Press release
Global Baobab Market is Predominantly Driven by the Nutraceuticals Industry; MRFR Reveals the Forecast for 2019 to 2024
Baobab Market
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Baobab oil is a highly moisturizing ingredient and light on the skin, which makes it oil for all seasons. Resultantly, the baobab market witnesses steady demand and increase throughout the year. Additionally, factors such as the increasing geriatric populace and growing uptake of baobab extracts in nutraceuticals provide impetus to the market growth.
According to Market Research Future (MRFR), the Baobab Market is projected to reach USD 3.75 BN by 2024, registering 9.4% CAGR throughout the assessment period (2019 – 2024). Baobab extract such as oil, powder, and pulp are gaining acceptance in industries such as food & beverages, nutraceuticals, and personal care, among others. A widespread awareness is observed among people about the benefits of foods and beverages infused with the goodness of baobab extracts.
On the other hand, the high prices and the demand-supply gap in baobab extracts are major factors impeding the growth of the market. Nevertheless, increasing numbers of health-conscious populaces and the expansion of distribution channels would support market growth throughout the review period.
Global Baobab Market – Competitive Analysis
Highly competitive, the Baobab market appears to be well expanded with the presence of several major players operating at a global level. To gain a larger competitive share, market players adopt strategies such as mergers & acquisitions, expansion, collaboration, and product/ extraction technology launch. Producers of Baobab continue expanding its product portfolio, enhancing sustainable sourcing & production, increasing brand awareness & widening distribution. The competitive strength of market players depends on product precision, pricing, and product reliability.
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Global Baobab Market – Segments
The report has been segmented into four major dynamics.
By Category : Organic and Conventional
By Form : Oil, Powder, and Pulp
By Application : Food & Beverages (Beverages, Sweet & Savory Snacks, Dairy & Frozen Desserts, others), Nutraceuticals, Personal Care, and others.
By Regions : Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Baobab Market – Geographical Analysis
Europe accounts for a significant share in the global Baobab market. The largest share of the market attributes to the high consumer inclination towards functional beverages. Well-spread awareness about the health benefits that Baobab fruit extracts can extent is a major tailwind pushing the growth of the market. Simultaneously, the increasing per capita income and the growing trend of health & fitness in the region provide a tremendous impetus to the market growth.
Additionally, the presence of notable baobab providers and the nutraceuticals industry in the region drives a huge market share. Besides, the sports nutrition sector influences the size of the Baobab market in the region. The European Baobab market is estimated to retain its dominance throughout the assessment period.
North America stands second in the global baobab market, mainly due to the widespread awareness about the benefits of oil extract of baobab trees. Moreover, the rising numbers of health-conscious populaces and the demand for nutraceuticals help to increase the share of the baobab market in the region. North America is a hub for a variety of organized as well as professional sports. The presence of one of the largest sports nutrition industry creates vast market demand. The baobab market in North America is expected to witness substantial growth during the review period.
Asia Pacific is an emerging market for Baobab and its extracts. Increasing demand for natural & healthy ingredients in food products is contributing to the growth of the regional market. Also, growing awareness is estimated to contribute to the regional market growth, significantly. The demand for baobab oil has been rising continually in countries such as Japan, China, and India. Suppliers of natural oils & butter have been producing and supplying baobab oil, which, as a result, is increasing the market sales in the region.
Major Players:
Players leading the global Baobab market include Afriplex (PTY) Ltd. (South Africa), Baobab Foods LLC (US), Mighty Baobab Limited (UK), B'Ayoba (Zimbabwe), Eco Products (South Africa), Organic Africa (Zimbabwe), Ojoba Collective (Finland), Baobab Fruit Company Senegal (Italy), Mukwati Oils (Pvt) Ltd (Zimbabwe), Savannah Fruits Company (Ghana), Baonane SARL (Senegal), PARODI NUTRA SRL (Italy), Nexira (France), Henry Lamotte Oils GmbH (Germany), and Woodland Foods (US), among others.
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Industry/ Innovation/ Related News:
February 20, 2020 ---- Nakin Skincare (the UK), a leading global luxurious natural Anti-Ageing skincare system, launched its new award-winning anti-aging skincare line created with a blend of shea, mint, and Baobab.
Note: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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