Press release
Kava Root Extract Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | Natrol LLC, Gaia Herbs Inc., Herb Pharm LLC, LifeSeasons Inc., Kavafied LLC
Kava Root Extract Market
As per the report, the kava root extract market size has grown rapidly in recent years. It will grow from $1.18 billion in 2023 to $1.37 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The kava root extract market size is expected to see rapid growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%.
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Surging Demand From The Pharmaceutical Industry Fuels Growth In The Kava Root Extract Market
Rising demand from the pharmaceutical industry is expected to propel the growth of the kava root extract market going forward. The pharmaceutical industry refers industry 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. For instance, in June 2022, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a European trade association representing the pharmaceutical industry, the total pharmaceutical production in Europe accounted for $351 billion (€300,000 million) in 2021, with an increase of approximately 5% from $335.2 billion (€286,697 million) in 2020. Also, R&D investment in the Spanish pharmaceutical business reached 1,267 million euros in 2021, a 9.2% increase over the previous year, 2020. Therefore, the rising demand from pharmaceuticals is driving the growth of the kava root extract market.
E-Commerce Integration And Strategic Alliances Driving The Expansion Of Kava Root Extract Market
The adoption of e-commerce platforms for kava products is one of the key trends gaining popularity in the kava root extract market. 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.
The kava root extract market covered in this report is segmented -
1) By Type: Kava Root Powder Extract, Kava Root Liquid Extract
2) By Nature: Organic, Conventional
3) By Application: Food And Beverage, Cosmetics And Personal Care, Pharmaceuticals, Other Applications
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Major companies operating in the kava root extract market report 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, Fiji Kava Australia Ltd, Muddy Waters Kava Inc., Taos Herb Company, Monsoon Beverages LLC, Pure Mountain Botanicals, Pacific Island Kava LLC, Root Of Happiness, Best Nutrition Products Inc., Kavafied LLC, Botany Evolution LLC, Electic Institute, Kava Kauai, Kava King Products Inc., Kalm with Kava
Contents of the report:
1. Executive Summary
2. Kava Root Extract Market Report Structure
3. Kava Root Extract Market Trends And Strategies
4. Kava Root Extract Market - Macro Economic Scenario
5. Kava Root Extract Market Size And Growth
…..
27. Kava Root Extract Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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