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Fenugreek Seed Extract Market Expected to Grow Strongly by 2024| Major Players Nutra Green Biotechnology Co., Ltd, Ambe Phytoextracts Pvt. Ltd., Unique Organics Ltd., Indus iotech Private Limited
Fenugreek Seed Extract Market
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Rapid healthcare industry expansion coupled with recent advances in nutraceutical research is projected to drive fenugreek seed extract market size. As per Centers for Medicare & Medicaid Services(CMS), the U.S healthcare spending estimated USD 3.3 trillion in 2016, growing around 4% from the preceding year.
Companies Profiled based on Business Overview, Product Landscape, Strategic Outlook Analysis:
1. Nutra Green Biotechnology Co., Ltd
2. Ambe Phytoextracts Pvt. Ltd.
3. Unique Organics Ltd.
4. Indus Biotech Private Limited
5. Bio Botanica
6. Hunan nature biotechnology
7. Chereso Lifesciences
8. Novoherb Technologies
9. Creative Enzymes
Rising health awareness in emerging economies including India, China, and South Korea is expected to propel fenugreek seed extract market growth. Government initiatives to raise awareness about healthy lifestyle through numerous communication channels such as public service announcements, mass media campaigns and health fairs will support product penetration.
Shifting consumer focus towards ayurvedic cosmetics and increasing concern regarding synthetic chemicals is expected to influence industry size. Improved R&D in processing technologies, reduced wastage, and improved productivity are key strategies adopted by manufacturers to gain competitive advantage.
Pharmaceuticals segment is expected to surpass 210 tons by 2024. Health promoting chemical ingredients such as vitamin A, vitamin B1, vitamin C, iron, flavonoids, phosphates, saponins, trigonelline, and other alkaloids are supporting product penetration for this segment. Further, improved medicines shelf-life, low cost, and easy raw material availability are the key factors influencing industry size.
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Food & beverage application accounted for over 40% market share in 2016. Fenugreek seed extract is gaining momentum in culinary application to avoid an array of ailments including kidney diseases, colic, abdominal flatulence, intestinal issues. Other key benefits including milk promoting agent in nursing mothers to increase breast milk production and treat hormonal imbalance in women driving industry growth.
Cosmetic applications will surpass USD 650 million by 2024. Shifting preference towards organic and natural beauty products will support segment growth. Furthermore, manufacturers are expected to penetrate emerging markets by investing in low-cost processing technologies and new product launches with improved quality.
North America fenugreek seed extract market will witness fastest growth over the projected timeframe. Growing consumption of ethnic flavored herbs and spices in consistent diet and increasing penetration of herbal products in the personal care category likely to augment fenugreek seed extract market.
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Enzymes. Increasing R&D investment and collaboration between health organizations and food manufacturers participants is projected to propel fenugreek seed extract market development over the projected timeframe.
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