Market Overview
The Garcinia market 2020 is slated to observe steady growth at a rate of 6.50% from 2021 to 2030 (review period), says MRFR (Market Research Future) By 2030, MRFR expects the market to reach USD 134.95 Million, indicating promising growth prospects. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Key Impacting Factors and Barriers
Garcinia Market finds widespread applications in the pharmaceutical industry, as it is used for treatment of gastrointestinal disorders and diabetes. Its use as gastric and acid juice regulator and glucose metabolism and antioxidant enhancer has been favorable for the market in recent years. Expanding pool of diabetic patients due to poor eating patterns and prevalence of inactive lifestyle has bolstered the product demand across the world. The fact that garcinia boosts red blood cell counts and brings down the rate of hemolysis also helps fortify its demand in the global market.
Alarming escalation of the obese population due to reduced physical activities coupled with the rising consumption of unhealthy and junk food also drives the demand for products that help lose weight, such as garcinia. The presence of HCA or Hydroxycitric acid in garcinia helps suppress the appetite, which reduces the cravings for more calories and leads to substantial weight loss. This has been a significant growth rendering factor, in terms of product demand. Other than this, use of garcinia as a condiment has been common in Southeast Asia cuisines for a long time. It is traditionally used as culinary spices and also offers medical benefits. The fruit and leaves are thermogenic, sour, digestive, constipating and astringent, due to which it finds use in bowel, rheumatic and inflammatory ailments.
The widening use case of garcinia in nutraceuticals and cosmeceuticals will present a host of lucrative opportunities to the top contenders in the global industry. Players are striving to bolster their global presence through acquisitions and mergers, while many of them are focusing on expanding their production capacity and extensive research and development activities to boost the application scope of garcinia. For instance, in October 2020, a team of scientists validated the use of Garcinia kola or bitter kola in eye drops that prevent ocular diseases such as conjunctivitis, ocular inflammation, cataract, glaucoma, ocular allergies, and more. The team has patented the eye drop that has been made using garcinia, for preventing blindness in individuals afflicted with glaucoma.
Segmental Review
Form and application are the key market segments listed in the MRFR study.
Powder and liquid are the forms in which garcinia is generally available in the global market.
Various applications of garcinia are in functional food beverages, personal care and dietary supplements. Since 2018, the dietary supplements segment has remained in the lead, seizing a share of 81.19%, as more and more consumers are focusing on weight loss and fitness and are therefore, consuming more of these supplements. The functional food beverage segment, on the other hand, is anticipated to note the fastest expansion rate of 3.97%, given the surging preference among consumers for functional edibles.
Regional Outlook
Middle East and Africa or MEA, Europe, North America, APAC or Asia Pacific and Latin America are the top markets for garcinia across the globe.
The garcinia market in Europe is all set to amass a valuation of USD 40.78 million by 2025-end, while also recording a growth rate of 3.71% over the conjectured period. Europe has taken the lead as the region is a leading producer of dietary supplements, which observe significant demand among consumers that are health conscious and are focused on weight loss and general well-being.
APAC stands as one of the most profitable markets in the world, with a large number of manufacturers present in the region. China occupied a considerable share of 31.93% in the year 2018 and has the potential to advance at a rate of 3.93% in the coming years. The country will continue to witness solid growth throughout the evaluation period, while Japan can expect to capture the fastest CAGR in the same period. Growing consumption of high calorie food, surging instances of diabetes, overeating, and the mounting prevalence of unhealthy and an inactive lifestyle remain the key reasons behind the strong product demand in the region. Additionally, the Indian fast food industry has expanded notably in the past decade, bolstering the number of overweight and obese people in the country. The aggravating scenario in the country has been favorable for the garcinia market, which can continue to grow steadily over the following years.
Market Leaders
Key Garcinia Market Players profiled in the MRFR report are Cymbio Pharma Private Limited (India), Ambe Phytoextracts Private Ltd (India), Shaanxi Bolin Biotechnology Co., Ltd (China), Hunan NutraMax Inc. (China), Hunan Huacheng Biotech Inc. (China), Indfrag Limited (India), BioActives Europe GmbH (Germany), Xi'an Lyphar Biotech Co., Ltd (China), Xian Tonking Biotech Co., Ltd (China), Nuvaria Ingredients (US), to name a few.
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