Neem Extract Market Size, Share, Growth, Trends, and Forecast, 2030

Neem Extract Market: Overview

The Neem Extract Market accounted for USD 1689.3 Million in 2020 and is expected to reach USD 3238.1 Million by 2028, growing at a CAGR of around 8.1% between 2021 and 2028.    

Escalating product demand from the cosmetics & care sector along with the growing global popularity of Ayurveda will bolster the expansion of neem extract market size within the near future. Besides this, the rising preference for natural therapy for treating chronic ailments of patients is probably going to open new vistas for the neem extract market. Ascending awareness regarding the side effects incurred thanks to the extensive application of synthetic chemicals in farming activities has enhanced the importance of neem across the world.

Furthermore, the utilization of neem extract in fertilizer for shielding grains will impel the neem extract market sphere. Today, natural constituents are in higher demand and neem extracts with beneficial features find a plethora of applications in myriad sectors. Furthermore, the anti-inflammatory, anti-oxidant, and anti-microbial characteristics offered by neem extract have made them more popular across the pharmaceutical and animal feed sectors. The decline within the neem plantation & low staple availability within the developed economies, however, is projected to impede the expansion of the neem extract market over the subsequent few years. Nevertheless, the escalating trend towards organic foods is projected to open lucrative avenues for the market within the next few years, normalizing the impact of hindrances on the neem extract market.

COVID-19 Impact Analysis

The lasting impact of this COVID-19 outbreak on health, social and economic crises cannot be combined. This cannot be underestimated. With the months of consumer lockdowns, international travel bans, and retail businesses have almost shattered. Consumer behavior towards beauty regimes has changed drastically, resulting in a decline in sales in the cosmetic care industry. Given the importance to all or any to the economic development of cities, countries, and regions, the broader impact of COVID-19 on the worldwide economy is gigantic.

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Growth Factors

The market is predicted to witness growth on account of rising demand from various end-use industries including care, pharmaceutical, animal feed, and agriculture. Furthermore, increasing consumer awareness about the health benefits of neem, particularly in developed regions, is anticipated to spice up the market growth over the forecast period. Increasing demand for bioinsecticides and biopesticides in developed regions is projected to fuel market growth. Intimidating responses received from consumers on the utilization of chemical pesticides thanks to environmental concerns are estimated to trigger product demand, especially in the Asia Pacific within the near future.

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Application Segment Analysis Preview   

Agriculture (Bio-fertilizers) was one of the most important application segments and therefore the trend is predicted to continue on account of supporting government regulations. These regulations restrict the utilization of chemical-based fertilizers and pesticides due to health hazards. This has resulted in forcing manufacturers to shift towards manufacturing bio-based products. Personal care is probably going to be one of the fastest-growing application segments over the forecast period due to increasing consumer demand for products derived from natural sources.

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Regional Segment Analysis Preview

Regionally, Asia Pacific has been leading the worldwide neem extract market and is anticipated to continue in the dominant position within the years to return. Easy staple availability is the main factor behind the dominance of the Asia Pacific neem extract market. The high number of market players headquartered in the Asia Pacific is another significant factor that's supporting this regional market. Reportedly, Asia pacific contributed nearly 58% towards the overall neem extract market share in 2018.

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Key Market Players & Competitive Landscape

The key players of the neem extract market included in the reports are E.I.D Parry India Ltd., PJ Margo Pvt. Ltd, Neeming Australia, Ozone biotech, Prithvi Exports, Gramin India Agri Businest, Agro extracts limited and Parker India group among others.

The Neem Extract Market is segmented as follows:

By Application

• Pharmaceutical 
• Personal Care
• Agriculture
• Animal Feed
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa