Hibiscus is a flowering plant grown natively in warm temperate, sub-tropical and tropical regions across the globe. Hibiscus is well known for its medicinal properties and is of high importance in several countries such as South Korea, Malaysia, India, etc. Hibiscus extract is prepared from the flower and is available in liquid as well as powder form. The extract is widely used for different purposes such as cosmetics and skin care products, pharmaceuticals, dietary supplements, etc. Hibiscus possess anti-oxidants, anthocyanin, and various other plant acids, which are healthy for humans. Hibiscus extract is known for lowering and regulating the cholesterol levels and blood pressure, curing the stomach ailments, etc. Anti-oxidants present in the extract also accounts for reducing the chances of cancer and also helps in curing it. Owing to the health benefits and increasing health consciousness among individuals is expected to fuel the growth of hibiscus extract market.
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Hibiscus Extract Market: Dynamics
Due to change in the market trend, people are more interested in natural products which will play an important role in fueling the growth of present hibiscus extract market. Increasing awareness of functional foods and dietary supplements is expected to drive the market over the forecast period. Awareness about associated health benefits of hibiscus extract as a dietary supplement, food ingredient, etc. is also expected to drive the sales.
Increasing inclination of women and men towards using natural products in cosmetics is also expected to drive the growth of hibiscus extract market. Widely known benefits of hibiscus extract in regulating cholesterol levels and blood pressure is also expected to be a driving force over the forecast period.
Usage of hibiscus extract along with other medications could be harmful, which could be considered as a restraint. Consumption of healthy food products and dietary supplement is trending across the globe.
Hibiscus Extract Market: Segmentation
Hibiscus extract market can be segmented on the basis of form, end-use applications, sales channel, and region. On the basis of form, hibiscus extract market can be segmented into powder and liquid. Powder segment is expected to dominate the hibiscus extract market over the forecast period, owing to increasing use of powder in the formulation in dietary supplements.
Hibiscus extract market is segmented on the basis of end-use application into pharmaceuticals, food and beverages, cosmetics and skin care, dietary supplements, and other applications. Other applications include teas, oils, etc. Cosmetics and skin care is expected to account for a significant share over the forecast period.
Hibiscus extract market is further segmented on the basis of sales channel into Direct and retail sales. Direct sales here refers to direct selling of extract as an ingredient to other companies such as food and beverage industries, cosmetics and skin care industries, etc. Retail sales accounts for sales direct to the consumers as an end product. Retail sales is further sub-segmented into drug stores, health specialty stores, online retailers and other retailing formats. On the regional basis, hibiscus extract market can be segmented into five key regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa (MEA). Asia Pacific accounts for relatively high exports of hibiscus and related products.
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Hibiscus Extract Market: Regional Outlook
On the basis of region, hibiscus extract market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific accounts for relatively high production of hibiscus in comparison to other regions.
In terms of consumption, Europe and North America holds the hibiscus extract market, owing to the reason that people are inclined to use natural products to a great extent. Asia pacific and the Middle East and Africa lags behind in term of consumption. Although Sudan and Egypt hold relatively high share in terms of production, but domestic consumption is quite high in these countries, hence accounts for relatively low exports. Latin America also holds a significant share in terms of consumption of hibiscus extract.
Hibiscus Extract Market: Key Players
Some of the prominent global players in hibiscus extract market are bio Actives, MB-Holding GmbH & Co. KG (Martin Bauer Group), Ransom Naturals Ltd, Wild Hibiscus Flower Co, Inovia International, Parchem, Nexira, Anklam Extrakt GmbH and other regional players.
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