The global moringa products market size amounted to USD 7.08 billion in 2020. The market value is slated to increase from USD 7.79 billion in 2021 to USD 14.80 billion in 2028 at a CAGR of 9.63% over the projected timeframe. Increasing public awareness toward the health benefits of drumsticks is a key factor driving the market growth. Rising demand for organic dietary supplements will also augment this growth, states Fortune Business Insights™ in its report titled “Moringa Products Market, 2021-2028”.
Moringa (Moringa oleifera), commonly known as drumstick, is a nutritionally abundant tree native to the Indian subcontinent. The drought-resistant tree can also be found in Southwest Asian countries and some African countries. Products derived from the tree such as leaves, tea, oil, leaf powder, and moringa seeds have numerous health benefits. These benefits make them suitable for a range of applications in food, feed, pharmaceutical, and cosmetics. Growing awareness toward these benefits will drive product consumption in future.
COVID-19 Impact
Supply Chain Problems and Trade Restrictions Restricted Market Growth amid Pandemic
The COVID-19 pandemic slowed down the moringa products market growth slightly due to strict lockdown restrictions introduced to contain the coronavirus spread. These restrictions led to large-scale delays in transportation and logistics. In addition, temporary shutdown of factories and shortages in the workforce created major challenges for manufacturers.
However, the pandemic led to increased focus over health and wellbeing among consumers. Nutrition-rich foods and health supplements have experienced increased demand in several regions. These factors could help negate the impact of COVID-19 in the forthcoming years.
Report Coverage
The report offers:
- Major growth drivers, restraints, opportunities, and potential challenges for the market.
- Comprehensive insights into the global as well as regional developments.
- List of key industry players.
- Major strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers Restraints
Rising Health Concerns and Demand for Supplements to Augment Market Growth
The market growth is aided by growing consumer awareness toward the health benefits of moringa products and drumsticks. With unprecedented access to social media, internet, and other sources, consumers are increasingly becoming aware about natural and organic products to capitalize on the rising product popularity. Brands are using moringa as an ingredient in cosmetics, pharmaceuticals, food products, and supplements.
Uptick in the demand for dietary supplements is creating tremendous opportunities for moringa suppliers worldwide. Consumers are increasingly seeking safe, clean-label, and better-for-you products made with naturally-sourced ingredients. Moringa-based supplements will experience robust demand over the next few years.
However, the product demand could be hampered by strict regulatory frameworks and lower market penetration in certain regions.
Regional Insights
Asia Pacific to Dominate owing to Abundant Availability of Moringa
Asia Pacific is slated to dominate the moringa products market share during the forecast period. In 2020, the region generated USD 2.70 billion in terms of annual revenue in the global market. High product consumption in Asia Pacific could be attributed to the abundant availability of moringa products. Growing awareness about the product benefits along with rising supplements demand will foster the regional expansion.
Europe will exhibit stellar growth over 2021-2028 led by the growing consumption of nutritional supplements. Germany, Italy, the Netherlands, and the U.K. are some of the leading markets for supplements in Europe and will witness growing product consumption in future.
North America will be driven by the rapid rise in the adoption of foods and supplements with natural and organic ingredients.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/moringa-products-market-102280
