The
neem
extract market is one of the fastest growing markets globally.
There was a time when uses of neem were restricted to the sectors of
pharmaceutical and personal care alone. But with time people have
come to realize the diverse benefits of neem extract across different
applications, which has helped the market for neem extracts to grow
and prosper globally. There are many factors contributing to the
increase in demand for neem extracts. The growing awareness about
effective uses of neem as a bio-fertilizer and bio-pesticide, apart
from its uses across sectors such as personal care, pharmaceutical,
animal feed, pet care, and agriculture, has helped the global market
for neem extracts grow at significant rates. According to a recent
report, the global market for neem extracts, valued at US$495.6
million in 2013, is expected to reach US$1126.8 million by the end of
2019, registering enormous growth at an impressive CAGR of 14.7% from
2013 to 2019.
Applications
and uses of neem extract across different sectors
Apart
from its medicinal benefits, neem extracts are also extensively used
in the agricultural sector. Lately, the market for chemical
fertilizers has faced a significant plunge in demand owing to its
environmental side effects and steps taken by governments of several
nations to curb the effect of pollution. This has prompted increasing
use of bio-fertilizers and bio-pesticide, a factor that has
significantly contributed to the rise in demand for neem extract in
the agricultural sector. Additionally, the increasing demand for
organic products in the medicinal and pharmaceutical sectors is
expected to further escalate growth of the global neem extract
market. In the past couple of years, the chemicals and fertilizers
sector has emerged as the largest consumer of neem extracts in the
global scenario. It is closely followed by animal feed and pet care
sector. The demand for neem extract is also very high in the cosmetic
industry.
Asia
Pacific and Europe to Dominate the Global Market for Neem Extracts
Geographically,
the global market for neem extract can be segmented into North
America, Asia Pacific, Europe, and Rest of the World (RoW).
Governments of countries such as India, Vietnam, Russia, China, and
Japan has taken up many initiatives to educate their farmers about
the benefits of using bio-fertilizers and how it protects crops in
the long term. Such steps taken up by governments across nations to
curb the use of synthetic chemicals in agriculture have boosted the
demand for neem extract in the region. Asia Pacific, therefore,
emerged as the largest market for neem extract in 2013. However,
according to recent studies, the demand for neem extract in Europe is
expected to grow at a faster rate, owing to which the region will
emerge as the market leader in the next five to six years. European
countries such as Germany, Italy, and Spain are anticipated to
register the maximum demand for neem extracts in the region.
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Stringent
regulations implemented by governments of developed nations such as
the United States, the United Kingdom, Italy, Canada, and Spain to
ensure the production of chemical-free fruits have also prompted the
countries to replace chemical fertilizers with bio-based pesticides
and fertilizers, thereby significantly increasing the demand for neem
extracts in the global market. The United States is the largest
consumer of neem extract in North America, followed by Canada.
Most
Dominant Players in the Global Neem Extract Market
The
large number of firms operating within the global neem extract market
has made it highly fragmented and competitive. In spite of the
prevailing competition, companies such as EID Parry India Ltd, Parker
Biotech Pvt Ltd, and PJ Margo Pvt Ltd, emerged as the leading players
in the market. It is important to note here that most companies in
India export neem extract to end users in North America and Europe.
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