Global Neem Extracts Market is expected to reach USD 1.32 billion by 2020, according to a new study by Grand View Research, Inc. Rising importance of biofertilizers in developed regions including North America and Europe owing to stringent government regulations on the use of chemical fertilizers is likely to boost neem extracts market over the forecast period. Moreover, neem extracts are extensively used in the manufacture of high quality herbal cosmetics and beauty products. Demand for these products is increasing globally owing to their efficiency and low side effects which are expected to result in high demand.
Biofertilizers constituted the largest application, accounting for over 70% of market revenue in 2013. Growing demand for bio pesticides and bio insecticides is likely to drive neem extracts market over the next six years. Hostile response received from consumers on the use of chemical fertilizers owing to environmental and health concerns are expected to drive the neem extracts market especially in the Europe and North America. In addition, biofertilizer growth in emerging economies including India, China and Brazil is expected to augment neem extracts market over the forecast period. However, lack of availability of raw materials in developed regions owing to unfavorable climatic conditions and high prices is anticipated to restrain neem extract market growth.
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Further key findings from the study suggest:
- Neem extract market demand in personal care products accounted for less than 15% of market revenue in 2013. However, the segment is expected to witness the fastest growth son account of gaining importance of herbal cosmetics and beauty products especially in Asia Pacific and Europe.
- Growing demand for bio based fertilizers in emerging markets of India and China due to rising health awareness coupled with environmental concerns is expected to have a positive impact on neem extract market in the near future.
- Asia Pacific was the largest neem extract market, accounting for more than 40% of global revenue in 2013. Increased R&D expenditure by health care companies towards new technology development coupled with increasing use of neem based products in North America and Europe is expected to augment market demand.
- Europe is expected to witness growth on account of increasing adoption of neem based fertilizers and herbal beauty products in the personal care segment.
- Key market participants include E.I.D Parry India Ltd., Agro Extracts Ltd, Ajay Bio-Tech Ltd, Kancor Flavors and Extracts Ltd and Neeming Australia Pvt. Ltd. Global market for neem extracts was highly fragmented due to the presence of numerous companies especially in Asia Pacific. Product innovation and strategic alliances with application users are expected to be critical success factors for market participants. Raw material availability in China and Brazil is expected to open new market avenues over the next six years.
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For the purpose of this study, Grand View Research has segmented the global neem extracts market on the basis of application and region: