Tamarind Extract Market to Nearly Double as Millennials Favor Plant-based Ingredients in Cosmetic Products
Tamarind Extract Market to Surpass US$ 792.01 Million by 2032 amid Growing Application in Food and Pharma Sectors
Fact.MR most recent report on the market for tamarind extract gives a 10-year prognosis through 2022 and beyond. The report provides insights into market dynamics including growth drivers, restraints, and opportunities. Besides this, it discusses about opportunities arising across segments like form, distribution channel, end-use, and key regions.
ROCKVILLE, Md., Nov. 9, 2022 /PRNewswire/ -- The global tamarind extract market is estimated to reach US$ 406.4 Million in 2022, registering 6.9% CAGR between 2022 and 2032. As per the study, the overall sales in the market are expected to surpass a valuation of US$ 792.01 Million by the end of 2032.
Increasing awareness regarding the health benefits of tamarind is driving the sales of tamarind extract in food industry. Tamarind is extensively used in food service industry to enhance the flavor, for dry eye, and to treat constipation. Use of tamarind extract in traditional medicine to boost immune health will also aid the adoption in pharmaceutical sector.
Further, tamarind is considered to reduce blemishes, acne, and improve the skin tone due to the presence of Vitamin C in the extract. Tamarind extracts also have the anti-aging and hydrating properties. Hence, cosmetics giants are increasing the use of tamarind extract in serums for skin and hair care. For instance, leading cosmetic giant, Bluemercury, announced the launch of M-61 Hydra boost cream, with peptides, Vitamin B5, and tamarind as hero ingredients.
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As per the study, the market is also likely to benefit from rising inclination towards organic and natural ingredients in food and cosmetics. Tamarind extract is a rich source of Vitamin C and effectively reduce cancer, and hence, consumers are increasingly adopting products with tamarind as the key ingredient.
Regionally, Asia Pacific is expected to be the most lucrative region in the global tamarind extract market over the upcoming decade. Growing preference for plant-based food products and increasing demand for clean label ingredients in personal care and cosmetics industry will drive the growth in Asia Pacific.
However, North America tamarind extract market is expected to gain traction on the back of surging trend of veganism in the U.S. In addition to this, growing prevalence of immunity and nutrition deficiencies in the U.S. is expected to aid the adoption of tamarind extracts in pharmaceutical industry.
Key Takeaways:
- In terms of form, the powdered segment is expected to witness fastest growth in the tamarind extract market over the forecast period.
- Based on end use, the food and cosmetics industries are likely to create incremental growth opportunities in the tamarind extracts market.
- Japan is expected to account for lion's share in the East Asia tamarind extract market over the next decade.
- The U.S. tamarind extract market is expected to witness robust growth across North America through 2022 & beyond.
- Sales of tamarind extract are projected to expand by nearly 2x during the assessment period (2022-2032)
Growth Drivers:
- Growing use of tamarind extracts in tablets, syrups, and energy supplements will drive the demand in pharmaceutical industry.
- Increasing awareness regarding the health and skin benefits of tamarind is expected to propel the sales in personal care and food industry.
- With rising inclination towards plant-based products in the U.S., the demand for tamarind extracts is predicted to surge in North America.
Restraints:
- Demand in the market is likely to be hampered by the side effects of tamarind extract such as low blood sugar levels, tooth damage, etc.
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Competitive Landscape:
The tamarind extract manufacturers are expected to face fierce competition in the food service industry. As per the study, key players are experimenting with different forms and blends to expand their product portfolio and introduce unique flavor. They are also leveraging strategies such as collaboration and mergers to maintain their dominance in the industry.
Key Companies Profiled by Fact.MR
- Kanegrade Limited
- Abc International
- Abdullabhai Abdul Kader
- Baaeco V Food Ltd.
- MoonLite
- Xi'an Victory Biochemical Technology Co. Ltd.
- Abc International
- Revata Food Products Pvt Ltd
- Shimla Hills
- Adli Foods (India) Pvt. Ltd.
More Valuable Insights on Tamarind Extract Market
In the latest study, Fact.MR offers a detailed study on global tamarind extract market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of tamarind extract through detailed segmentation as follows:
By Form:
- Powdered
- Paste
By End Use:
- Food
- Seasoning
- Sauces & Condiments
- Confectionaries
- Preservatives
- Beverages
- Whiskey
- Wine
- Vodka
- Juice Blends
- Cosmetics & Personal Care Products
- Skin Care
- Hair Care
- Pharmaceuticals
- Households
By Distribution Channel:
- Direct
- Indirect
- Specialty Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Supermarket/Hypermarket
- E-Commerce
By Region:
- North America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Latin America
- Middle East & Africa
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Key Questions Covered in the Tamarind Extract Market Report
- What is the projected value of the tamarind extract market in 2022?
- At what rate will the tamarind extract market grow until 2032?
- Which are the factors hampering the growth in the tamarind extract market?
- Which region is expected to lead in the global tamarind extract market during 2022-2032?
- Which are the factors driving the tamarind extract market during the forecast period?
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