New York, March 13, 2023 (GLOBE NEWSWIRE) -- The Horny Goat Weed Extract Market revenues were estimated at US$ 84 Million in 2023 and are anticipated to grow at a CAGR of 6.9% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the Horny Goat Weed Extract Market is expected to reach a revenue of US$ 164 Million. Market through health products dominates the Horny Goat Weed Extract Market with a projected CAGR of 6.7% from 2023 to 2033.
The Rise in Incidence of Erectile Dysfunction and Rising Consumer Demand for Alternatives To synthetic Medicines to Boost the Market
Horny goat weed extract is commonly utilized in the production of herbal supplements for a variety of diseases including knee and joint pain, memory loss, physical exhaustion, erectile dysfunction, poor libido, high blood pressure, and atherosclerosis (hardening of arteries).
As consumers explore alternatives to synthetic pharmaceuticals and believe that herbal products are safer and more natural than synthetic goods that are often sold on the market, the popularity of herbal supplements has increased significantly in recent years.
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The worldwide market for herbal supplements was valued at over US$90 billion in 2022 and is anticipated to grow at a CAGR of about 7.8% to reach US$190 billion by 2032.
North America to be the Dominant Market during the Forecast Period
Horny Goat Weed Extract Market in North America held at US$ 31 Million in 2022. It is projected that the market in the region will be worth US$ 66 Million in 2033.
Approximately 3 million Canadian men over the age of 40 and 18 million American men over the age of 40 have been diagnosed with ED, respectively, according to a study (Erectile Dysfunction). Around 27% of the populations of the USA and Canada also have high blood pressure diagnoses. As a result, North America is one of the main global markets for medications that cure hypertension as well as goods for sexual enhancement.
The horny goat weed extract market is predicted to increase quickly due to the rising prevalence of ED and hypertension in the region and the need for alternative medicines.
Horny Goat Weed Extract used in herbal supplements to Witness the Fastest Growth Among the Applications
Herbal supplements have been used as treatments and remedies for a range of disorders for decades. People all around the world are drawn to these herbal supplements because they rarely have side effects.
High doses of sildenafil, a regularly used medication molecule for treating ED, can have harmful effects on the body if consumed in high doses, thus herbal supplements like horny goat weed extract are a preferable option. The market for horny goat weed extract will grow due to additional factors including growing conventional pharmaceutical costs and a focus on healthy living.
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Key Companies –
- Ningbo J&S Botanics
- Xian Shunyi Bio-Chemical Technology
- Nanjing NutriHerb BioTech
- Runherb Inc
- Now Foods
- Zenith Nutrition
- Simply Herbal
- Dr. Trust
- Novel Nutrients
- Nature’s Bounty
- Biotrex
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Horny Goat weed extract market, presenting historical market data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in the Horny Goat weed extract market
- in terms of Type (Purity Below 30%, Purity 30%-60%, and Purity 98%),
- in terms of applications (Pharmaceuticals, Health Products, and Experimental Study),
- terms of Region (North America, Europe, Asia Pacific, Middle East, and Africa, Latin America) - 2023 to 2033.
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