The neem extract
market is one of the fastest growing markets globally. There was a
time when uses of neem were restricted to the sectors of
pharmaceutical and personal care alone. But with time people have
come to realize the diverse benefits of neem extract across different
applications, which has helped the market for neem extracts to grow
and prosper globally. There are many factors contributing to the
increase in demand for neem extracts. The growing awareness about
effective uses of neem as a bio-fertilizer and bio-pesticide, apart
from its uses across sectors such as personal care, pharmaceutical,
animal feed, pet care, and agriculture, has helped the global market
for neem extracts grow at significant rates. According to a recent
report, the global market for neem extracts, valued at US$495.6
million in 2013, is expected to reach US$1126.8 million by the end of
2019, registering enormous growth at an impressive CAGR of 14.7% from
2013 to 2019.
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Applications and
uses of neem extract across different sectors
Apart from its
medicinal benefits, neem extracts are also extensively used in the
agricultural sector. Lately, the market for chemical fertilizers has
faced a significant plunge in demand owing to its environmental side
effects and steps taken by governments of several nations to curb the
effect of pollution. This has prompted increasing use of
bio-fertilizers and bio-pesticide, a factor that has significantly
contributed to the rise in demand for neem extract in the
agricultural sector. Additionally, the increasing demand for organic
products in the medicinal and pharmaceutical sectors is expected to
further escalate growth of the global neem extract market. In the
past couple of years, the chemicals and fertilizers sector has
emerged as the largest consumer of neem extracts in the global
scenario. It is closely followed by animal feed and pet care sector.
The demand for neem extract is also very high in the cosmetic
industry.
Asia Pacific and
Europe to Dominate the Global Market for Neem Extracts
Geographically, the
global market for neem extract can be segmented into North America,
Asia Pacific, Europe, and Rest of the World (RoW). Governments of
countries such as India, Vietnam, Russia, China, and Japan has taken
up many initiatives to educate their farmers about the benefits of
using bio-fertilizers and how it protects crops in the long term.
Such steps taken up by governments across nations to curb the use of
synthetic chemicals in agriculture have boosted the demand for neem
extract in the region. Asia Pacific, therefore, emerged as the
largest market for neem extract in 2013. However, according to recent
studies, the demand for neem extract in Europe is expected to grow at
a faster rate, owing to which the region will emerge as the market
leader in the next five to six years. European countries such as
Germany, Italy, and Spain are anticipated to register the maximum
demand for neem extracts in the region.
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Stringent
regulations implemented by governments of developed nations such as
the United States, the United Kingdom, Italy, Canada, and Spain to
ensure the production of chemical-free fruits have also prompted the
countries to replace chemical fertilizers with bio-based pesticides
and fertilizers, thereby significantly increasing the demand for neem
extracts in the global market. The United States is the largest
consumer of neem extract in North America, followed by Canada.
Most Dominant
Players in the Global Neem Extract Market
The large number of
firms operating within the global neem extract market has made it
highly fragmented and competitive. In spite of the prevailing
competition, companies such as EID Parry India Ltd, Parker Biotech
Pvt Ltd, and PJ Margo Pvt Ltd, emerged as the leading players in the
market. It is important to note here that most companies in India
export neem extract to end users in North America and Europe.
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Key Questions This
Study Will Answer
What is the market
size and potential for Neem Extract Market products?
Which segment of
Neem Extract Market is growing the fastest? How long will it
continue to grow, and at what rate?
What is the greatest
challenge faced by the Neem Extract Market and how can it be
overcome?
Are the products and
services offered currently meeting customer needs, or are there
additional developments needed?
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