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Kava Root Extract Market Trends, Top Companies, Share, Growth And Forecast 2032
Kava Root Extract Market
The Business Research Company's Kava Root Extract Global Market Report 2023 identifies rising demand from the pharmaceutical industry as the major driver for the kava root extract market's growth in the forecast period. The pharmaceutical industry refers to, pertains to, or is involved with a pharmacy or the production and sale of medicines. Kava root extract is used in pharmaceuticals for the treatment of anxiety, insomnia, and related mental illnesses, as well as stress and anxiety relief and sleep enhancement.
The global kava root extract market size is expected to grow from $1.01 billion in 2022 to $1.18 billion in 2023 at a compound annual growth rate (CAGR) of 17.07%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of kava root extract market is expected to reach $2.12 billion in 2027 at a CAGR of 15.89%.
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Major competitors in the kava root extract market are NOW Health Group Inc., Natrol LLC, Gaia Herbs Inc., Mountain Rose Herbs, Natural Factors Nutritional Products Ltd., Bolise Co. Limited, Herb Pharm LLC, Nature's Answers Inc., Botanic Healthcare Pvt. Ltd., LifeSeasons Inc., Oregon's Wild Harvest, Kona Kava Farms.
A key trend in the kava root extract market includes the adoption of e-commerce platforms for kava products. Companies operating in the kava root extract market are adopting online platforms for increased reach and to enhance their product offerings to sustain their position in the market. For instance, in April 2022, Fiji Kava Ltd., a Fiji-based company that specializes in the cultivation, processing, and distribution of kava products, introduced a new line of functional teas on Amazon USA, including Noble Calm Tea, Noble Sleep Tea, and Noble Wellness Tea. These teas are the first on the market to provide a full therapeutic dose of kava in each serving. The recent launch of the new range of functional teas by Fiji Kava Ltd. on Amazon USA is in strong alignment with the company's strategic objective of expanding its presence in the US market. Similarly, in March 2022, Urban Outfitters Inc., a US-based multinational lifestyle retail corporation, partnered with Psychedelic Water Inc., a US-based manufacturer of functional beverages infused with natural plant extracts, including kava root, to launch the visionary brand Psychedelic Water in 130 stores and online. The partnership between Psychedelic Water and Urban Outfitters signifies a strategic alignment between two lifestyle-focused entities, capitalizing on a shared customer base and promoting the normalization of psychedelics.
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The kava root extract market is segmented -
• By Type: Kava Root Powder Extract, Kava Root Liquid Extract
• By Nature: Organic, Conventional
• By Application: Food And Beverage, Cosmetics And Personal Care, Pharmaceuticals, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the kava root extract market.
The Business Research Company's "Global Kava Root Extract Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Kava Root Extract Market Include:
1. Executive Summary
2. Kava Root Extract Market Characteristics
3. Kava Root Extract Market Trends And Strategies
4. Kava Root Extract Market - Macro Economic Scenario
5. Global Kava Root Extract Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
……
32. Global Kava Root Extract Market Competitive Benchmarking
33. Global Kava Root Extract Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Kava Root Extract Market
35. Kava Root Extract Market Future Outlook and Potential Analysis
36. Appendix
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