Wilmington, Delaware, United States, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global hibiscus extract market is estimated to flourish at a CAGR of 8.3% from 2022 to 2032. Transparency Market Research projects that the overall sales revenue for hibiscus extract is estimated to reach US$ 130.1 million by the end of 2032.
The innovative use of hibiscus in the textile industry is gaining attention. As sustainability becomes paramount, researchers explore hibiscus as a natural dye source, offering eco-friendly alternatives in fabric coloring. Its vibrant hues and eco-credentials align with the textile sector's increasing demand for sustainable practices, propelling its adoption as a dye ingredient.
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The pet care industry is tapping into the potential of hibiscus extract. With a surge in pet ownership and a parallel rise in demand for natural pet care products, hibiscus-based formulations are being explored for their potential in pet grooming and healthcare. The extract's hypoallergenic properties and purported benefits in promoting healthy fur and skin make it an attractive ingredient in grooming products and supplements for pets.
As consumer preferences veer towards holistic pet care solutions, hibiscus extract's inclusion addresses this growing niche, positioning itself as a promising driver in the market's expansion.
Hibiscus Extract Market: Competitive Landscape
The hibiscus extract market presents a competitive landscape led by key players striving for market dominance. Companies such as Nexira, K.Patel Phyto, and Arjuna Natural excel with their high-quality hibiscus extracts, catering to diverse industries like pharmaceuticals, cosmetics, and food & beverages.
Local players like Green Source Organics also contribute significantly. The market's competitiveness intensifies due to continuous product innovations; focus on organic and sustainable offerings, and expanding applications.
Fierce rivalry among established and emerging brands drives the quest for superior quality, efficacy, and versatility in meeting evolving consumer demands for hibiscus extract across various sectors. Some prominent manufacturers are as follows:
- Akay
- Ransom Naturals Ltd
- Banyan Botanicals
- Carrubba Incorporated
- Doehler
- Firmenich SA
- FLAVEX Naturextrakte GmbH
- Givaudan S.A.
- Martin Bauer Group
- Naturalin Bio-Resources Co. Ltd.
- Sanat Products Ltd.
- Vidya Herbs Pvt. Ltd.
Key Findings of the Market Report
- The organic segment leads the hibiscus extract market, driven by increasing consumer preference for natural, chemical-free, and sustainable products.
- Solvent extraction stands as the prominent method in the hibiscus extract market, followed closely by SCFE.
- The cosmetic & personal care segment emerges as the leading end-use for hibiscus extract due to its skincare applications.
Hibiscus Extract Market Growth Drivers & Trends
- Growing preference for natural and organic products fuels the demand for hibiscus extract due to its antioxidants and health-promoting properties.
- Increased interest in functional beverages and herbal teas incorporating hibiscus as a key ingredient boosts market growth.
- Hibiscus extract gains traction in skincare formulations due to its skin-rejuvenating and anti-aging attributes, propelling market expansion.
- Ongoing studies highlighting hibiscus's potential in managing blood pressure, cholesterol levels, and aiding digestion contribute to market growth.
- Consumers' eco-consciousness drives demand for sustainable sourcing practices, fostering market growth for ethically produced hibiscus-derived products.
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Global Hibiscus Extract Market: Regional Profile
- The hibiscus extract market in North America witnesses robust growth, with the United States leading the forefront. Companies like Nexira and Sabinsa cater to diverse industries, emphasizing the extract's health benefits in supplements and beverages. Rising health consciousness and demand for natural ingredients drive market expansion.
- Europe houses a mature hibiscus extract market, notably in countries like France and Germany. Companies like Martin Bauer Group and Indena contribute significantly, focusing on natural cosmetics and herbal remedies. Stringent regulations on herbal products foster consumer trust, driving demand for hibiscus extract-based formulations. Europe's market emphasizes the extract's multifaceted applications, particularly in beauty and wellness.
- The hibiscus extract market in East Asia exhibits robust growth, driven by increasing consumer awareness of its health benefits. Countries like China and Japan lead the demand due to rising interest in natural remedies. With a focus on wellness products, the region anticipates sustained market expansion for hibiscus extract.
Product Portfolio
- Akay is a leading manufacturer specializing in natural extracts and active ingredients for the pharmaceutical, nutraceutical, and food industries. With a commitment to innovation and quality, Akay offers a diverse range of high-quality botanical extracts meeting global standards and customer-specific requirements.
- Ransom Naturals Ltd specializes in natural products and botanical extracts for the pharmaceutical, food, and personal care industries. Renowned for sustainable sourcing and superior quality, Ransom provides a wide array of innovative natural ingredients.
- Banyan Botanicals focuses on Ayurvedic herbs and traditional formulations, offering organic supplements, oils, and wellness products. Known for ethical sourcing and holistic health solutions, Banyan caters to mindful consumers seeking natural, sustainable wellness options.
Hibiscus Extract Market: Key Segments
By Nature
- Organic
- Conventional
By Extraction Method
- Solvent Extraction
- SCFE
By End Use
- Cosmetic & Personal Care
- Food & Beverage Industry
- Aromatherapy
- Retail/Household
By Distribution Channel
- Business to Business
- Business to Consumer
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Retail
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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