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Albany, New York, Aug. 13, 2019 (GLOBE NEWSWIRE) -- The global baobab ingredient market is deriving a lot of its growth from the rising awareness about the benefits of baobab among consumers. A new research report by Transparency Market Research (TMR) states that baobab fruits consist of ample amount of vitamin C, which is one of the key factors behind its soaring demand across the world. Moreover, the presence of essential minerals, antioxidants, and energetic fibers in baobab is also making it highly popular among consumers, worldwide. Going forward, the increasing knowledge of the medicinal properties of baobab ingredients, such as efficient in liver detoxification and cleansing, reducing anxiety, improving the immunity system, and providing high energy levels, will continue to keep the demand for baobab ingredients high in the near future.
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According to the TMR report, the global baobab ingredient market displayed a valuation worth US$3.92 bn by 2018. Expanding at a CAGR of 5.30% during the period of 2018 to 2026, the opportunity in this market is will reach US$6.28 bn by the end of the forecast period. In terms of volume, the market will touch the 223,765 tons mark by the end of 2026.
Baobab Powder Reports Most Prominent Demand
The report presents a detailed analysis of the global baobab ingredient market based on various market parameters, such as the product type, source, application, and distribution channel. Based on the product type, the market is classified into baobab powder, baobab pulp, and baobab oil. Among the three, the demand for baobab powder is relatively higher. The ease of use offered by baobab powder is the main factor that has fuelled its demand. The segment is projected to remain the top revenue contributor to the market over the next few years.
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Based on source, the market is divided into organic and conventional. Hitherto, the demand for conventional baobab ingredients was higher. However, due to the on-going trend of all things natural and organic, the demand for organic baobab ingredients will rise in the near future. In terms of application, the market is categorized into retail and industrial. With an estimated market share of nearly 77% in 2026, the industrial application area is expected to lead the global baobab ingredient market over the forecast period. Direct and indirect sales channels are the two main distribution channels of baobab ingredients across the world. Researchers believe that the sale from indirect distribution channels would be higher than their direct counterparts in the near future, making them the market leader, states the research report.
North America and Europe to Retain their Dominance
The report also presents a regional assessment of the global baobab ingredient market. According to it, Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa are the main regional segments of the global market. Among these, Europe and North America will continue their dominance on the worldwide market in the near future. The high awareness level among consumers regarding the health benefits of baobab ingredients will support the growth of both the regional markets over the next few years.
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The vendor landscape in the worldwide baobab ingredient market is highly competitive and fragmented. There is an intense competition among market players to gain the top position in the global market. Leading players are adopting various marketing strategies to improve their visibilities in the global market. Some of the key participants in this market reviewed in this report are Woodland Foods, Afriplex Pty Ltd., B'Ayoba Pvt. Ltd., Aduna Ltd., Halka B Organics, and Mighty Baobab Ltd.
The review is based on a report by Transparency Market Research, titled “Baobab Ingredient Market (Product Type - Baobab Pulp, Baobab Powder, Baobab Oil; Source - Organic, Conventional; Application - Industrial, Retail; Distribution Channel - Direct, Indirect) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026.”
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The global baobab ingredient market has been segmented as follows:
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