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Tamarind Extract Market to Nearly Double as Millennials Favor Plant-based Ingredients in Cosmetic Products
ROCKVILLE, Md. , Nov. 9, 2022 /PRNewswire/ -- The global tamarind extract market is estimated to reach US$ 406.4 Million in 2022, registering 6.9% CAGR between 2022 and 2032. As per the study, the overall sales in the market are expected to surpass a valuation of US$ 792.01 Million by the end of 2032.
Increasing awareness regarding the health benefits of tamarind is driving the sales of tamarind extract in food industry. Tamarind is extensively used in food service industry to enhance the flavor, for dry eye, and to treat constipation. Use of tamarind extract in traditional medicine to boost immune health will also aid the adoption in pharmaceutical sector.
Further, tamarind is considered to reduce blemishes, acne, and improve the skin tone due to the presence of Vitamin C in the extract. Tamarind extracts also have the anti-aging and hydrating properties. Hence, cosmetics giants are increasing the use of tamarind extract in serums for skin and hair care. For instance, leading cosmetic giant, Bluemercury, announced the launch of M-61 Hydra boost cream, with peptides, Vitamin B5, and tamarind as hero ingredients.
As per the study, the market is also likely to benefit from rising inclination towards organic and natural ingredients in food and cosmetics. Tamarind extract is a rich source of Vitamin C and effectively reduce cancer, and hence, consumers are increasingly adopting products with tamarind as the key ingredient.
Regionally, Asia Pacific is expected to be the most lucrative region in the global tamarind extract market over the upcoming decade. Growing preference for plant-based food products and increasing demand for clean label ingredients in personal care and cosmetics industry will drive the growth in Asia Pacific .
However, North America tamarind extract market is expected to gain traction on the back of surging trend of veganism in the U.S. In addition to this, growing prevalence of immunity and nutrition deficiencies in the U.S. is expected to aid the adoption of tamarind extracts in pharmaceutical industry.
The tamarind extract manufacturers are expected to face fierce competition in the food service industry. As per the study, key players are experimenting with different forms and blends to expand their product portfolio and introduce unique flavor. They are also leveraging strategies such as collaboration and mergers to maintain their dominance in the industry.
In the latest study, Fact.MR offers a detailed study on global tamarind extract market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of tamarind extract through detailed segmentation as follows:
: Sales in the global citrus peel extract market are expected to increase from US$ 7.59 Billion in 2022 to US$ 11.84 Billion in 2032. Growing demand for nutritional and organic ingredients in food & beverage items will drive the demand for citrus peel extract over the forecast period.
: Dried fruit extracts are increasingly being used in cosmetic products and dessert due to their nutritional properties on skin and health. Powdered dried fruit extracts are used in several cosmetic products such as sheet masks, and others. On the back of this, the demand in the market is expected to surge at 5.9% CAGR between 2022 and 2032.
: The cocoa extract market is predicted to register 3.5% CAGR between 2022 and 2032, surpassing US$ 11.24 Billion by the end of 2032. Increasing application of organic cocoa in replacement of chemical pesticides and fertilizers is one of the key factors driving the demand in the market.
: The increasing demand for orange peel extract in the cosmetics industry owing to its cleansing properties and its ability to fight acne is also one of the key factors in driving the global orange peel extract demand.
: Globally the vanilla extract market is estimated at USD 4.94 Billion at present in 2022. The market is further expected to surpass the valuation of USD 6.98 Billion by the end of 2032.
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