging markets of North America and Europe due to the increasing demand for organic food and the stringent government regulation on the use of chemical fertilizer.
Neem extract market participants are majorly located in Asia Pacific. E.I.D Parry India Ltd., PJ Margo Pvt. Ltd, Neeming Australia, Ozone biotech, Prithvi exports, Gramin India Agri Businest, Agro extracts limited and Parker India group among others are some of the leading profiles in the neem extract market.
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The report segments of the global neem extract market are as follows:
Global Neem Extract Market: Application Segment Analysis
Global Neem Extract Market: Regional Segment Analysis
The Middle East and Africa
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