Global Neem Extract Market Report, published by Variant Market Research, forecast that the global market is expected to reach $2,862 Million by 2024 from $797 Million in 2016, growing at a CAGR of 17.3% from 2016 to 2024. By geography, Europe and RoW are expected to grow at a CAGR of 19.5% and 18.9%, respectively, during the forecast period.
"Neem Extract Market (By Application: Personal Care, Pharmaceutical, Agriculture, And Animal Feed; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Some of the global drivers of the market include rising demand for bio-based fertilizers and pesticides, increasing demand for ayurved therapies, growing concern over wide use of chemicals in cosmetics, and increasing R&D in the field of neem based products. Though, limited concentration of neem plants in certain countries may hamper the market growth. Besides, growing applications of neem extract would provide growth opportunities in forecasted period.
The global neem extract market is segmented on the basis of application, and geography. Application segment is further bifurcated into personal care, pharmaceuticals, agriculture, animal feed, and others. Among which, agriculture held more the half of the global share in 2016, while, personal care is anticipated to attain the fastest growth rate in forecasted years.
Geographically, the global neem extract market is categorized as North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted the majority of the global share with 50.8% in 2016, driven by high concentration of neem plants and increased use in fertilizers and pesticides. North America held the second largest market share with 21.3%. In terms of growth, Europe will dominate the global market with fastest CAGR during the forecast period. The growth is majorly attributed to increasing investments in R&D, and good-sized import of neem extracts.
Major players in the market include Fortune Biotech Ltd., The Indian Neem Tree Company, PJ Margo Pvt. Ltd., Ozone Biotech Pvt. Ltd., Neeming Australia Pvt. Ltd., Parker Biotech Private Limited, E.I.D Parry India Ltd., Bros India Group, Agro Extracts Limited, and Terramera Inc., among others.