Tamarind Extract Market and Forecast
According to the latest report by Fact.MR, the global tamarind extract market is expected to expand substantially throughout 2021 to 2031. In the short term, tamarind extract sales are expected to increase modestly, but in the long run, they are expected to boom and shall cultivate incremental $ opportunity of more than US$ 98 Mn. The global demand from western countries is expected to draw attention and accelerate growth, resulting in the best possible outcome.
The increasing use of tamarind extract in the healthcare and food and beverage industries to add flavours and nutritional value is driving up demand for the product, resulting in market expansion.
What are the Driving Factors for Tamarind Extract Market?
With the increase in population, the demand for a food product is increasing and hence the cost. Globally 8.9% of people sleep without food which is increase the demand for confectionaries and other beverages. Another factor that boosts the market growth is the easy availability of the extract in comparison to the natural product. The demand for the extracted product will increase with the busy lifestyle of people as 3.3 billion population is work it bestows easy alternative to working with the extract.
On the flip side, the growing knowledge among the people about various health care supplements that have natural extracts is bulging out. Tamarind extract has vitamin C in them which impede cancer up to an extent.
The changing customer’s preferences from chemical preservatives such as ethanoic acid, lactic acid and benzoic acid to tamarind because of a natural preservative to outpour the tamarind extract sales. Furthermore, the demand for tamarind extract in the cosmetics and personal care industry is one of the factors projected to spur tamarind extract demand globally.
However, the tamarind extract market is expected to contract, as governments strict regulations are expected to stifle the industry's growth over the forecast period.
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COVID-19 Impact on Tamarind Extract Market
The industry has been harmed by COVID-19, which has caused havoc and a downward market curve. Supply and demand have been hampered by the pandemic, which has resulted in increased financial losses for manufacturing facilities.
Multiple government controls on product and service exchange have resulted in lower consumer demand, resulting in tight business growth. To prevent the virus from spreading further, the administration has taken preventative measures at different levels, one of which is monitoring sales practices in heavily affected areas.
However, the tamarind extract demand is high due to high fiber content and vitamin - C which is prescribed by the doctors to COVID-19 affected patients. The increased medical use has shown remarkable growth in the market.
The growing sales and demand of the product is rising and is anticipated to escalate at the same pace in the forthcoming years.
Global Outlook of Tamarind Extract Market
The prominent region included in the tamarind extract market report in North America, Latin America, Europe, East Asia, South Asia and the Middle East and Asia. Among them, East Asia is the market leader in the demand for tamarind owing to the largest producer of tamarind. Countries like India, Thailand and Indonesia are the largest producer of a wild variety of tamarind.
During the year 2020, approximately 189 thousand metric tons of tamarind was produced in India making it the largest export in the world. Being used on the regular basis in daily diet, tamarind demand is on a hike in the Asia Pacific region. In contrast, rising Ayurveda’s acceptance and mounting expenditure in the healthcare activity are anticipated to accelerate the target market in the region forward.
The use of tamarind for the preparation of traditional knowledge as “Tamarindo” and owing to a rise in market demand for organic cosmetics and personal care products in Latin America has made the region grab a significant market share.
While North America is projected to rise at a faster rate than Europe in terms of sales. This is due to the fact that these areas have grown food processing industries. Furthermore, because of the high demand for organic cosmetics in the area, tamarind extract is widely used in hair care and skincare products.
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India and Indonesia Tamarind Extract Market Trend
Being the largest producer across the globe, India and Indonesia are exporter prime exporter of tamarind extract. The protruding healthcare sector in both countries is a major reason for heightening demand. Indonesia pharmaceutical industries are anticipated to grow 10-13% annually similar trend is seen in India.
The rise in beauty product consumption in India has spawned new trends, which provide major opportunities for cosmetic businesses. India’s cosmetic industry is projected to grow with a CAGR of 15% in the upcoming years.
Who are the Key Manufacturers of Tamarind Extract Market?
The key market players for the tamarind extract market are
- Kanegrade Limited
- Abc International
- Abdullabhai Abdul Kader
- Baaeco V Food Ltd.
- Xi'an Victory Biochemical Technology Co. Ltd.
- Abc International
- Revata Food Products Pvt Ltd
- Shimla Hills
- Adli Foods (India) Pvt. Ltd.
Tamarind extract is gaining popularity as a natural cosmetic ingredient and an important food flavoring agent among consumers and product developers all over the world. As the demand for tamarind extract increases year after year, an increasing number of business leaders and food manufacturers are taking note.
Another factor driving up demand for tamarind extract is that it is used as an herbal syrup in health drinks in developing countries. Investors in the tamarind extracts market should expect higher returns in the near future due to strengthened supply chain infrastructure and expanding global applications.
An Adaptive Approach to Modern-day Research Needs
Tamarind Extract Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Sauces & Condiments
- Juice Blends
- Cosmetics & Personal Care Products
- Skin Care
- Hair Care
- Food & Drink Specialty Stores
- Specialty stores
- Independent Small Groceries
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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