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Kava Root Extract Market: Revenue Projections, Future Trends, Size, and Growth Insights
Kava Root Extract Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to traditional and cultural use, stress and anxiety management, pharmaceutical and nutraceutical applications, herbal remedies market growth, ethnobotanical research and awareness.
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%. The growth in the forecast period can be attributed to growing natural remedies market, expansion of functional beverages, regulatory framework development, e-commerce and global accessibility, increased focus on mental health. Major trends in the forecast period include innovations in delivery formats,clinical research and validation, integration with lifestyle products, collaborations with wellness brands, cognitive health focus.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Kava Root Extract Market 2024 Key Insights:
• 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%.
• Surging Demand From The Pharmaceutical Industry Fuels Growth In The Kava Root Extract Market
• E-Commerce Integration And Strategic Alliances Driving The Expansion Of Kava Root Extract Market
• North America was the largest region in the kava root extract market in 2023
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