India Neem Extract Market Set to Witness Impressive Growth: Predicted to Grow at a CAGR of 18.1% during the Forecast Period
Published | 20 September 2021
India neem extract market is growing at a high CAGR because of its application in various industries such as pharmaceutical, agriculture, cosmetics, animal products, etc., increasing medicinal use of neem extracts and growing awareness among consumers...
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that India neem extract market is estimated to grow at a CAGR of 18.1% during the forecast period. The market is flourishing at a high rate because of its application in various industries such as pharmaceutical, agriculture, cosmetics, animal products, etc. Furthermore, the increasing medicinal use of neem extracts and growing awareness among Indian consumers is emerging as the major driving factor for the India neem extract market. Additionally, thegrowing demand for Ayurveda and natural disease treatment in India is expected to impact the neem extract market positively.
The prominent use of neem extracts as a pest and animal repellent and for the prevention of soil diseases in agriculture is also fueling the growth of the India Neem extract market. However, the high demand and supply gap for the neem extracts may act as a major restraint for market growth.
Growing Pharmaceutical Applications Is Expected to Drive the India Neem Extract Market Growth
Neem extracts are used for various medicinal purposes such as leprosy, eye disorders, bloody nose, intestinal worms, heart ailments, blood vessel diseases, diabetes, liver problems, etc. Thus, the demand for neem extracts in the pharmaceutical industry is emerging as the major driving factor for growth in India’s neem extract. Furthermore, the high cost of allopathy and its toxic effects on normal tissues and various biological activities encourages individuals to switch to ayurvedic treatment, driving demand for neem extracts and propelling market expansion.
Use of Neem Extracts as Pesticides Is Projected to Boost the India Neem Extract Market Growth
Neem extract has gained significant attention over the last decade due to heightened awareness of the dangers of synthetic chemicals used for agricultural purposes. Neem extract is a potent organic treatment for even the most difficult-to-control infestations.The growing use of neem extracts as biopesticides in agricultural activities is emerging as a major driver for the India neem extract market. Neem extracts offer extremely potent insecticidal properties against a wide range of insects, particularly polyphagous species. With the rising incidence of soil contamination caused by chemical insecticides and pesticides, as well as the growing need for bio-based agricultural goods, demand for neem extracts in India is expected to skyrocket.
India Neem Extract Market - By Type
Based on types, the India neem extract market is segmented into leaf extract, bark extract, and seed extract. Among these, the seed extract dominates the market as it is used in a wide range of industries,including health &personal care, agriculture, animal products, and much more. With the expansion of organic agriculture in India and the increased usage of natural pesticides, neem extract is expected to be an effective and natural alternative to synthetic pesticides, propelling the industry forward.
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India Neem Extract Market - Regional Insights
Geographically, the India neem extract market is segmented into North India, South India, East India, and West India. The Northern region of the country accounts for the largest market share because of the largest agricultural activities taking place in this region. The presence of farming states In North India, such as Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, and others, which produce crops such as bajra, rice, sugarcane, food grains, and so on, generates the demand for neem extracts. Furthermore, the governments of these regions are launching a number of programs to promote organic farming and natural insecticides and pesticides, fueling the growth of the Indian neem extract market.
Impact of COVID-19 on India Neem Extract Market
The unprecedented outbreak of COVID-19 significantly disrupted the India neem extract market. Due to the labor-intensive nature of agriculture in India, the production operations were restricted to prevent the virus from spreading. This significantly declined the demand for neem extract in the market, incurring huge losses to the manufacturers. Furthermore, the manufacturing and distribution activities of neem extract were also obstructed during the lockdown. However, the market is projected to recover soon in the post-COVID-19 period.
The leading players in the India neem extract market are Patanjali, E.I.D. Parry (India) Limited, P.J. Margo Pvt. Ltd., Agro Extract Limited, Ozone Biotech Pvt. Ltd., GreeNeem Agri Private Limited, Fortune Biotech Ltd., The Indian Neem Tree Company, and Bros India Group, and other prominent players.
The India neem extract market is highly fragmented, with the presence of various industry players offering a wide range of products. The companies significantly focus on improving their product penetration through the adoption of market strategies, such as mergers, acquisitions, partnerships, collaborations, etc.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India neem extract market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India neem extract market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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