Newark, June 13, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global forskolin market is expected to grow from 448.6 million in 2021 to USD 889.3 million by 2030, at a CAGR of 7.9% during the forecast period 2022-2030.
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Forskolin is widely used in several end-use industries, such as pharmaceuticals, healthcare, food and beverages, and cosmetics which drives the market's growth. With the increasing preference of consumers for naturally-processed, herbal, and ayurvedic products, the demand for herbal plants with significant medicinal value is expected to rise during the forecast period. The global forskolin market has high growth potential as it has broad application scope in many industries to produce fitness products, medicines, and healthcare products. However, the outbreak of the Covid-19 pandemic affected the market's growth as companies experienced significant delays in obtaining the raw materials they required for producing healthcare supplements from forskolin. Due to imposed lockdown restrictions, workforce shortage also hampered the forskolin market's production. The increasing demand for natural products and plant-based products in cosmetics and dietary supplements is expected to boost the market's growth during the forecast period.
Competitive Strategy
To enhance their market position in the global forskolin market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Market Growth & Trends
Forskolin is a naturally occurring chemical compound from the roots of the Indian coleus (Coleus forskohlii). The Indian Coleus plant belongs to the family of mints, a tropical plant. Most often, forskolin is used to treat various health disorders such as respiratory disorders, digestive disorders, weight management, insomnia, etc. These are used as herbal compounds and as dietary supplements for weight loss. Since ancient times, this plant has been considered a medicinal plant because of its healing capacity. Earlier the plant had significant use in the Ayurveda industry only, but with time the plant and its properties gained importance in the allopathy industry.
Key Findings
● In 2021, the high purity segment dominated the market with the largest market share of 38% and market revenue of 170.4 million.
The purity type segment is divided into low, medium, and high. In 2021, the high purity segment dominated the market with a market share of around 38% and market revenue of 170.4 million. The forskolin with high purity is widely used in the cosmetics industry, which drives the market's growth. Cosmetic products with anti-aging properties are high in demand among the aging population, which drives the demand for cosmetics.
● In 2021, the weight management segment accounted for the largest share of the market, with 22.5% and a market revenue of 100.9 million.
The application segment comprises allergy treatment, weight management, respiratory problems, cardiovascular disorders, glaucoma, hypothyroidism, psoriasis, and others. In 2021, the weight management segment accounted for the largest share of the market, with 22.5% and a market revenue of 100.9 million. The weight management segment drives the forskolin market as people focus more on being healthy and fit by reducing weight. Dietary supplements made from natural products are widely being used to aid in weight loss, which propels the market's growth in the segment.
● In 2021, the dietary supplements segment accounted for the largest share of the market, with 28% and market revenue of 125.6 million.
The end-user segment is divided into food and beverage, cosmetics, nutraceuticals, pharmaceuticals, dietary supplements, and others. In 2021, the dietary supplements segment accounted for the largest share of the market, with 28% and market revenue of 125.6 million. Changing lifestyles has also changed the food habit of people. Due to this, people consume dietary supplements made from natural products and plant products to fulfill their diet requirements. This drives the growth of the segment during the forecast period.
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Regional Segment Analysis of the Forskolin Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Europe region emerged as the largest market for the global forskolin market, with a market share of around 36.6% and 164.1 million of the market revenue in 2021. The region has a high demand for natural cosmetics, which drives the growth of the market in the region. Along with this, the increasing demand for personalized personal care products is also driving the growth of the market in the region.
Key players operating in the global forskolin market are:
● Alchem International Ltd.
● Shaanxi Jiahe Phytochem
● Nutra Green Biotechnology
● Flavour Trove
● Alpspure Lifesciences Pvt. Ltd.
● Cymbio Pharma Pvt. Ltd.
● Bioprex Labs
● Glentham Life Sciences
● Sabinsa Corporation
● Varion Lifesciences Pvt. Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global forskolin market based on the below-mentioned segments:
Global Forskolin Market by Purity:
● Low
● Medium
● High
Global Forskolin Market by Application:
● Glaucoma
● Psoriasis
● Cardiovascular Disorders
● Hypothyroidism
● Allergy Treatment
● Respiratory Problems
● Weight Management
● Others
Global Forskolin Market by End-User:
● Dietary Supplements
● Nutraceuticals
● Cosmetics
● Pharmaceuticals
● Food
● Beverage
● Others
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About the report:
The global forskolin market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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