The new report by Expert Market Research titled, ‘Global Baobab Ingredient Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global baobab ingredient market, assessing the market based on its segments like types, applications, sources, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 80%
The rising uses of baobab components in numerous end-use industries are propelling the market for baobab ingredients. Due to its nutritional composition, the product protects the dermis and decreases skin inflammation. As a result, it is used in organic personal care products, fuelling the demand and boosting the market growth.
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It is also becoming more common in the nutraceutical industry. It has a large number of minerals and vitamins and antioxidants, anti-inflammatory, antibacterial, and fibres, all of which help boost metabolism and boost market growth. The global market for baobab is seeing a surge in demand due to a growing customer preference for functional foods and beverages. The demand for baobab components is also increasing due to a rise in demand for natural and healthy ingredients.
Industry Definition and Major Segments
The baobab is a species of medium to large deciduous trees, most commonly found in African, Middle Eastern, and Australian regions. The fruit of the tree is edible, and the seed can be utilised as a natural preservative in meals. Phosphorus, carbohydrates, vitamin C, antioxidants, and numerous critical minerals, such as potassium, magnesium, iron, and zinc are found in it. The leaves of the plant are abundant in calcium and high-quality proteins and are easy to digest.
By type, the market can be segmented into:
- Powder
- Pulp
- Oil
Based on application, the market can be divided into:
- Food and Beverages
- Nutraceuticals
- Cosmetics
- Others
On the basis of source, the primary segments are:
- Organic
- Conventional
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Trends
Due to the preservation characteristics of the component, it is employed in the food sector, resulting in the industry’s expansion. It is also used in drinks since it has a distinct flavour that is popular with customers. The pulp of the fruit can also be utilised as a flavouring element in yoghurt and ice cream, thus increasing the demand. All these factors are contributing to the global market’s expansion.
The growing demand for high-performance and natural ingredients in personal care products, such as shampoos, day and night creams, body lotions, and serums, are gaining traction among buyers as the goods are free from harmful chemicals. The market is thus expanding due to the increasing popularity of such items. In addition to these factors, the market’s expansion is being aided by the increased availability of the product through e-commerce platforms.
Key Market Players
The major players in the market are Baobab Foods, LLC, Baobab Fruit Company, NEXIRA, Afriplex (Pty) Ltd, and EcoProducts, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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