Use of Neem Extracts in Bio-pesticides and Bio-fertilizers to Enable Market to Expand at 14.7% CAGR between 2013 and 2019
Transparency Market Research (TMR) has announced the addition of a new market study on the neem extracts market. The report is titled “Neem Extracts Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019.” According to the report, the global neem extracts market is expected to be worth US$1126.8 mn by 2019. It was valued at US$495.6 mn in 2013 and is expected to expand at a CAGR of 14.7% between 2013 and 2019.
Neem is a tree native to India, Bangladesh, Myanmar, Sri Lanka, Pakistan, and Malaysia. Neem has various medicinal benefits such as lowering of blood pressure and cholesterol. It also eases palpitations, reduces blood clotting, and regulates digestion. The medicinal benefits of neem are expected to boost its use in the pharmaceuticals sector. A number of herbal cosmetic manufacturing companies are proliferating and with them, the demand for neem powder and oil is increasing.
Neem is also gaining popularity as an effective bio-pesticide and bio-fertilizer, which is helping the growth of the neem extracts market. The growing awareness regarding the side effects of synthetic chemicals in fertilizers and pesticides is expected to increase the use of bio-fertilizers and bio-pesticides, subsequently boosting the neem extracts market. Furthermore, stringent regulations by governments for producing fruits and vegetables in a chemical-free way, will also aid the market’s growth.
One of the factors restraining the global neem extracts market is the lack of quality raw materials in the required quantity. Due to the fluctuations in demand and supply, the prices are also volatile, thus affecting the value chain at various levels. Additionally, the limited presence of neem extracting companies in the neem producing countries is also a challenge faced by the global neem extracts market.
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Geographically, the global neem extracts market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is the largest market for neem extracts. India at present, is the largest producer and exporter of neem extracts. The neem extracts market in Europe is expected to grow at a fast pace during the forecast period. European countries such as Italy, Germany, and Spain are expected to grow substantially, due to rise in organic farming. In North America, the U.S. is the largest consumer of neem extracts, followed by Canada. Neem extracts are largely used as animal feed in markets in the Rest of the World.
On the basis of application, the global neem extracts market is segmented into personal care, pharmaceuticals, chemicals and fertilizers, animal feed and pet care, and others. Neem is primarily used in agricultural applications as a bio-fertilizer and bio-pesticide. The personal care segment is expected to grow rapidly in the forecast period. The animal feed and pet care segment will also witness significant growth.
The report profiles some of the key players operating in the global neem extracts market such as: P J Margo Pvt Ltd., E.I.D Perry India Ltd., Parker India Group Pvt. Ltd., Fortune Biotech Ltd., Neeming Australia Pvt Ltd., and Prithvi Exports.
The global neem extracts market is segmented as follows:
Chemicals and Fertilizers
Animal Feed and Pet Care
Rest of the World (RoW)