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Americas Neem Extract Market - Industry Insights by Segment, Application, Geography and Growth Factors Forecast to 2023
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The growing awareness about the benefits of neem is making the Americans eager to use its products on day-to-day basis. The application areas of neem extract market lie in agriculture, health and personal care, and animal products. Product types of neem extract market include seed extract, leaf extract and bark extract, where seed extract is the fastest growing neem extract market. Brazil has been emerging as a key revenue generator for the neem extract market, due to its increasing bio-based farming and investment plans for neem plantations. Brazil is expected to achieve the highest growth in the neem extract market.
The popularity of neem extract based products has seen a rapid increase in the recent past due to the rising concern among people towards the harmful effects of chemical based cosmetics on hair, skin and other body parts. With the changing mindset of western population, people in general are turning towards neem based personal care products. A large range of neem based personal care products, including face cream, bathing soap, shampoos and face wash, are now being used in the Americas.
Due to the snowballing demand for meat obtained from biologically grown animals, bio-based animal farming has increased considerably in the last few years. Neem seed cakes and leaves are extensively used for feeding animals as they contain amino acids, proteins, minerals and carotene. The increasing cost of chemicals along with their negative impact on human health, is expected to favor the growth of the American neem extract market.
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Neem extracts are considered as safe on plants by several regulatory authorities including the United States Department of Agriculture (U.S.D.A.). Environmental Protection Agency (EPA) has considered neem as safe (GRAS) for food products. Another factor restraining the growth of the Americas neem extract market is that neem trees grow well in tropical regions, and do not flourish well in the American countries.
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Some of the major players operating in the American neem extract market include Certis USA LLC, Terramera Inc., Groupo Ultraquimia, American Vanguard Corporation, Bayer AG, Fortune Biotech Ltd, and many other small players.
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