Maca Extract Market Report Overview
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The global maca extract market size was USD 55.54 million in 2021 the market is projected to touch USD 77.09 million by 2030, exhibiting with a growing Compound annual growth rate (CAGR) of 3.65% during the forecast period. The sudden spike in CAGR is attributable to market demand returning to pre-pandemic levels once the pandemic is over.
The maca root's flesh is used to make maca extract. The tuber or root is rich in fibre, iron, potassium, potassium, iodine, magnesium, calcium, and natural sugars. It is used medicinally as a treatment for both male and female infertility and sexual dysfunction. It is indigenous to Peru's Andes and thrives best at high altitudes. The plant has a long history of use in Latin America, where it is renowned for boosting fertility and acting as an aphrodisiac.
By kind, colour, application, and region, the market is divided. Given that it is ideal for boosting female fertility, the yellow colour category is predicted to dominate the market during the forecast period. Red and black maca extracts are used in goods that promise to strengthen bone structure, boost memory, lessen stress, and reduce fatigue. They are rare and are ingested. Based on its uses, it has a number of beneficial qualities that contribute to expanding its use as a therapeutic and medical remedy. The nutritional industry already uses a substantial amount of the extract, and it is anticipated that this use will increase significantly in the years to come.
COVID-19 Impact: The Supply Chain was Disrupted Which Resulted in Decreased Production
The consequence of the COVID-19 pandemic had a negative impact on the maca extract market share. Underlined and heightened the necessity of patients suffering from COVID-19 the hospitals and medical centers got more focused on treating them, henceforth resulting in the shift attention from other illness and diseases. The production of maca extract is higher in Latin America and the amidst the lockdown the supply chain of the product was disrupted, as a result, it caused a decline to the maca extract market growth during the forecaster period.
LATEST TRENDS
"The Trending Shift Towards Natural and Organic Consumption to Attract the Market Share"
One of the major factors driving the expansion of the maca extract industry is people's strong preference for natural eating habits, which have become deeply ingrained in developed western economies. The rising incidence of infertility and fecundity problems has also contributed to the increase in the consumption of natural-based products. A rise in per capita consumption in emerging nations, rising distress among people regarding their sexual and reproductive health, and growing social media awareness of the advantages of natural and organic products have all contributed to the market's increased popularity for maca extract.
Maca Extract Market Segmentation
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- By Type
Based on type the market is classified into white to yellow, light pink to dark purple, light gray to dark gray and others.
- By Application
Based on application the market is classified as health drugs, healthy foods, nutritional supplements and others.
DRIVING FACTORS
"Traditional Utilization in Healthcare Sector to Drive the Demand "
We obtain Maca powder, which is a native of the Andes in Peru and thrives notably in high altitudes, by extracting it from the Maca plant root. The plant has a long history of use in Latin America, where it is renowned for boosting fertility and acting as an aphrodisiac. Based on its uses, maca extracts have a number of beneficial qualities that contribute to expanding its use as a therapeutic and medical remedy. The nutritional industry already uses a substantial amount of maca extract, and it is anticipated that this use will increase significantly in the years to come. This helps the maca extract industry, which is booming as a result of the rising demand for these dietary supplements in people's diets all over the world.
"The Attributes and Its Useful Properties to Propel the Market Demand"
The maca plant's unusual market popularity, important functional qualities, and extensive traditional use have led to the plant being called to as a superfood. The maca root extract and its derivative products are expected to have significant expansion and eventually stabilisation during the forecast period, similar to other superfoods that have originated from the Latin American region. The claim that maca root extract can reduce infertility is what drives the majority of the market for it. Infertility is a global public health concern, according to the WHO. Due to the rising incidence of infertility problems, product consumption—especially of natural products—has increased.
RESTRAINING FACTORS
"The Low Awareness and High Price to Hamper the Market Share"
The market's expansion may be hampered by a number of obstacles, including poor consumer awareness of maca's availability, its expensive pricing on the market, a dearth of compelling scientific data, and intense competition. Despite their uniqueness, the maca compete with a wide range of other natural fertility remedies that are generally less expensive, which is hurting the industry in emerging regions. However, the higher prices and the lest awareness about it has slowed the worldwide maca extract market growth.
Maca Extract Market Regional Insights
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"Latin America to Rule Out the Market With Ease of Availability and Healthcare Utilities"
Due to historically large usage and relatively simple availability, the Latin American market is the primary dominant region for the maca. After Latin America, North America recorded the second-highest consumption. During the foreseeable period, there should be significant growth potential in the regions of Latin America, then Europe. The tremendous development in both regions is due to greater accessibility to maca and its derivative products, growing interest in health and nutritional supplements, and growing understanding of the advantages of maca root extracts for human health. Demand for items related to sexual wellness and reproductive health is anticipated to be the primary factor influencing the market in this area over the next few years. With the cultivation and well established healthcare Latin American region will dominate the maca extract market share in the projected timeframe.
KEY INDUSTRY PLAYERS
"Prominent Manufacturers to Contribute Towards Expansion of Market"
The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.
List of Market Players Profiled
- Green Life (Italy)
- Huike (China)
- Phyto Life Sciences (India)
- Berbchem Biotech (Russia)
- Tengmai (China)
- MG Natura Peru (U.S.A)
- Koken (Japan).
REPORT COVERAGE
The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 55.54 Million in 2021 |
Market Size Value By |
US$ 77.09 Million by 2030 |
Growth Rate |
CAGR of 3.65% from 2021 to 2030 |
Forecast Period |
2023-2030 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the maca extract market expected to touch by 2030?
The global maca extract market is expected to reach USD 77.09 million by 2030.
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What CAGR is the maca extract market expected to exhibit by 2030?
The maca extract market is expected to exhibit a CAGR of 3.65% by 2030.
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Which are the driving factors of the maca extract market?
The traditional utilization in healthcare sector ant its attributes and useful properties are the driving factors of the maca extract market.
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Which are the top companies operating in the maca extract market?
Peruvian Nature, Koken, Panpacific Corporation, Natural Health International, Inca Health, ZANACEUTICA, MG Natura Peru, Pebani Inversiones, StandPeru, Phyto Life Sciences, Jiaherb, Pioneer Herbs, Green Life, Yuansn Biological, Bettering, Yongyuan Bio-Tech, Naturalin, Berbchem Biotech, Tengmai, Huike and others are the top companies operating in the maca extract market.