New York, April 17, 2023 (GLOBE NEWSWIRE) -- The Cassia Extract Market is anticipated to grow at a 6.9% value CAGR, growing from a 2022 worth of US$ 406.4 million to US$ 794.7 million by 2032. The increasing demand for natural food additives and the growing health consciousness among consumers are the major factors driving the market growth.
Cassia extract is widely used as a thickener, stabilizer, and emulsifier in various food products, such as dairy, meat, and bakery products. The rise in demand for convenience foods and the growing trend of veganism and plant-based diets are also expected to fuel market growth.
The global cassia extract market is expected to experience significant growth in the coming years. Cassia extract, also known as cassia gum, is a natural thickener and gelling agent that is commonly used in the food, pet food, and cosmetic industries.
The demand for cassia extract is increasing due to its numerous health benefits and functional properties. This report analyzes the current market trends, growth potential, and competitive landscape of the cassia extract market.
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Key Takeaways from Market Study
- The market for cassia extracts is expected to expand at volume CAGRs of 7% and 6.6% in South Asia and East Asia regions, respectively, through 2032.
- Based on nature, conventional cassia extracts hold the highest market share of over 90%.
- Although cassia extracts that are in the powdered form are majorly consumed, by 2032, the oil extracted from cassia is set to reach US$ 356.9 at a CAGR of 7.4%.
- Poland and India, in Europe and South Asia, are set to witness high growth rates at value CAGRs of 7.2% and 8.4%, respectively.
- Currently, 3,097 tons of cassia extracts are estimated to be produced in North America.
- Growing preference for aroma and natural flavors in multiple applications such as food, nutraceuticals, cosmetics, and other products is expected to drive the sales of cassia extracts across the world.
- Volume of cassia extracts consumed in the food & beverage segment is currently pegged at 15,261 tons.
- The global market for cassia extracts was significantly impacted by the COVID 19 epidemic. Consumers were driven by the epidemic to adopt a healthy lifestyle and search for all-natural items that boost immunity. For global manufacturers of cassia extracts, this is proving beneficial.
“The market for cassia extracts is expanding as a result of the increasing significance of consuming natural goods produced from plants.,” says a Persistence Market Research analyst.
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Key Players:
The key players operating in the global cassia extract market include Prescribed For Life, Hawaii Pharm LLC, Xuancheng Quality Herb Co. ltd, FYZ Ingredients, Nutraonly (Xi'an) Nutritions Inc, choicenature.com, Botaniex, Inc., Shaanxi Yongyuan Bio-Tech Co.,Ltd., NaturmedScientific, AGRIM PTE LTD, Umalaxmi Organics Pvt. Ltd., Xi'an Sost Biotech Co.,Ltd, Hangzhou Muhua Bio-Tech Co., Ltd, ICT RASDI & CO, Spices Supplier from Indonesia, REMPAH SARI, CV, Others (Available on Request). These companies are focusing on product innovation and expanding their product portfolio to cater to the growing demand for natural food additives.
Recent Developments:
- Altrafine Gums Launches New Cassia Gum Products: Altrafine Gums, one of the key players in the cassia extract market, has recently launched new cassia gum products for the food and beverage industry. The company has expanded its product portfolio to cater to the growing demand for natural food additives.
- Agro Gums Expands its Cassia Gum Production: Agro Gums, another major player in the cassia extract market, has announced the expansion of its cassia gum production capacity. The company has invested in new machinery and technology to increase its production and improve the quality of its products.
Market Segmentations:
The Cassia Extract Market can be segmented based on various factors, including:
- Product Type: The market can be segmented into powder and liquid form.
- Application: The market can be segmented based on application into food and beverage, pet food, and cosmetics.
- End Use: The market can be segmented based on end use into the food and beverage industry, pet food industry, cosmetic industry, and pharmaceutical industry.
- Distribution Channel: The market can be segmented based on the distribution channel into direct sales, online sales, and retail sales.
- Geography: The market can be segmented based on geography into North America, Europe, Asia Pacific, and the rest of the world.
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The Food & Beverage team at Persistence Market Research provides all the necessary insights and consulting analysis to fulfil the unique business intelligence needs of clients worldwide. With a catalogue of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
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