The global forskolin market size is expected to reach USD 966.22 million by 2030, registering a CAGR of 8.7% over the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by the rising demand from the pharmaceutical industry owing to its high medical value. The market is expected to grow because of end-users’ inclination from synthetically processed to naturally-derived ingredients. Forskolin has a wide range of application scope across various industries, such as food & beverages, pharmaceuticals, and cosmetics among others. It has been used as a traditional medicine in the field of ‘Ayurveda’ since ancient times, for the treatment of heart, abdominal, and respiratory diseases, among others.
Forskolin Market Report Highlights
- The low purity segment is estimated to register the fastest CAGR from 2022 to 2030 owing to the wide application scope of the low-purity product in various dietary supplements, which have a higher demand globally
- The pharmaceutical application segment is projected to account for the fastest CAGR from 2022 to 2030 due to a rise in the global consumption of pharma and healthcare products
- Asia Pacific is projected to be the fastest-growing regional market during the forecast period due to the constantly growing demand and easy product availability in this region
- Moreover, key market players are based in APAC and are constantly working to provide a diverse range of products through high investments in their R&D. A rise in demand for clean and herbal commodities especially in the cosmetic industry has paved the way for forskolin to be used in many end-use sectors
- Due to the rapid technological advancements, many companies are focusing on developing forskolin sustainably with high-speed innovations in synthetic biology
- The production from various other raw materials, which on testing, could prove to be more advantageous to the human body, are being conducted effectively
- The prominent players in the market are more focused on the production technologies to gain maximum profit against minimum resource consumption
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Forskolin comes from the roots and stem of a plant named Coleus barbatus. This plant is from the mint family and can be found in some regions of Asia. Constant research and development activities carried out by major market players have proved its wide usability along with its advantages. During the COVID-19 pandemic, the pharmaceuticals and healthcare industries gained importance, thereafter, the demand for these products eventually increased. The increasing awareness among the growing population will also support the growth of this market. Materials with immense usage in the production of healthcare and medicinal products witness high demand in the market.
Forskolin Market Insights By Demographics
The Europe region dominated the global market and accounted for the maximum revenue share. The region has also emerged as one of the top markets for personal care and cosmetics. The demand for natural ingredients in cosmetics is being influenced by socio-demographic trends in Europe. The demand for natural products, with active qualities, such as anti-aging, is increasing due to a rise in the aging population. North America accounted for the second-highest revenue share due to the surge in demand for natural products considering the growth in dietary supplements in the industry. This growth is credited to the rising prevalence of obesity and weight-related disorders. The demand for dietary supplements is high as a result of consumers’ busy schedules and high-stress levels, which cause lifestyle disorders, such as obesity, high blood pressure, and diabetes.
Industry Share Analysis By Major Companies
The competition in this market is highly dependent on the product mix, the number of sellers, and geographical location. The product manufacturers are engaged in continuous R&D to develop numerous other applications in various industries and to develop more products with technological advancements to get maximum benefits/profit. Manufacturers are focusing intensely on improving their product portfolios along with the introduction of natural products aimed at keeping pace with future requirements for sustainable development. Some of the key players operating in the global forskolin market are:
- Alchem International Ltd.
- Nutra Green Biotechnology
- Shaanxi Jiahe Phytochem
- Glentham Life Sciences
- Flavour Trove
- Cymbio Pharma Pvt. Ltd.
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Forskolin Market Segmentation
Grand View Research has segmented the global forskolin market on the basis of purity, application, and region:
- Forskolin Purity Outlook (Volume, Tons; Revenue, USD Thousand, 2018 – 2030)
- Forskolin Application Outlook (Volume, Tons; Revenue, USD Thousand, 2018 – 2030)
- Forskolin Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2018 – 2030)
- List of Key Players of Forskolin Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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