REPORT OVERVIEW
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The global saw palmetto extracts market size is estimated to be USD 123.1 million in 2022 and the market is projected to touch USD 159.4 million by 2028, exhibiting a CAGR of 4.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with saw palmetto extracts experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
Saw palmetto extracts are an extraction part of the fruits of Serenoa ripens. The fruit is rich in free fatty acids, flavonoids, free & conjugated sterols, and high molecular weight polysaccharides. It is a small palm tree grown natively in sub-tropical regions of the U.S. (United States). The Indian Americans highly used the extraction of fruits for medical purposes for centuries.
Increasing awareness about the medical benefits of the product is estimated to surge market growth. Promoting the health of male physiology and growing herbal medical science beliefs among population are anticipated to propel market expansion. Rapid popularity of herbal products among population is expected to expand market growth. Rising middle-class population and increasing income of middle class population. These factors are predicted to boost product adoption among consumers. Growing prevalence of diseases and high demand for a dietary supplement is anticipated to accelerate market growth. High need for organic medical products is predicted to expand market progress in the upcoming years. On the contrary, some studies claim the product has negative health benefits. Also, chances of side effects such as mild headache and abdominal pain. Such disadvantages of the product are estimated to hamper saw palmetto extracts market growth.
COVID-19 Impact: Lower Demand for the Product During Pandemic to Halt Market Growth
An outbreak of COVID-19 pandemic halted production activities. High demand for advanced medicines or vaccines to fight against coronavirus to hamper market growth. Increasing COVID-19 cases fuel healthcare industry and growing need to reduce the spreading diseases.
However, post-pandemic witness positive growth and high demand to improve health create a lucrative opportunity for the development of the market.
LATEST TRENDS
"Growth in Herbal Medicinal Products to Accelerate Market Expansion "
Increasing demand for herbal medicinal products among consumers is expected to surge market growth. The products are natural and safe for the patients. It is commonly sold as capsules, powders, tablets, fresh or dried plants, and tea extracts. Saw palmetto extracts are extracted from the fruit Serenoa ripens. Herbal medicinal products usually extract the juice from the fruits which contains several minerals and vitamins. These health benefits are assorted and sold in solid and liquid forms. Such medicines formulation is easy to consume and readily available in the market. People adopt herbal medicine to improve or maintain health and cure diseases. Herbal medicines also go through lab testing to ensure it is safe for patients. These factors are responsible for fueling saw palmetto extracts market growth in the upcoming years.
SEGMENTATION
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- By Type
Based on type, the market is divided into liquid products (with fatty acids 85-95%) and powder products (with fatty acids 25-45%).
Liquid products (with fatty acids 85-95%) are expected to be the leading part of the segmentation type.
- By Application
Based on the application, the market is divided into pharmaceutical industry and dietary supplement.
Dietary supplement is expected to be the leading part of application segmentation.
DRIVING FACTORS
"Growing Middle-Class Population and Developing Economies to Drive Market Progress"
Increase number of middle-class population across the world is expected to surge market growth. Growing awareness about the benefits of the product and increasing demand for health benefits products in developed countries are anticipated to propel market growth. Increase in income of middle –class population and demand for the product is expected to witness a positive shift in countries such as India, China, Brazil, Turkey, Indonesia, and others. Growing consumer spending on health benefits products and demand for organic products. Such advantages of the product are expected to expand market growth in the upcoming years. Rapid development in the medical sector and government initiatives to support herbal medicinal products are anticipated to propel market growth. The presence of professionals and increasing demand for the product among physicians and doctors are expected to accelerate saw palmetto extracts market growth.
"Increasing Demand for Health Supplements to Stimulate Market Progress"
Growing demand for health supplements to improve health is expected to expand market growth. The compound is traditionally used for the symptomatic treatment of lower urinary tract symptoms (LUTS) and moderate benign prostatic hyperplasia (BHP). The product has fatty acid, which is believed to block the enzyme which is responsible for the transformation of testosterone into dihydrotestosterone (DHT). Such health benefits of the product are estimated to expand market growth. An increase in the prevalence of such diseases and high demand to cure the disease is anticipated to accelerate market growth. Further, the use of dietary supplements helps to improve reproductive systems. Growing consumption of health-related products is expected to surge saw palmetto extracts market growth in the upcoming years.
RESTRAINING FACTORS
"Side Effects of the Supplement to Hamper Market Growth"
Some research studies claim the product has negative health benefits. Also, chances of side effects such as mild headache and abdominal pain. Such disadvantages of the product are estimated to hamper market growth.
REGIONAL INSIGHTS
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"Favorable Geographical Condition in North America to Drive Market Share"
North America is expected to witness a represent significant saw palmetto extracts market share due to favorable geographical conditions for farming. Increasing health care awareness and adoption of herbal products. Presence of a large consumer base and the increase in planation of the fruits in the region. Such advantages of the product are predicted to expand market growth.
Europe is anticipated to witness substantial market growth due to growing popularity of health benefits and high consumer demand. Promoting the health of male physiology and developing herbal medical science beliefs among consumers are anticipated to propel market expansion.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Valensa International (USA)
- Martin Bauer (Germany)
- Indena (Italy)
- Euromed (Spain)
- Naturex (France)
- Bio-Botanica (USA)
- Maypro (USA)
- Sabinsa (India)
- Acetar Bio-Tech (China)
- JIAHERB (China)
- Xian Sanjiang (China)
- Pierre Fabre (France)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 123.1 Million in 2022 |
| Market Size Value By | US$ 159.4 Million by 2028 |
| Growth Rate | CAGR of 4.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Types & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the saw palmetto extracts market expected to touch by 2028?
The global saw palmetto extracts market is expected to reach USD 159.4 million by 2028.
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What CAGR is the saw palmetto extracts market expected to exhibit by 2028?
The saw palmetto extracts market is expected to exhibit a CAGR of 4.4% by 2028.
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Which are the driving factors of the saw palmetto extracts market?
Drivers of this saw palmetto extracts market are growing middle class population and developing economies and increasing demand for health supplement.
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Which are the top companies operating in the saw palmetto extracts market?
Valensa International, Martin Bauer, Indena, Euromed, Naturex, Bio-Botanica, Maypro , Sabinsa Acetar Bio-Tech , JIAHERB , Xian Sanjiang , and Pierre Fabre are the top companies operating in the saw palmetto extracts market.
