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2024 Baobab Ingredient Market Report : Market Size, Growth Drivers, And Key Trends
Baobab Ingredient Global Market Report 2024
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According to The Business Research Company's, The baobab ingredient market size has grown strongly in recent years. It will grow from $5.2 billion in 2023 to $5.54 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growing consumer awareness of superfoods, demand for natural and organic products, traditional use in indigenous cultures, globalization of food markets, increasing interest in plant-based diets.
The baobab ingredient market size is expected to see strong growth in the next few years. It will grow to $7.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising demand for functional foods, increasing popularity of plant-based ingredients, growth in the nutraceutical industry, adoption of baobab in beauty and personal care products, sustainability considerations in food production. Major trends in the forecast period include development of baobab-infused product lines, emergence of baobab as a key ingredient in the beauty and skincare industry, formulation of baobab-based functional foods and beverages, increased use of baobab in innovative culinary applications, growing emphasis on sustainable and ethical sourcing of baobab ingredients.
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Market Drivers and Trends:
Growing consumer inclination towards functional foods and drinks is expected to propel the growth of the baobab ingredient market going forward. Functional foods and drinks refer to foods and beverages that provide health benefits other than their nutritional value. Baobab ingredients, such as baobab fruit pulp and powder, are rich in antioxidants, vitamin C, calcium, iron, magnesium, potassium, and fiber and play an essential role in the manufacturing of functional foods and drinks, commercial product applications such as single-strength beverages, smoothies, and yogurts. For instance, in February 2022, according to the report published by Agriculture and Agri-Food Canada, a Canada-based government department, the retail sales value of fortified or functional foods and beverages in the United States increased to $68.9 billion in 2021, compared to $67.9 billion in 2020. Further, they are projected to reach $79.1 billion in 2025, up 3.5% compared to 2021. Therefore, the growing consumer inclination towards functional foods and drinks will drive the baobab ingredient market.
Product innovation is a key trend gaining popularity in the baobab ingredient market. Major companies operating in the baobab ingredient market are developing innovative products to sustain their position in the baobab ingredient market. For instance, in October 2021, Blue Sky Botanics Ltd., a UK-based liquid botanical extracts manufacturer, introduced organic baobab fruit puree. It is high in dietary fiber and contains vitamin C, potassium, and calcium. This ready-to-use fruit ingredient is highly nutritious and offers a convenient option for incorporating baobab into various food and beverage products. It is manufactured on Blue Sky's aseptic production line, preserving nutrients and long shelf life.
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Major Key Players of the Market:
Nexira SAS, Woodland Foods Ltd., Eco-Products Inc., Halka B Organics, BI Nutraceuticals Inc., Alaffia, NP Nutra, Afriplex Pty Ltd., Organic Africa, Atacora Essential Inc., Baobab Foods LLC, Baobab Fruit Company Senegal, Baobab Superfruit, Baobab Trading Company, B'Ayoba (Pvt) Ltd., Ecuadorian Rainforest LLC, Farafena, Indigo Herbs Ltd., Mighty Baobab Ltd., PhytoTrade Africa, TheHealthyTree Company, Aduna Limited, Holland & Barrett Retail Limited, Sharon Bolel Chemical Marketing, Essential Natural Oils
Baobab Ingredient Market 2024 Key Insights:
• The baobab ingredient market size is expected to see strong growth in the next few years. It will grow to $7.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rising Demand For Functional Foods And Drinks Drives Growth In The Baobab Ingredient Market
• Pioneering Product Development In The Baobab Ingredient Market
• North America was the largest region in the baobab ingredient market in 2023
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