NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- The global neem extract market size is projected to achieve a value of $1.8 billion by 2022. The boost in the demand for neem products is mainly led by the increasing demand for bio-based fertilizers and pesticides, growing demand for herbal personal care products and increasing usage of neem products for livestock and pet care.
Increasing demand of neem extracts in the Asia-Pacific region is creating huge growth opportunities for the neem extract market. Many of the Asia-Pacific countries such as China, India and Philippines use large amount of bio-based fertilizers made from crop and animal waste. However, neem-based fertilizers and pesticides account for a small portion of the total agro-supplements in many of the countries in the region. With a vast access to neem plantation in the region coupled with growing awareness of people about the benefits of neem in agriculture and livestock feeding, these countries lay significant opportunities for neem extract market in the medium and long term.
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The growing awareness among people towards the harmful effects of chemical-based cosmetics on skin, hair and other body parts have led to an increase in the demand of neem-based products. About two decades ago, the ayurvedic medicines in India had been constantly losing the market to allopathic medicines. However, campaigns and advertisements by the Indian domestic ayurvedic companies such as Patanjali ayurvedic medicines bounced back. The medicinal benefits of neem are well known in Asia-Pacific and its awareness is spreading to other parts of the globe. With the passage of time, western countries have been increasingly turning towards herbal products for personal care. A large range of neem based cosmetic and personal care products, including bathing soap, face cream, face wash and shampoos, are now being used in the North American and European countries and are driving the growth of the neem extract market in the regions.
Although neem has been proved to be having multiple benefits for human and animals, there is difference in opinions among researchers on this topic, which is discouraging some people from extensive consumption of neem products. Certain studies show that consumption of neem leaf or neem bark-based medicine may be harmful during pregnancy. According to PeaceHealth.org, infants who are exposed to neem leaf oils may develop Reye's syndrome. The same organization states that neem extract-based products may be toxic for the patients having a history of kidney and liver diseases. Thus, the concerns regarding the side-effects of neem products is hindering the growth of the neem extract market.
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Some of the major companies in the neem extract market are Terramera Inc., Groupo Ultraquimia, Bayer AG, American Vanguard Corporation, Boss India Group, Certis USA LLC, Fortune Biotech Ltd, The Indian Neem Tree Company, Gree Neem Agri Pvt. Ltd and Ozone Biotech Pvt. Ltd.
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