As per detailed analysis by Persistence Market Research, the global cassia extract market is set to witness growth at a value CAGR of 6.9% and reach a valuation of US$ 794.7 Mn by 2032.
Food and cosmetics can spread a variety of dangerous microscopic germs that cause illness. According to a study published by MDPI in 2015, infectious diseases caused by foodborne bacteria are becoming a growing public health problem worldwide, affecting roughly 2 million children each year, especially in developing countries.
Cassia is one of the numerous spices that are mostly used in food for their scent. Cassia powder is mostly used as a flavoring ingredient in confectionery, sweets, meat products, pastries, and other foods. Cassia is also utilized in the perfume and essence sector due to its aroma, which may be found in a variety of foods, fragrances, and medicinal products. Consumers who want to replace synthetic chemicals with natural ones are also increasing their demand for natural ingredients. Varied oils have different impacts on different skin kinds, and thus, they’re utilized to manufacture a variety of products for different skin types, including normal skin, oily skin, acne-prone skin, dry or mature skin, and so on.
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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.
- Volume of cassia extracts in North America is currently pegged at 3,097 tons.
- 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 outbreak of COVID 19 had a significant impact on the global market for cassia extracts. The pandemic pushed consumers toward leading a healthy lifestyle and led them to look for natural products that enhance immunity. This is proving profitable for global manufacturers of cassia extracts.
“Increasing importance of consuming natural products extracted from plants is a major factor influencing the growth of the market for cassia extracts,” says a Persistence Market Research analyst.
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Competitive Landscape
Manufacturers of cassia extracts are focused on continuously investing in expanding their operations to other regions to cater to growing demand. Companies are also putting emphasis on promotional activities to create increased awareness among consumers.
- In June 2021, d?TERRA expanded its market in South East Asia by entering the market of Thailand. It also established a corporate office in Bangkok for customer service and back-office support for more than 80 registered products locally.
- AGRIM PTE. LTD. is attending various exhibitions for trying out new ideas and also finding out what are the new market trends and knowing about competitors. It has attended the exhibitions of Gulfood Manufacturing, Anuga, SIAL China, and IFT for brand awareness and connecting with people related to the spice industry.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global cassia extracts market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on nature (organic, conventional), form (powder, oil), and application (food & beverages, nutraceuticals, cosmetic & personal care, others), across seven major regions of the world.
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