Global Hibiscus Extract Market to be Driven by the Thriving Pharmaceutical Sector in the Forecast Period of 2023-2028
The new report by Expert Market Research titled, ‘Global Hibiscus Extract Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028, gives an in-depth analysis of the global hibiscus extract market, assessing the market based on its segments like sources, forms, sales channels, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 5%
The global market for hibiscus extract is being driven by the thriving pharmaceutical sector. Hibiscus has been used in folk medicine as a diuretic and mild laxative, treating cancer and cardiac and nerve diseases. The rising demand for hibiscus extract in the pharmaceutical sector for the production of medicines that control high blood pressure, high cholesterol, increase the production of breast milk, and many other conditions is a leading factor propelling the market growth. The rising application of the product in the food and beverage, cosmetics and personal care, among others, is likely to propel the sales of hibiscus extract in the forecast period.
The market is further projected to be aided by the shift in consumer preference for natural products, especially among women, who prefer natural cosmetic products. In terms of region, the Asia Pacific is anticipated to account for a significant share in the market, owing to the high importance of traditional medicines in several countries, such as South Korea, Malaysia, and India. Over the forecast period, the potential growth of the retail sector, owing to the rising standards of living and significant GDP growth of the regions, like India and China, are likely to provide impetus to the market growth of hibiscus extract in the Asia Pacific region.
Hibiscus Extract Industry Definition and Major Segments
Hibiscus extract is a product that can be found in the form of powder or liquid and is prepared from hibiscus, which is a large and colourful flower. The product is known for its medicinal uses and can help treat a variety of problems.
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By source, the market is divided into:
The market, based on form, can be classified into:
On the basis of sales channel, the market can be segmented into:
• Direct Sales
• Retail Sales
Based on application, the industry can be categorised into:
• Food and Beverages
• Dietary Supplements
• Cosmetics and Personal Care
The regional markets for hibiscus extract include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Hibiscus Extract Market Trends
The growing R&D activities in the pharmaceutical sector and the rising investments towards the development of medications that can treat the problem of high blood pressure and cholesterol are likely to be the major trend in the global hibiscus extract market. Meanwhile, the rising development aimed at producing natural cosmetic and beauty products is anticipated to be another key trend shaping the growth of the market.
Key Market Players
The major players in the market include Xian Shunyi Bio-Chemical Technology Co., Ltd, Wild Hibiscus Flower Co, and Ransom Naturals Ltd, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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